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.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=393
A biomaterial is a material that has been developed to engage with biological systems for a medical use, either restorative (to cure, improve, restore, or replace a body tissue function) or for diagnostic purpose.
On the basis type of materials, the biomaterials market is broadly segmented into Metallic, Polymeric, Ceramic, and Natural biomaterials. Metallic biomaterials accounted for the largest share of the biomaterials market. This can primarily be attributed to the wide use of metals in the manufacturing of medical devices used in cardiovascular, dental, and orthopedic applications.
Based on application, the biomaterials market is categorized into seven segments— cardiovascular, orthopedic, ophthalmology, neurological/central nervous system (CNS), dental, tissue engineering, wound healing, plastic surgery, and other applications. The cardiovascular application segment accounted for the s=largest share of the biomaterials market.
Asia Pacific region accounted for the fastest-growing region of the biomaterials market. It is also 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.
Key Market Players
Some of the prominent players in the biomaterials market are BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Corbion (Netherlands), Royal DSM (Netherlands), Evonik Industries (Germany), Carpenter Technology Corporation (US), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), CoorsTek Inc. (US), CeramTec (Germany), and GELITA AG (Germany).
Get Data as per your Format and Definition | REQUEST FOR CUSTOMIZATION @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=393
Expected Revenue Growth:
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.
BASF is one of the leading players in the biomaterials market. The company focuses on various organic and inorganic means to enhance its presence in the market. The company also focuses on expanding its global production capacity and invests ~USD 450 million per year in optimizing its plants.