NEW YORK, March 5, 2024 /PRNewswire/ — The biomaterials market size is estimated to grow by USD 12.91 billion from 2022 to 2027 at a CAGR of 6% according to Technavio.
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Market Report Coverage |
Details |
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Page number |
181 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6% |
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Market growth 2023-2027 |
USD 12,907.35 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.12 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Germany, UK, China, and Japan |
Market Insights –
- Vendors: 15+, Including Algenesis Corp., BASF SE, Carpenter Technology Corp., Celanese Corp., CeramTec GmbH, CoorsTek Inc., Corbion nv, Covestro AG, Dimension Inx., Evonik Industries AG, Koninklijke DSM NV, Mitsubishi Chemical Corp., Riton Biomaterial Co. Ltd., Artoss Inc., Berkeley Advanced Biomaterials, CAM Bioceramics BV, Gelita AG, Noble Biomaterials Inc., Victrex Plc, Zeus Co. Inc., among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Type (Metallic, Ceramic, Polymers, and Natural), Application (Orthopedic, Cardiovascular, Dental, Neurology, and Plastic surgery and Others), and Geography (North America, Europe, Asia, and Rest of World (ROW))
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Increasing wound healing therapies
Biomaterials are extensively used in these therapies to promote tissue regeneration, enhance healing, and minimize scarring and the advancements in this sector lead to the development of customized wound dressings, such as hydrogels, foams, and films. The growing prevalence of chronic wounds fuels the demand for biomaterials-based products. This will accelerate healing and reduce infection risks.
- Stringent clinical and regulatory processes hampers market growth.
Drivers, & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a
Analyst Review
The biomaterials market is witnessing a significant paradigm shift driven by technological advancements and a growing interest in bio-absorbable biomaterials. This shift is fueled by an increasing global public health concern regarding chronic skeletal and musculoskeletal medical conditions, prompting a surge in demand for innovative medical devices and implants.
One area where biomaterials play a crucial role is in orthopedic interventions. Orthopedic injuries and musculoskeletal disorders often require surgical interventions and the use of permanent, temporary, or biodegradable medical devices to support healing processes and enhance patient outcomes. Biomaterial-based implants, scaffolds, and prostheses are designed to mimic the functional properties of ligaments, tendons, cartilage, and bone to promote bone growth and tissue repair.
The efficacy of biomaterials in promoting wound healing and reducing infection rates is a crucial consideration for the medical industry. Soft tissue wounds, burns, and gaping holes in the human body require biomaterial-based products that exhibit biocompatibility and biodegradability to minimize adverse reactions and support the healing process.
In response to the growing demand for biomaterials, the biomaterials industry is witnessing remarkable growth, with a focus on the development of bioabsorbable biomaterials such as tricalcium phosphate, copolymers, polylactic acid, and polyglycolic acid. These materials offer advantages such as controlled dissolution and replacement, aligning with the principles of biological response and remodeling within the human body.
Moreover, advancements in production and application technologies, including 3-D printing and additive manufacturing, are revolutionizing the design of biomaterial-based medical devices and drug delivery systems. These technologies enable the creation of porous-coated orthopedic implants with tailored porous structures and elastic modulus, enhancing their biomechanical compatibility with native tissues and optimizing their physiological functions.
The biomaterials market presents significant opportunities for innovation and growth, driven by the rising prevalence of chronic skeletal and musculoskeletal medical conditions and the increasing geriatric population. As technological advancements continue to accelerate, smart biomaterials equipped with bioelectric signals and bioreceptors are poised to revolutionize healthcare applications, offering personalized and targeted therapeutic tools for improved patient care.
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About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
