DUBLIN, Feb. 15, 2021 /PRNewswire/ — The “Biomaterials Market 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” report has been added to ResearchAndMarkets.com’s offering.
The global biomaterials market is projected to reach USD 47.5 billion by 2025 from USD 35.5 billion in 2020, at a CAGR of 6.0% during the forecast period.
Growth in this market is primarily attributed to increasing funds and grants by government bodies and universities for the development of novel biomaterials, increasing demand for implantable devices, growing demand for biomaterials in plastic surgery and wound healing applications, rising incidences of cardiovascular diseases, and rising awareness and research on regenerative medicine.
By metallic biomaterials segment, the Titanium & Titanium Alloys segment accounted for the fastest-growing segment of the biomaterials market.
On the basis of type, the metallic biomaterials are further segmented as Stainless Steel, Titanium & Titanium Alloys, Cobalt-Chrome Alloys, Gold, Silver, and Magnesium. the titanium & Titanium Alloy accounted for the fastest-growing segment of the metallic biomaterials segment. sThese biomaterials do not show any form of toxicity or allergic reactions on contact with the body. Additionally, factors such as excellent biocompatibility, corrosion resistance, the balance of mechanical properties, and low weight stimulate the demand for titanium-based biomaterials.
By the Cardiovascular application segment, stents Catheters accounted for the largest share of the biomaterials market.
Based on application, the cardiovascular application market is categorized into nine sub-segments – Catheters, Stents, Implantable Cardiac Defibrillators, Pacemakers, Sensors, Heart Valves, Vascular Grafts, Guidewires, and Other products. Catheters accounted for the largest share of the cardiovascular application segment due to the shift in patient preference from traditional open surgeries to minimally invasive surgeries. This trend is expected to propel the use of catheters and in turn, drive the growth of the biomaterials market during the forecast period.
Asia Pacific: The fastest-growing region in the biomaterials market.
The Asia Pacific region is estimated to grow at the highest CAGR in the biomaterials market during the forecast period, this is mainly due to Japan’s growing healthcare industry, increasing geriatric population, rising number of
cosmetic and plastic surgeries in India, lucrative medical devices industry, and favorable tax policies in China.
North America: the largest share of the biomaterials market.
North America accounted for the largest share of the biomaterials market. Factors such as rising biomaterials-based research, growing demand for plastic surgeries, increase in cancer incidence, and the growing number of cardiovascular diseases are contributing to the growth of the biomaterials market in the US. In Canada, market growth is mainly driven by increasing funding for biomaterials and increasing R&D activity.
- Increased Funds and Grants by Government Bodies and Universities for the Development of Novel Biomaterials
- Increasing Demand for Implantable Devices
- Growing Demand for Biomaterials in Plastic Surgery and Wound Healing Applications
- Rising Incidence of Cardiovascular Diseases
- Increasing Research on Regenerative Medicine
- Stringent Clinical & Regulatory Processes
- Unfavorable Healthcare Reforms in the US
- Growing Healthcare Market in Emerging Economies
- Increasing Number of Free-Trade Agreements
- Limitations of Biomaterial-Based Products
- Shortage of Skilled Surgeons
- Impact of COVID-19 on the Biomaterials Market
Company Evaluation Matrix and Company Profiles
- Artoss, Inc.
- BASF SE
- Berkeley Advanced Biomaterials
- CAM Bioceramics B.V.
- Carpenter Technology Corporation
- Celanese Corporation
- Ceramtec GmbH
- Coorstek Inc.
- Covestro Ag
- Dimension Inx
- Evonik Industries
- Gelita Ag
- Mitsubishi Chemical Holdings Corporation (Advansource Biomaterials Corp.)
- Nobel Biomaterials
- RDI Group (Collagen Solutions plc)
- Riton Biomaterial Co., Ltd.
- Royal DSM
- Victrex plc
- Zeus Industrial Products, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/v5j2pi
Research and Markets
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SOURCE Research and Markets