The report "Biomaterials Market Size, Growth by Type of Materials (Metallic, Ceramic, Polymers, Natural), Application (Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Neurological disorders, Tissue Engineering, Ophthalmology) - Global Forecast to 2025", is projected to reach USD 47.5 billion by 2025, at a CAGR of 6.0%
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Biomaterials are an increasingly important area of research and development in the medical industry, offering improved safety and efficacy in many medical procedures. As the use of biomaterials increases, so too does the demand for these materials, resulting in a growing global biomaterials market.
In terms of type, the global biomaterials market is divided into natural biomaterials, synthetic biomaterials, and composite biomaterials. Natural biomaterials are derived from plants, animals, and other natural sources, while synthetic biomaterials are artificially created from polymers, ceramics, and metals. Composite biomaterials are a combination of natural and synthetic biomaterials.
The biomaterials market is further segmented by application, with biomedical implants, tissue engineering, drug delivery systems, and wound care products being the primary applications. The biomedical implants segment is expected to be the largest segment, driven by the increasing demand for joint replacements and dental implants.
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Key Market Players
The global biomaterials market is highly consolidated. Key players in the biomaterials market include BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Corbion (Netherlands), Royal DSM (Netherlands), Evonik Industries (Germany), Carpenter Technology Corporation (US), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), CoorsTek Inc. (US), CeramTec (Germany), and Gelita AG (Germany). Acquisitions and product launches are the key growth strategies undertaken by these companies to maintain their positions in the market.
BASF SE (Germany)
BASF is one of the leading players in the biomaterials market. The company focuses on various organic and inorganic means to enhance its presence in the market. The company also focuses on expanding its global production capacity and invests ~USD 450 million per year in optimizing its plants. Additionally, BASF aims at developing its portfolio with innovations and investments.
Covestro AG (Germany)
Covestro is another key player in the biomaterials market. The company offers a wide range of biomaterials for the healthcare industry. The company invests majorly in the maintenance and expansion of its production facilities. Additionally, in the last three years, the company has mainly focused on product innovations and has launched several innovative products to sustain its leading position in the biomaterials market.
Celanese Coorporation (US)
Celanese is one of the key players in the biomaterials market. The company has a wide range of product offerings, including biomaterials for medical devices and drug delivery systems. A comprehensive range of products, high focus on R&D, and strong geographical presence are the key factors contributing to the leading position of the company in this market. the company added a new GUR ultra-high molecular weight polyethylene (UHMW-PE) production line at its Texas, US, manufacturing facility to support the significant growth in its high-value GUR Engineered Materials portfolio. With its strong product portfolio & robust geographic presence, the company is likely to maintain its leading position in this market.
Asia Pacific is the fastest-growing region of the biomaterials market.
The biomaterials market is segmented into North America, Europe, the Asia Pacific (APAC) and Rest of the World (RoW). Asia Pacific is the fastest-growing region of the biomaterials market. This regional segment offers significant growth opportunities to key players operating in the biomaterials market owing to the supportive regulatory framework to improve healthcare infrastructure, high production of titanium metal and its products in China, Japan’s growing healthcare industry, increasing geriatric population, rising cases of hip & knee replacement procedures, rising number of cosmetic and plastic surgeries in India, lucrative medical devices industry, and favorable tax policies in China.
Recent Developments
· Royal DSM (Netherlands) and ProMed Pharma (US) partnered for the development of novel sustained release drug delivery solutions in the polymeric drug delivery area.
· Covestro AG (Germany) signed an MoU with a group of ten companies and two research organizations with an aim to build a Composite Application Center (CAC) in Singapore. This was aimed to develop end-to-end solutions for advanced composites, such as thermoplastic materials.
· Celanese Corporation (US) announced an expansion of its production facility of thermoplastic co-polyesters. This expansion is expected to support the demand of its global engineered
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