The increasing prevalence of musculoskeletal and chronic skeletal diseases is expected to drive the Biomaterials market growth by increasing the demand for biomaterial-based implants. An aging population and increased risk of osteoarthritis, osteoporosis and other musculoskeletal disorders are also driving demand for orthopedic implants.
According to the new market research report global biomaterials market size is projected to reach $ 47.5 billion by 2025 from $ 35.5 billion in 2020, at a CAGR of 6.0% during the forecast period
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OPPORTUNITY: Growing healthcare market in emerging economies
The biomaterials market in emerging countries is expected to witness significant growth during the forecast period. This can majorly be attributed to the increasing patient population, rising adoption of implantable devices, growing awareness of CVDs, rising disposable income, improving healthcare infrastructure, and the presence of less-stringent regulatory guidelines (as compared to developed countries) in these countries.
Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. The World Economic Forum has estimated these emerging economies would account for one-third of the global healthcare expenditure by 2020. The growing demand for surgical procedures, rising geriatric population, and the increasing incidence of target diseases are some of the major factors that are expected to drive the demand for advanced healthcare services and novel medical devices in the respective healthcare systems of these countries. This is expected to offer potential growth opportunities to players operating in the biomaterials market in the coming years.
BASF SE (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.
Recent Developments
- Royal DSM (Netherlands) and ProMed Pharma (US) partnered for the development of novel sustained release drug delivery solutions in the polymeric drug delivery area.
- Covestro AG (Germany) signed an MoU with a group of ten companies and two research organizations with an aim to build a Composite Application Center (CAC) in Singapore. This was aimed to develop end-to-end solutions for advanced composites, such as thermoplastic materials.
- Celanese Corporation (US) announced an expansion of its production facility of thermoplastic co-polyesters. This expansion is expected to support the demand of its global engineered
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This study involved four major activities in estimating the current size of the biomaterials market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.