The Biomaterials Market was valued at US$ 112 billion in 2021 and is projected to grow at a high-value CAGR of 14.5% from 2022 to 2032 to reach US$ 470 billion. Throughout the forecast period, North America is anticipated to account for the greatest portion of the global market. Smoking, high blood pressure, inactivity, high cholesterol, and other factors can cause cardiovascular problems. The increase in the prevalence of cardiovascular disorders is primarily due to non-contagious illnesses including diabetes, chronic respiratory illness, and heart attacks brought on by hypertension.
Current Market Trends
Leading companies in the biomaterials industry are pursuing a variety of methods, including contracts, partnerships, and R&D initiatives, to increase the scope of their product line.
The global biomaterials market has seen a rise in strategic alliances. Leading companies are collaborating to create cutting-edge biomaterial-based implants and combination devices by combining their resources, knowledge, and technological capabilities. These partnerships also seek to boost the uptake of biomaterials. These partnerships enable companies to increase their revenue share and gain a market competitive advantage.
For instance, in April 2022, GE Healthcare and Medtronic teamed together to address the demands and specialised needs for care at office-based laboratories (OBLs) and ambulatory surgery clinics (ASCs). Financial solutions will benefit consumers.
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Biomaterials Market Industry Research Segmentation
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- Biomaterials Market By Material: Metallic Biomaterials, Ceramic Biomaterials, Polymeric Biomaterials, Natural Biomaterials
- Biomaterials Market By Application: Dental, Cardiovascular, Orthopedic, Wound Healing, Neurology, Surgery
- Biomaterials Market By Region: North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa
Market Segmentation
The biomaterials have a wide range of applications in dental, cardiovascular, orthopedic, wound healing, neurology, and surgery, among others.
The cardiovascular segment contributed substantially to the global biomaterials market, followed by the orthopedic segment. Owing to the developments, and changing lifestyles of people, the other segment such as plastic surgery and wound healing segments are expected to show the highest growth in the near future.
Market Developments
Leading players in the biomaterials market are pursuing numerous strategies such as agreements, collaborations, and R&D activities to expand their product portfolio.
Strategic collaborations are a popular trend in the global biomaterials market. Key firms are working on collaborations to develop innovative biomaterial-based implants and combination devices by using each other’s resources, expertise, and technology. These collaborations are also aimed at increasing biomaterial uptake. Such collaborations allow businesses to acquire a competitive advantage in the market and raise their revenue share.