Market growth is driven mainly by factors such as the increased funds & grants by government bodies worldwide for the development of novel biomaterials, rising demand for medical implants, and the rising incidence of cardiovascular diseases, increasing research on regenerative medicine. In addition, high growth is expected for plastic surgery and wound healing applications, which will further drive the growth of the biomaterials market in the coming years.
What the Market Looks Like?
The global biomaterials market size 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. Geographically, the biomaterials market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
COVID-19 impact on the biomaterials market
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic. With the World Health Organization (WHO) officially declaring the outbreak of COVID-19 a pandemic, a mix of established pharmaceutical and biopharmaceutical companies, as well as small startups, have stepped forward to develop treatments and vaccines that target the infection caused by the novel coronavirus.
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The metallic biomaterials segment dominated the biomaterials market in 2019.
Based on type, the biomaterials market is segmented into Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials, and Natural Biomaterials . The Metallic Biomaterials segment accounted for the largest share of the global biomaterials market in 2019. The growing geriatric population globally is expected to drive growth for this segment.
The wound healing segment will witness the highest growth during the forecast period.
Based on application, the biomaterials market is segmented into Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Tissue Engineering, Ophthalmology, Neurological/CNS, and Other Applications. In 2019, the wound healing segment is expected to register the highest CAGR during the forecast period. Factors such as growing healthcare infrastructure, increasing diabetic population, vast population pool, in and the increasing healthcare spending will drive market growth.
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North America was the largest regional market for biomaterials in 2019.
Geographically, the biomaterials market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2019, North America accounted for the largest share of the biomaterials market, followed by Europe and the Asia Pacific. The large share of North America in the global market 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.