Biomaterials Market to Reach USD 262.5 Billion by 2027 | CAGR 11.8% — Forencis Research
Global Biomaterials Market: Key Highlights
- According to the new market research report “Biomaterials Market by Type (Metallic, Polymeric, Ceramic, Natural), by Application (Cardiovascular, Orthopedic, Ophthalmology, Wound Healing, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global biomaterials market is estimated to reach USD 262.5 Billion by 2027 at a CAGR of around 11.8% during the review period.
- A subatsance which is been engineered to interact with biological systems for a medical purpose either therapeutic or diagnostic is called as biomaterial
- Biomaterials are implemented in various advanced medical technologies such as plastic survey, drug delivery device, tissue engineering, and other medical device
- Low toxicity, biocompatibility, and renewable nature of polymeric biomaterials make them drug delivery agents in targeted and controlled drug delivery, thus boosting the market growth
Global Biomaterials Market: Key Market Dynamics
- Increasing grants and funds by government bodies and universities for the development of novel biomaterials has expected to drive the growth of the market during the forecasted period
- Stringent clinical and regulatory processes of biomaterial-based products to ensure quality & efficiency has anticipated to hinder the market growth
- Limitations of biomaterials-based products are may pose a major challenge to the product market during the forecasted period
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Global Biomaterials Market: Regional Overview
- North America
North America is expected to dominate in biomaterials market owing to the initiative undertaken by various public and private organization. These include the National Science Foundation, the National Institute of Standards and Technology, which provide knowledge and assistance pertaining to biomaterials usage in biomedical applications. This has resulted in the expansion of biomaterials adoption in the North America region. Moreover, factors such as favorable government policies and the presence of several major market players in this region have contributed to the regional market share.
The Asia-Pacific is anticipated to be the fastest-growing region in biomaterials market during the forecasted period owing to strategic initiatives adopted by the regional participants to reinforce their presence in local as well as global market. Moreover, growing healthcare industry, rising cosmetic & plastic surgeries, increasing generic population, increasing cases of hip & knee replacement procedures, rising prevelance of cardiovascular diseases, and rising research activities are factors boosting the market growth in the region.
Global Biomaterials Market: Key Players Overview
- Evonik Industries AG:
Evonik Industries AG is one of the world’s leading specialty chemicals company. The company operates through five business divisions including specialty additives, nutrition & care, smart materials, performance material, and technology & infrastructure. Evonik Industries AG is active in more than 100 countries across the globe and generated sales of USD 15.5 billion in 2019. In May 2020, the company expanded its advanced biomaterial facility in the U.S. which will help to meet the growing demand for the use of bioresorbable polymers with parenteral drug products and implantable medical devices.
- BASF SE:
BASF SE is a German-based one of the largest chemical producer across the globe. The company operates in six business segments including, chemicals, materials, industrial solution, surface technologies, nutrition & care, and agriculture solution. BASF SE generated sales of around USD 69.8 billion in 2019. In April 2018, the company started a new production line for high-temperature resistance thermoplastic. This expansion will help the company to increase its annual production capacity by 6,000 metric tons to 24,000 metric tons.
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