Biomaterials Market Size Worth Around US$ 431.49 Bn by 2032

The global biomaterials market size was valued at US$ 135.87 billion in 2022 and is expected to reach US$ 431.49 billion by 2032 and poised to grow at a CAGR of 15.2% from 2023 to 2032.

Biomaterials Market Size 2023 to 2032

Table of Contents

Key Takeaways:

Product, the polymer segment has accounted revenue share of 28.5% in 2022.
Application, the orthopedic segment has held a revenue share of over 24% in 2022.
North America has accounted revenue share of over 38.8% in 2022.

Biomaterials play an important role in medical industry. They are the derived substance that directly interacts with the biological system for restoring or healing after disease or injury. Biomaterials may be synthetic or natural and are used in medical applications to enhance, support, or replace the damaged tissue or a biological function. Biomaterials are used in broad range of applications that include methods to promote healing of human tissues, medical implants, molecular probes and nanoparticles, regenerated human tissues, drug-delivery system, and biosensors.

Growth Factors

The government of various regions along with universities researching on medical sector has allocated funds for the development of novel biomaterials. The aforementioned factor expected to drive the market growth. For instance, two European Commission programs allotted USD 15.6 Billion for research on biomaterials for a period of five years from 2013 to 2017. Similarly, in March 2018, Drexel University issued USD 200,000 to the National Science Foundation for researching on how biomaterial vascularization gets affected from the biomaterial-mediated control over macrophage behavior.

However, in various regions such as Asia Pacific, Europe, and North America, government has stringent regulations for the application of biomaterial-based medical devices to ensure their efficacy and quality. The above mentioned factor expected to hamper the market growth in the coming years.

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Biomaterials Market Scope

Report Highlights	Details
Market Size in 2023	USD 151.9 Billion
Market Size by 2032	USD 431.49 Billion
Growth Rate from 2023 to 2032	CAGR of 12.3%
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Product, Application, Region

Report Highlights

In 2019, North America led the global biomaterials market due to initiatives taken by different private and public organizations. Furthermore, increasing number of surgeries along with the presence of numerous market players in the region account for the significant growth of the market.
The Asia Pacific anticipated witnessing the fastest growth during the analysis period. This is attributed to the major strategies adopted by the regional players to reinforce their presence in both global as well as regional market.
Based on product, polymer segment led the global biomaterials market with considerable revenue share in 2019 and projected to continue its dominance in the coming years. This is mainly attributed to the wide range of applications of polymer products. Besides this, natural biomaterials anticipated to register the highest growth rate over the forecast period due to numerous benefits offered by the product over synthetic biomaterials related to biocompatibility, biodegradability, and remodeling.
By application, the orthopedic segment captured maximum revenue share in the global biomaterials market in 2019. Rising adoption of metallic biomaterials owing to their high load bearing capacity is one of the prime factors that drive the growth of the segment. Besides this, significant developments and on-going investments for the advancement in orthopedic implants by market participants are Moreover, plastic surgery analyzed to grow at a significant pace during the forecast period owing to increasing number of cosmetic procedures along with significant application of biomaterials in such surgeries. likely to propel the market growth in the next years to come.

Regional Snapshots

In 2019, North America accounted for the maximum revenue share in the global biomaterials market. This is mainly due to significant growth in the number of surgeries in the region along with application of biomaterials in those surgeries. According to the stats presented by American Society of Plastic Surgeons (ASPS), nearly 18 Million people in the United States have undergone surgical or minimally invasive cosmetic procedures in the year 2018.

However, the Asia Pacific registered the fastest growth rate over the forecast period. Factors attributed to the prominent growth of the biomaterials market in the Asia Pacific region include rapid growth of healthcare industry in Japan, rising cosmetic & plastic surgeries, increasing geriatric population, increasing cases of knee & hip replacement procedures, rising prevalence of cardiovascular diseases, and growing research activities.

Key Players & Strategies

The global biomaterials market is highly competitive due to the presence of numerous regional as well as international players along with significant investments from these market participants to expand their presence. In addition, the market vendors adopt inorganic growth strategies such as partnerships, agreements, collaboration, and merger & acquisition to strengthen their product portfolio. Product development is the fundamental strategy that every market players adopt and invest prominently to expand their offerings. For instance, in October 2019, Evonik Industries launched its bio-resorbable PLA-PEG copolymers, which are designed to be used in implantable medical devices. The product development improved the safety, biocompatibility, and performance of implantable products that are used by medical device customers.

Some of the prominent players in the biomaterials market include:

Evonik Industries AG
Medtronic plc
Berkeley Advanced Biomaterials
Corbion
Carpenter Technology Corporation
Zimmer Biomet Holdings, Inc.
Invibio Ltd.
Covalon Technologies Ltd.
BASF SE
Johnson & Johnson
Stryker Corporation
CoorsTek Inc.
DentsplySirona
Collagen Matrix, Inc.

Recent Developments:

In September 2023, altM, a biomaterial startup announced that it has raised $3.5 million in seed funding led by Omnivore. altM aims to develop scalable biomaterials to help large industries. The startup is known for using agricultural residues for production to reduce carbon footprints.
In September 2023, the University of Birmingham stated that they have launched dental and biomaterial testing center. The center aims to offer comprehensive testing services to assess the mechanical and physical properties of materials.
In June 2023, IFF announced the launch of its newly designed enzymatic biomaterial technology. The technology aims to focus on the development of biomaterial at a scale. The potential of this technology has already been demonstrated across various industries.

Segments Covered in the Report

By Product

Metallic
Ceramics
Natural
Polymers

By Application

Ophthalmology
- Intraocular Lens
- Synthetic Corneas
- Ocular Tissue Replacement
- Others
Cardiovascular
- Stents
- Sensors
- Implantable Cardiac Defibrillators
- Guidewires
- Vascular Grafts
- Pacemakers
- Others
Dental
- Dental Implants
- Tissue Regeneration Materials
- Bone Grafts & Substitutes
- Others
Wound Healing
- Adhesion Barrier
- Surgical Hemostats
- Fracture Healing Device
- Internal Tissue Sealant
- Skin Substitutes
- Others
Orthopedic
- Orthobiologics
- Joint Replacement Biomaterials
- Viscosupplementation
- Spine Biomaterials
- Bioresorbable Tissue Fixation Products
- Others
Plastic Surgery
- Soft Tissue Fillers
- Facial Wrinkle Treatment
- Bioengineered Skins
- Craniofacial Surgery
- Acellular Dermal Matrices
- Peripheral Nerve Repair
- Others
Tissue Engineering
Neurology
- Shunting Systems
- Neural Stem Cell Encapsulation
- Cortical Neural Prosthetics
- Hydrogel Scaffold For CNS Repair
- Others
Others