Biomaterials Market to be Worth US$ 63.7 Billion by 2030
Reports and Insights (R&I) has published a new report titled, “Biomaterials Market: Opportunity Analysis and Future Assessment 2022-2030”
Global biomaterials market, By Type (Ceramic, Polymeric, Metallic, Others), By Application (Wound Healing, Cardiovascular, Dental, Orthopedic, Plastic Surgery, Ophthalmology, Tissue Engineering, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The global biomaterials market is estimated to reach at a value of US$ 39.7 Bn by the end of 2022 and expected to reach at a value of US$ 63.7 Bn by 2030 with a significant CAGR of 6.1%
As per the report, the growing prevalence of musculoskeletal and chronic skeletal medical conditions among the population across the world is majorly contributing to the growth of the global biomaterials market. Primarily, any element that has been manufactured to combine with biological systems for a therapeutic or a diagnostic medical purpose, is commonly known as biomaterial.
The rise in awareness among the population with regard to joint replacements, surgical sutures, clips, and staples for wound closure, bone plates and many more is also significantly favoring the growth of the global biomaterials market.
A natural process or a chemical approach amalgamated in the laboratory employing various polymers, metallic components, ceramics or composite materials may result in biomaterial. Biomaterials often promote its utility in medical application, which have the capability to perform or substitute any natural function further owing to which the global biomaterials market is expected to grow rapidly in the near future.
The evident growth in research and development activities in recent times for future advancements of healthcare facilities across the world has given a positive push to the growth of the global biomaterials market.
Moreover, the rise in geriatric population, with the vulnerability to the serious disorders such as osteoporosis, osteoarthritis, and other musculoskeletal disorders is stimulating the demand for orthopedic implants across the world, resultantly acting as a positive aspect for augmenting the growth of the global biomaterials market.
In addition to that, the widespread applications of various kinds of biomaterials is also fueling the growth of the global biomaterials market. For instance, usually biomaterials stay immobile or inactive when entered into the body as they offer a surface in vascular surgery in order to assist in avoiding blood clot, owing to which the biomaterial promotes its utility in various other applications.
Notably, in the coming years, more advancements and enhancements in biomaterials are expected to drive the growth of the global biomaterials market growth. Furthermore, the biomaterials also generate and transfer bioelectric signals similar to native tissues considering accurate physiological functions, which subsequently increases the demand for smart biomaterials, which in turn is expected to accelerate the growth of the global biomaterials market over the forecast period.
R&I Study identifies some of the key participating players in the biomaterials market globally are Bayer AG, Wright Medical Technology, Inc., BASF SE, Invibio Ltd., Collagen Matrix, Zimmer Biomet Holdings, Royal DSM, Evonik Industries AG, Invibio, Inc., and Orthofix Holdings, Inc., among others.
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