Global Biomaterials Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024
Global Biomaterials Market was valued at USD 82.6 billion in 2017 and are likely to expand to USD 215.3 billion by 2024, witnessing a vigorous CAGR of 14.4% over the forecast period.
The growth can be primarily attributed to the increased product development in implantable instruments and materials and increasing incidence of cardiovascular and orthopaedic diseases. Furthermore, increasing penetration of biomaterial implants across the globe is driving industry growth.
The years used for the assessment are as follows;
Historical year:2014, 2015, and 2016
Forecast period:2018 – 2024
The research and analysis is based on the data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, government websites, annual reports, press releases, white papers, surveys, investor presentation of companies, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year Impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the total global biomaterials market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global biomaterialsmarket
Finalizing the overall size and share of the global biomaterials market
To analyze market trends, opportunities, drivers, and restraints associated with the global biomaterials market
To study market response with respect to the mergers and acquisitions in the industry
To profile key companies operating in the biomaterials market and provide their competitive landscape
The research scope for global biomaterials market is as follows:
Implantable Cardiac Defibrillators
Tissue Regeneration Materials
Acellular Dermal Matrices
Soft Tissue Fillers
Fracture Healing Device
Central & South America
Middle East and Africa
Biomaterials play an integral role in the healthcare sector. These materials restore function and facilitate healing after injury or disease. It is a rapidly emerging component of the materials research community. Research and development in this area cover a broad range of activities such as the materials used for delivery of therapeutic and diagnostic agents, construction of medical devices and scaffolds for tissue engineering and regenerative medicine applications.
The growth in the biomaterials market is attributed to the growing development in implantable instruments and materials and increasing incidence of joint disorders across the globe. Moreover, increasing incidence of cardiovascular and orthopaedic diseases and growing applications of biomaterials coupled with increasing penetration of biomaterial implants across the globe is driving the market growth.
Geographically, North America held the major share of the global market in 2017, owing to growing research and development activities and raising awareness of tissue engineering. Moreover, high growth in the geriatric population and increasing government investments in biomaterial sector is further propelling the industry growth in the region. Asia-Pacific region is expected to register the highest CAGR over the forecast period. The growth is mainly attributed to the increasing incidence of chronic diseases and raising awareness regarding biomaterial applications.
Some of the key companies operating in the market include Zimmer Biomet Holdings, Inc., Collagen Matrix, Inc., CAM Bioceramics BV., DuPont, Medtronic plc, Covalon Technologies Ltd., Evonik Industries AG, Biomet, Inc, Invibio Ltd., BASF SE, and Corbion among others.