The Growing Biomaterial Industry: Trends, Market Segmentation, and Future Outlook
The biomaterials industry has witnessed significant growth and economic advancement in recent decades, with a projected market value of $217.6 billion by 2027.
In the last few decades, the biomaterials
industry has experienced remarkable growth in both the number of products
available and their economic significance. The market related to biomaterials
is substantial, considering the number of units sold annually and the financial
turnover observed. It can be conveniently segmented based on two main criteria:
the types of compounds used to make biomaterials and their applications.
The types of compounds used in biomaterials
include metals, ceramics, polymers, and materials of natural origin.
Additionally, biomaterials can be categorised based on their applications, such
as orthopaedic, cardiovascular, dental, ophthalmologic, plastic surgery, tissue
engineering, injury treatment, neurological and central nervous system
disorders, as well as devices for gastrointestinal and urinary applications,
drug delivery systems, and bariatric surgery.
However, there are several additional ways
to segment the biomaterial market, including by end user, geography,
technological advancement, phase of product life cycle, price point, regulatory
approval status, manufacturing process, and target patient population.
According to a 2022 report by Market Data
Forecast [4], the global biomaterials market was estimated to be worth $110.6
billion in 2022, with a predicted compound annual growth rate (CAGR) of 14.5%.
Other experts’ predictions of the CAGR vary between 12.2% and 15.4%, all
indicating substantial growth of the biomaterials market.
The intense growth observed in the
biomaterials market can be attributed to several factors:
Aging population: As the population ages, there is a greater demand for medical
devices and procedures that rely on biomaterials. The prevalence of conditions
like osteoarthritis and cardiovascular disease is expected to increase, leading
to a higher demand for hip and knee replacements, cardiovascular stents, and
other medical devices.
Increasing prevalence of chronic
diseases: Obesity, diabetes, and cardiovascular
disease are on the rise, driving the demand for medical devices and treatments
that use biomaterials. Weight loss surgery and insulin pumps are examples of
procedures that utilize biomaterials to address these chronic conditions.
Technological advances: Significant advancements in biomaterial design and manufacturing
techniques have expanded the range of applications for biomaterials. Techniques
like 3D printing have enabled the creation of customized medical devices and
implants, while porous biomaterials have improved tissue growth and repair
capabilities.
Government funding and regulatory
support: Governments worldwide are investing in
biomaterial research and providing regulatory support for their use in medical
applications. This support facilitates the development and market entry of new
biomaterial-based products.
Growing awareness of the benefits of
biomaterials: The awareness of biomaterials’
biocompatibility and their ability to improve patient outcomes has led to an
increasing demand for these materials. Biomaterials are being used in drug
delivery systems, tissue engineering, and regenerative medicine to enhance
treatment outcomes.
Orthopaedic implants are currently the most
successful segment in terms of sales globally. Other prominent branches include
biomaterials for cardiovascular applications, dentistry, wound care, and
plastic surgery. Key applications identified are bone regeneration, soft tissue
regeneration, joint replacements, implants, and instrumentation.
Metallic biomaterials dominate the global
market, followed by ceramics, polymers, and composites. However, the market for
polymeric biomaterials is expected to grow due to their improved
characteristics, such as flexibility, elasticity, biological inertness,
biocompatibility, and longevity.
The North American region, including
Canada, holds the largest market share for biomaterials, followed by Europe.
However, the fastest-growing market is in the Asia Pacific region. The growth
in North America can be attributed to increased biomaterial-based research,
rising demand for plastic surgeries, the growing incidence of cancer, and the
prevalence of cardiovascular diseases.
The biomaterials industry is competitive,
with major players in the market. However, no single company or group dominates
the industry due to its diverse nature.
The biomaterial market is influenced by
several trends. The increasing use of 3D printing technology enables the customisation
of medical devices and implants, enhancing patient outcomes. Biodegradable and
bioresorbable biomaterials are being developed, offering potential applications
in drug delivery systems, tissue engineering, and medical devices. Bioactive
materials that interact with living tissue to promote healing are gaining
interest in the industry. Moreover, natural materials derived from sources like
collagen and chitosan are being utilised due to their biocompatibility. Smart
materials that can adapt to the environment or deliver drugs in a controlled
manner are also emerging.
Most companies in the biomaterial industry
rely on equity as their primary source of investment, followed by research and
development projects and loans. These companies often have multiple sources of
investment to support their operations.
While the biomaterial industry presents
numerous opportunities for growth and innovation, it also faces various
challenges. Some of these challenges include regulatory hurdles, the high cost
of research and development, limited availability of raw materials, and ethical
concerns surrounding the use of certain biomaterials.
In conclusion, the biomaterial industry is experiencing significant growth and offers promising prospects for the future. Factors such as an ageing population, increasing prevalence of chronic diseases, technological advances, government funding, and growing awareness of the benefits of biomaterials are driving this growth. Trends like 3D printing, biodegradable materials, bioactive materials, natural materials, and smart materials are shaping the industry. Despite its challenges, the biomaterials industry is poised for further innovation and expansion in the medical and healthcare sectors.
Author: Fábio Grilo
References
[1] https://www.marketsandmarkets.com/Market-Reports/biomaterials-393.html
[2] https://www.grandviewresearch.com/industry-analysis/biomaterials-industry
[3] https://www.futuremarketinsights.com/reports/biomaterials-market
[4] https://www.marketdataforecast.com/market-reports/biomaterials-market
[5] https://www.materialstoday.com/biomaterials/articles/s1369702198800382/
Keywords
biomaterials
industry, aging population, chronic diseases, technological advances,
government support, awareness, regulatory environment, trends, challenges.