Global biomaterials market projected to reach USD 528.5 billion by 2033, driven by medical technology advancements.
From GlobeNewswire: 2024-06-25 20:00:00
The Global Biomaterials Market is projected to grow from USD 145.5 billion in 2023 to USD 528.5 billion by 2033, with a CAGR of 13.77%. Biomaterials are used in medical technology to enhance the function of damaged tissues and organs, including medical implants in the heart, joints, dental, and neurological devices. Metallic biomaterials are preferred for their thermal conductivity and mechanical properties. The market is driven by demand in plastic surgery, wound healing, cardiovascular diseases, and orthopedic replacements.
Based on type, metallic biomaterials dominate the market due to their mechanical properties suitable for orthopedic fixations, dental implants, and joint replacements. In terms of application, the cardiovascular segment is expected to hold the largest market share through the forecast period, driven by the rising incidence of cardiovascular disorders. North America leads the market share, with the Asia-Pacific region expected to grow the fastest due to the increasing prevalence of chronic conditions and advancements in healthcare infrastructure.
Recent developments in the biomaterials market include altM raising $3.5 million in seed funding for scalable biomaterials production, the University of Birmingham launching a dental and biomaterials testing service, and companies like IFF and Covestro introducing new technologies for sustainable biomaterial development. Key players in the market include Berkeley Advanced Biomaterials, Stryker Corporation, Johnson & Johnson, and Zimmer Biomet Holdings Inc. The market is segmented by type, application, and region, with forecasts up to 2033.
Spherical Insights & Consulting is a market research and consulting firm providing actionable insights and forecasting for decision-makers across industries. Their research on the Global Biomaterials Market analyzes market trends, key players, and recent developments to help businesses make informed decisions. For more information on the biomaterials market and related reports, visit sphericalinsights.com.
Read more at GlobeNewswire: Global Biomaterials Market Size To Exceed USD 528.5 Billion