The European biomaterials market is anticipated to grow significantly in the next few years, and it's largely due to key companies launching more cutting edge items on this region's markets. In 2022, the cardiovascular industry dominated the biomaterials market
NEWARK, Del., July 11, 2022 /PRNewswire/ -- The global biomaterials market is expected to reach a market valuation of US$ 156.2 Billion by the year 2022, accelerating with a moderate CAGR of 15.4% by 2022-2032. Biomaterials market size is anticipated to be valued at about US$ 654.4 Billion by 2032 end.
The demand for implantable devices is expected to rise as the incidence of cardiovascular disorders, orthopedic replacements, arthritis, and sports injuries increase. Chronic health issues are also brought on by poor habits, inactivity, and an ageing population. This is changing the biomaterials market outlook.
As per the biomaterials market analysis, over the past few years, biomaterials have become more in demand and used in a variety of medical applications. Numerous government agencies and academic institutions have offered their assistance by way of investments, finances, and grants to advance study into the creation of innovative biomaterials.
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The biomaterials market study indicates that the devices made of biomaterials must go through a rigorous clinical and regulatory process to assure their effectiveness and quality. Because of this, the biomaterials market participants are reluctant to invest in this market. These are the elements that are anticipated to limit the biomaterials market expansion over the prediction period.
The demand for biomaterial-based implants is anticipated to increase due to the increased prevalence of musculoskeletal and chronic skeletal medical disorders, which will fuel biomaterials market expansion. The growing elderly population, who are at a higher risk of osteoarthritis, osteoporosis, and other musculoskeletal problems, is another factor driving up demand for orthopedic implants.
During the anticipated period, the biomaterials market in emerging nations is anticipated to expand significantly. This is mostly due to the growing patient population, rising implanted device usage, more CVD awareness, rising disposable income, improved healthcare infrastructure, and the existence of less strict regulatory rules (in comparison to developed countries) in these countries.
Key Takeaways from Market Study
- Due to the broad range of product applications, the polymer product category led the biomaterials market in terms of revenue in 2021 with a share of 28.2 percent and is predicted to maintain its dominance throughout the forecast period.
- With a revenue share of 23.0 percent in 2021, the orthopaedic application segment dominated the biomaterials market in terms of revenue.
- Due to the rise in aesthetic surgeries and the use of biomaterials during these operations, the plastic surgery application segment is anticipated to expand significantly over the next several years increasing the sales of biomaterials.
- Because of several public and private organisations' initiatives, North America dominated the biomaterials market and had the highest revenue share of 38.2 percent in 2021.
- During the anticipated period, Europe is anticipated to hold the second-largest biomaterials market share. Market expansion in the region is largely due to key companies launching more cutting-edge items on the market.
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Competitive Landscape
The main methods used by the prominent companies to maintain their biomaterials market dominance are the expansion of product portfolios through various new product developments and inorganic growth through acquisition, mergers, and partnerships. Additionally, a focus on strategically growing their global footprint through a network of global distribution channels is expected to provide them a strong foothold in the biomaterials industry.
- Medtronic plc
- Evonik Industries AG
- Carpenter Technology Corporation
- Berkeley Advanced Biomaterials
- Invibio Ltd.
- Zimmer Biomet Holdings, Inc.
- BASF SE
- Covalon Technologies Ltd.
- Stryker
- Johnson & Johnson
- Dentsply Sirona
- CoorsTek Inc.
- Corbion
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Recent Developments in Global Polycarbonate Market
In order to meet the unique requirements and demand for care in ambulatory surgery centres (ASCs) and office-based laboratories, Medtronic and GE Healthcare established a partnership in April 2022. (OBLs). As a result of this new agreement, customers will have access to a wide range of products, financial solutions, and excellent support.
A biomanufacturing platform is being developed by US-based startup Transfoam. The startup's bioprocess turns plastic waste into totally biodegradable polyhydroxybutyrate using engineered microorganisms (PHB). After disposal, PHB only leaves a small amount of carbon dioxide and water behind. It also has characteristics with conventional single-use plastics. As a result, producers are better equipped to replace single-use plastics and lessen environmental damage, which helps with the shift to a circular economy.
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