(PharmaNewsWire.Com, August 10, 2021 ) The Key Growth Elements in Detailed?
The Biomaterials Market Growth is driven mainly by factors such as the increased funds & grants by government bodies worldwide for the development of novel biomaterials, rising demand for medical implants, and the rising incidence of cardiovascular diseases, increasing research on regenerative medicine. In addition, high growth is expected for plastic surgery and wound healing applications, which will further drive the growth of market in the coming years.
Worldwide Growth Opportunities in Terms of Revenue:
The Global Biomaterials Market size 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.
DRIVER: Increased funds and grants by government bodies and universities for the development of novel biomaterials;
The demand for and usage of biomaterials in various medical applications has increased significantly across the globe over the last few years. Several government bodies and universities have extended their help in the form of investments, funds, and grants to promote research on the development of novel biomaterials. For instance, In March 2018, Drexel University granted USD 200,000 to the National Science Foundation for research on how biomaterial-mediated control over macrophage behavior affects biomaterial vascularization.Such research and funding activities are expected to boost the development of innovative biomaterials, thus offering an array of opportunities for the growth of the biomaterials market.
The wound healing segment will witness the highest growth during the forecast period.
Based on application, the biomaterials market is segmented into Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Tissue Engineering, Ophthalmology, Neurological/CNS, and Other Applications. In 2019, the wound healing segment is expected to register the highest CAGR during the forecast period. Factors such as growing healthcare infrastructure, increasing diabetic population, vast population pool, in and the increasing healthcare spending will drive market growth.
The 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 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.
Major Key Players Mentioned in the research report are:
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).
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. Additionally, BASF aims at developing its portfolio with innovations and investments. The company invests significant amounts in R&D activities. In 2019, the company invested USD 2.42 billion in R&D to maintain a larger share of the market.
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