Le Lézard
Classified in: Health, Science and technology

Global Biomaterials Market by Type of Material & Application - Forecast to 2024 - ResearchAndMarkets.com


The "Biomaterials Market by Type of Materials (Metallic, Ceramic, Polymers, Natural) & By Application (Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Neurological disorders, Tissue Engineering, Ophthalmology) -Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global biomaterials market is projected to reach USD 206.64 billion by 2024 from USD 105.18 billion in 2019, at a CAGR of 14.5% during the forecast period.

The growth of the biomaterials market is mainly driven by the increasing funds and grants by government bodies and universities for the development of novel biomaterials. Additionally, the increasing demand for implantable devices, growing demand for biomaterials in plastic surgery and wound healing applications, rising incidence of cardiovascular diseases, and rising awareness and research on regenerative medicine are the factors responsible for the growth of this market. However, limitations of biomaterials-based products and the shortage of skilled surgeons are the major challenges faced by market players.

The prominent players in the biomaterials market are Royal DSM (Netherlands), BASF SE (Germany), Corbion (Netherlands), Carpenter Technology Corporation (US), Evonik Industries (Germany), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), Celanese Corporation (US), CoorsTek Inc. (US), CeramTec (Germany), and GELITA AG (Germany).

By type, the polymeric biomaterials segment is expected to register the highest growth during the forecast period

Based on type, the biomaterials market is segmented into metallic, polymeric, ceramic, and natural biomaterials. The polymeric biomaterials segment is expected to grow at the highest CAGR during the forecast period. This is mainly due to the increasing use of polymers in soft-tissue applications such as plastic surgeries. However, polymers are costly, which can hinder the growth of this market.

By application, the cardiovascular applications segment dominates the biomaterials market

The cardiovascular applications segment accounted for the largest share of the biomaterials market in 2018. The large share of this segment is attributed to the increasing prevalence of cardiovascular diseases, rising geriatric population, the growing number of angiography procedures, and the increasing adoption of cardiac stents, pacemakers, and implantable cardiac defibrillators. According to the American Academy of Orthopedic Surgeons (AAOS), the number of total hip replacement surgeries performed are projected to grow to 635,000 surgeries by 2030.

APAC is expected to witness the highest growth during the forecast period

North America accounted for the largest share of the biomaterials market in 2018, followed by Europe. The large share of the market in North America is attributed to the increase in biomaterial-based research, rising demand for plastic surgeries, growing incidence of cancer, and the rising prevalence of cardiovascular diseases. However, the APAC region is expected to witness the highest CAGR during the forecast period. The growth in this market is attributed to Japan's growing healthcare industry, increasing geriatric population, rising number of cosmetic and plastic surgeries in India, lucrative medical devices industry, and favourable tax policy in China.

Market Dynamics

Drivers

Restraints

Opportunities

Challenges

Companies Profiled

For more information about this report visit https://www.researchandmarkets.com/r/vxy2qi


These press releases may also interest you

at 05:45
The "Distribution Deals in Diagnostics 2016 to 2024" report has been added to  ResearchAndMarkets.com's offering. Distribution Deals in Diagnostics provides a detailed understanding and analysis of how and why companies enter distribution...

at 05:10
Neurology Devices: Global Markets is basically a detailed study or report about the worldwide market for medical tools used in treating neurological conditions. These devices could be anything from equipment that helps stimulate the nervous system to...

at 05:04
Sirnaomics Ltd. (the "Company"; together with its subsidiaries, "Sirnaomics" or the "Group"; stock code: 2257), a leading biopharmaceutical company engaged in the discovery and development of advanced RNAi therapeutics, has announced its audited...

at 04:28
GymNation, the homegrown UAE fitness brand, has today announced that due to unprecedented growth, it is reaching capacity across its 12 UAE gym locations and diversifying into a new market, brewing up a storm with the launch of its first-ever branded...

at 04:00
Cancer spreads from its primary tumor to other parts of the body via blood or the lymphatic system in a process termed 'metastasis'. This usually represents an advanced stage in the disease's progression and tends to be fatal. Therefore, preventing...

at 03:30
Vicore Pharma Holding (STO:VICO)Sessions at ATS to include an oral late-breaking presentation of the final results from the Phase 2a AIR trial of buloxibutid (C21) in IPFAdditional presentations include preclinical and translational data reflecting...



News published on and distributed by: