Biomaterials market worth $207bn by 2024

Based on MarketsandMarkets™ report “Biomaterials Market by Type of Materials (Metallic, Ceramic, Polymers, Natural) & By Application (Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Neurological disorders, Tissue Engineering, Ophthalmology) – Global Forecast to 2024”, is projected to grow at a CAGR of 14.5% during the forecast period, to reach USD 207 billion by 2024 from USD 105 billion in 2019. Factors such as the 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 incidence of cardiovascular diseases, and rising awareness and research on regenerative medicine are driving the growth of the biomaterials market during the forecast period.

The metallic biomaterials segment accounted for the largest share of the biomaterials market, by type, in 2018. This is primarily attributed to the wide use of metals in the manufacturing of medical devices used in cardiovascular, dental, and orthopedic applications. It is expected that the rise in geriatric population globally will increase the demand for these devices, as age increases susceptibility to orthopedic, dental, ophthalmological, neurological, and cardiovascular disorders. In line with this, according to the American Joint Replacement Registry (AJRR), 860,080 hip and knee replacement procedures were performed in the US in 2017. This number is expected to reach 3.48 million procedures per year by 2030.

In 2018, North America accounted for the largest share of the biomaterials market, followed by Europe. Increase in biomaterial-based research, rising demand for plastic surgeries, growing incidence of cancer, and the rising prevalence of cardiovascular diseases are the factors propelling the growth of the biomaterials market in this region.

The Asia Pacific region is projected to register the highest growth rate in the biomaterials market during the forecast period, primarily due to the rising geriatric population in China and India, Japan’s growing healthcare industry, and the rising prevalence of cardiovascular diseases in India. – MarketsandMarkets