In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWS
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~6% |
|
Base Year Market Size (2022) |
~ USD 40 Billion |
|
Forecast Year Market Size (2033) |
~ USD 52 Billion |
The global biomaterials market is estimated to garner a revenue of ~USD 52 Billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 40 Billion in the year 2022 on the account of growing demand for implants in the medical sector is estimated to boost the market growth during the forecast period. As per the estimated statistics, the number of Americans with no teeth is more than 35 million, and over 100 million have one missing tooth between 2019-2021.
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The growing prevalence of musculoskeletal and chronic skeletal medical conditions and rising research on regenerative medicine are expected to propel the growth of the biomedical materials market during the forecast period. About 17.1 billion people are suffering from musculoskeletal conditions across the world in 2022.
The global biomaterials market is segmented and analyzed for demand and supply by type of materials into metallic, ceramic, polymer, and natural. Out of these, the metallic biomaterials segment is anticipated to hold the largest market size by the end of 2033 on the back of the growing funds, and grants by government bodies and universities for the development of novel biomaterials are estimated to fuel market growth in the coming years. Also, the rising geriatric population across the world is also anticipated to fuel market growth owing to the increased use of biomaterials in drug delivery, tissue repair, and regeneration of bone. The geriatric population with the age 60 years and over increased from 1 billion in 2020 and reached 1.4 billion in 2022 across the world.
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According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.79, which grew from USD 3,515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in the upcoming years.
Regionally, the global biomaterials market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North American region is projected to hold the largest market share by the end of 2033 owing to the rising healthcare infrastructure, growing diabetic population, highest population pool, increasing healthcare market in emerging economies, and rising healthcare expenditure. The number of people suffering from diabetes across the world increased by 3% during 2000-2019.
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The global biomaterials market is further classified on the basis of region as follows:
Our in-depth analysis of the global biomaterials market includes the following segments:
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By Type of Materials |
|
|
By Application |
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Top Featured Companies Dominating the Global Biomaterials Market
FREQUENTLY ASKED QUESTIONS
Rising disposable income and the growing prevalence of neurological disorders are the major factors driving the growth of the botulinum toxin market.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2023 – 2033.
High cost of botulinum toxin methods and the rise of COVID-19 are the challenges affecting the market growth.
The market in North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Merz Pharma GmbH & Co. KgaA, USWM LLC, Revance Therapeutics, Inc., Ipsen Group, Medytox, Inc., Nestlé S.A., HUGEL, Inc., AbbVie Inc., Galderma Group, and Evolus, Inc. and Object Pharma, Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, application, gender, age group, end-user, and by region.
The hospitals segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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