The biomaterials market is expected to register a CAGR of 13.69%. Certain factors that are driving the growth of this market are new innovations in the field of biomaterials, growing implant devices and plastic surgery market, and increasing applications of biomaterials in wound care/ sports injury.
- Various types of biomaterials, such as bioinert, bioactive, bioabsorbable, etc., have been developed to serve particular purposes in various applications. For example, bioinert biomaterials are developed to be inert or inactive when introduced into the body. The purpose is to prevent blood clotting by providing a surface in vascular surgery. The development of each unique type of biomaterial widened the area of application, and in turn, broadened the revenue generation in the market. In recent times, a wide range of biomaterials has been invented, such as the metallic, ceramic polymeric, and natural biomaterials. Each of these types has given rise to applications in specialty areas, ranging from neurology to plastic surgery.
- The use of biomaterials in drug delivery is one promising application that is making its mark in the market studied. As new and improved biomaterials are being developed, their applications are widening. These applications provide multiple revenue generating sources in the market studied. In the coming years, more inventions and improvements in biomaterials are expected to drive the growth of the market studied.
Key Market Trends
The Orthopedics Segment is believed to Witness the Fastest Growth
In the application segmentation of the biomaterials market, the orthopedics segment is believed to register the highest CAGR over the forecast period.
The orthopedics application of biomaterials is majorly comprised of bone graft substitutes, which include allograft, autograft, demineralized bone matrix, bone morphogenetic proteins, cell-based matrices, and synthetic bone graft substitutes.
BMP-2 (INFUSE), a recombinant DNA product, is one of the most renowned products by Medtronic that helps in faster fracture healing.
Bone graft substitutes find most of their applications in spinal fusion, trauma fixation, joint reconstruction, craniomaxillofacial fixation, dental fixations, and other applications. Growth factor enhanced grafts are expected to have a high growth rate in the market studied. This includes human growth factors or morphogens. There is a shift from autologous/allogeneic bone graft substitutes to synthetic bone graft substitutes. The technological advancements for better osteoinductivity, osteoconductivity, and osteogenicity are expected to propel the growth of the market studied.
India is believed to Witness the Fastest Growth in the Asia-Pacific Region
The biomaterials market is growing at a fast rate in India. Orthopedic, dental, and cardiovascular biomaterials have a considerable share in the Indian biomaterials market. The increasing orthopedic procedures, dental surgeries, and cardiovascular surgeries are the reasons for high market shares of orthopedic and cardiovascular biomaterial products.
Due to the high prevalence of cardiac disorders and increasing pacemaker procedures in India, the market for pacemakers is expected to have consistent demand and a steady growth rate during the forecast period.
Medtronic is a market leader in pacemakers. There is a high rate of angioplasty with stent placement and a parallel demand for the same. The Indian biomaterials market is experiencing growing demand for bone graft substitutes, and the market studied for the same is anticipated to rise during the forecast period.
The biomaterials market is moderately competitive. Some of the companies that are well known in this market are Koninklijke DSM NV, Corbion NV, Biomet Inc., Noble Biomaterials Inc., and Bayer AG. Currently, with the rising focus of all the companies on emerging economies, some of the small and mid-sized companies are also penetrating the market and competing for market share.
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