Global biomaterials market is expected to reach $139 billion by 2022, from $62 billion in 2015, growing at a CAGR of 11.8% from 2016 to 2022, according to Allied Market Research. Metallic biomaterials segment is expected to contribute significantly to the global market revenue until 2022. North America held the leading position in the global market in 2015, and is expected to maintain its lead throughout the study period.
Metallic biomaterials segment contributed the highest revenue share to the global market, owing to highly used in orthopedic treatments for bone support and replacement, due to their strength and resistance to fatigue degradation. Polymeric biomaterials segment is projected to grow at a CAGR of 13.0% from 2016 to 2022, due to increasing demand for biodegradable products, and their use in various applications due their unique features such as flexibility, lightweight, remarkable biocompatibility, and physical & mechanical properties.
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COVID-19 scenario analysis:
1) The COVID-19 impact on the Biomaterials market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.
3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.
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Key Findings of the Biomaterials Market:
In 2018, metallic biomaterials segment contributed significantly to the revenue of the global market and is projected to maintain this trend during the forecast period.
Among biomaterials, polymeric biomaterial segment is projected to grow rapidly registering a CAGR of 13.0% from 2018 to 2026.
Tissue engineering is projected to be the fastest growing application segment of biomaterials market with CAGR of 35.6% during analysis period.
North America is the leading region in the global biomaterials market.
North America and Europe jointly contributed over three-fourths share of the overall revenue in 2018.
Asia-Pacific biomaterials market is expected to be the fastest growing region during study period.
Chinese biomaterials market is expected to grow at a significant CAGR of 18.5% from 2018 to 2026.
List of Key Players Profiled in the Report:
Royal DSM, Wright Medical Group N.V., Corbion N.V., Zimmer Biomet Holdings, Inc., Bayer AG, Carpenter Technology Corporation, Covalon Technologies Ltd., Evonik Industries AG, BASF SE, Victrex plc., and Collagen Matrix, Inc.