Chemicals

Biomaterials Market 2024 – Size, Industry Growth Rate, Top Trends, Major Players And Forecast To 2033 | Carpenter Technology Corporation, Corbion N V, Evonik Industries AG, Heraeus Medical Components LLC, Berkeley Advanced Biomaterials Inc.

According to The Business Research Company’s Biomaterials, The biomaterials market size has grown rapidly in recent years. It will grow from $118.51 billion in 2023 to $136.08 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to growing aging population, adoption of biomaterials in orthopedic and dental applications, increasing awareness of environmental sustainability, increased prevalence of chronic conditions medicine, increased demand for medical implants.

The biomaterials market size is expected to see rapid growth in the next few years. It will grow to $230 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to shifting consumer preferences, surge in demand for biomaterials in 3d printing and additive manufacturing, expansion of the biodegradable and bioresorbable biomaterials segment, adoption of biomaterials in drug delivery systems for personalized medicine, increasing use of biomaterials in wound care and tissue regeneration. Major trends in the forecast period include development of smart biomaterials with responsive and adaptive properties, integration of nanotechnology for enhanced functionality, emphasis on precision medicine leading to customized biomaterial solutions, exploration of marine and plant-derived biomaterial sources, collaboration between biomaterial companies and healthcare institutions for innovative applications.The rising incidence of cardiovascular diseases is driving the growth of the biomaterials market.

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Cardiovascular disorders are caused by high blood pressure, smoking, high cholesterol, inactivity, and other factors. The increase in the prevalence of cardiovascular disorders is mainly due to noncontagious diseases such as diabetes, chronic respiratory illness, coronary artery disease (CAD) and heart attacks due to hypertension. Biomaterials such as heart valves, cardiopulmonary bypass systems, stents, vascular grafts, complete artificial hearts, and pacemakers are used as a healing mechanism for damaged and diseased heart tissue. For instance, in May 2023, according to the Centers for Disease Control and Prevention, a US-based public agency, coronary artery disease (CAD) was responsible for killing 375,476 people in 2021, and about 1 in 20 adults age 20 and older had CAD. In addition, about 2 in 10 deaths from CAD happen to adults less than 65 years old. Therefore, the rising incidence of cardiovascular diseases will increase the demand for biomaterials market.

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The biomaterials market covered in this report is segmented –
1) Biomaterials Market By Type: Metallic Biomaterial, Polymeric Biomaterials, Natural Biomaterials, Ceramics
2) Biomaterials Market By Application: Cardiovascular, Orthopedic, Ophthalmology, Dental, Plastic Surgery, Wound Healing, Tissue Engineering, Neurological/Central Nervous System
3) Biomaterials Market By End Use: Hospitals And Clinics, Ambulatory Surgical Centers, Other End Users

Top Major Players

Carpenter Technology Corporation

Corbion N V

Evonik Industries AG

Heraeus Medical Components LLC

Berkeley Advanced Biomaterials Inc.

Strategic partnerships are a key trend gaining popularity in the biomaterials market. Key companies are focusing on partnerships to develop new implants and combination devices based on biomaterials by leveraging each other’s expertise, technology, and resources. These partnerships are also focused on enhancing the adoption of biomaterials. Such partnerships enable companies to gain a competitive edge in the market and increase revenue. For instance, in September 2021, Cambium Biomaterials, a US-based producer of ultra-high-performance biomaterials, partnered with Ginkgo Bioworks Inc., a US-based biological engineering company, to accelerate industrial adoption of high-performance biomaterials. The collaboration will use Ginkgo’s Codebase and high-throughput facilities to speed Cambium’s discovery, development, manufacture, and commercialization of biomaterials that provide superior performance and sustainability across a variety of industries.

The biomaterials market report table of contents includes:

1. Executive Summary

2. Biomaterials Market Characteristics

3. Biomaterials Market Trends And Strategies

4. Biomaterials Market – Macro Economic Scenario

5. Global Biomaterials Market Size and Growth

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31. Global Biomaterials Market Competitive Benchmarking

32. Global Biomaterials Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Biomaterials Market

34. Biomaterials Market Future Outlook and Potential Analysis

35. Appendix