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Biomaterials Market Analysis by Type of Materials – (Metallic, Ceramic, Polymer, and Natural); and by Application – (Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound healing, Neurological Disorders, Tissue Engineering, and Ophthalmology) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

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.

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Purchasing 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

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IN THE NEWS

  • Nov 02, 2022: Olympus Corporation declared the acquisition of FH ORTHO SAS, to build its portfolio on novel solutions to use in MIS procedures in ligament repair and foot, ankle, and trauma surgery.
  • Feb 22, 2022: FDA NEWS designated the Bonalive biomaterials’ bone graft substitute as Breakthrough Device. The orthopedic granules of the substitute are made of bioactive glass used to fill bony voids and gaps to protect against microbial colonization during the bone healing process.

 

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

Global Biomaterials Market Highlights Over 2023 - 2033

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.

biomaterial market overview

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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.

Global Biomaterials Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Growth of Plastic Surgery and Wound Healing Applications – The development of regenerative medicine (a science of replacing, engineering, and regenerating human cells, tissues, and organs) was helping in damaged tissue repair, restore, and establish normal functioning of organs. The demand for plastic surgeries such as nasal reconstruction, and facial corrections is growing rapidly with a rising preference to look aesthetic.  All these factors are estimated to drive the market in the coming years. The number of plastic surgeries performed in the U.S in 2019 was 2,600,000.
  • Growing Disposable Income – As per the estimations, the disposable income of Costa Rica rose by 7.5%, and 6% in Poland in 2019.
  • Development of Healthcare Infrastructure – The government of India planned to introduce a credit incentive program of USD 6.8 billion to improve healthcare infrastructure.
  • Increasing Incidence of Target Diseases such as Cancer – As per the World Health Organization, in 2020 1 in 6 deaths are from cancer.
  • Growing prevalence of cardiovascular diseases –Cardiovascular disease lead to the death of 17.9 million people in 2019 as per the estimations.

Challenges

  • Stringent Clinical and Regulatory Processes
  • Bacterial Adhesion to Biomaterials Leading to Infection
  • Expensive Cost of Biomaterials

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.

Major Macro-Economic Indicators Impacting the Market Growth

healthcare expenditure

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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.

Global Biomaterials Market Regional Synopsis

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.

biomaterials market share

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The global biomaterials market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global biomaterials market includes the following segments:

 

 

By Type of Materials

  • Metallic
  • Ceramic
  • Polymer
  • Natural

 

 

 

 

By Application

  • Cardiovascular
  • Orthopedic
  • Dental
  • Plastic Surgery
  • Wound healing
  • Neurological Disorders
  • Tissue Engineering
  • Ophthalmology

Top Featured Companies Dominating the Global Biomaterials Market

  • Covestro AG
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • HMA Group Holdings, LLC
  • Victrex plc
  • Corbion N.V.
  • Mitsubishi Chemical Group Holdings
  • AB Specialty Silicones, LLC
  • CeramTec GmbH
  • Olympus Corporation
  • Gelita AG
  • Evonik Industries AG

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