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Global Biomedical Materials Market – Industry Trends and Forecast to 2031

Pharmaceutical

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Global Biomedical Materials Market – Industry Trends and Forecast to 2031

  • Pharmaceutical
  • Upcoming Report
  • Jun 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Biomedical Materials Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 13.75 USD Billion
Diagram Market Size (Forecast Year) USD 31.93 USD Billion
Diagram CAGR %

Major Markets Players

  • Johnson & Johnson Services
  • Zimmer Biomet
  • Medtronic
  • Abbott
  • Danaher Corporation

Global Biomedical Materials Market, By Type (Metallic Biomaterials, Ceramic Biomaterials, Polymeric Biomaterials, and Natural Biomaterials), Application (Cardiovascular, Orthopaedic, Ophthalmology, Dental, Plastic Surgery, Wound Healing, Neurology, and Other Applications), End User ( Healthcare Facilities, Diagnostic Centres, and Tissue Engineering) – Industry Trends and Forecast to 2031.

Biomedical Materials Market

Biomedical Materials Market Analysis and Size

The biomedical materials market continues to surge with advancements driven by the latest methods and technologies. Innovations are fueling growth, offering enhanced materials for diverse applications, from implants to drug delivery systems. With a focus on biocompatibility and durability, these materials promise improved patient outcomes and expanded treatment options, shaping the future of healthcare.                                

The global biomedical materials market size was valued at USD 13.75 billion in 2023 and is projected to reach USD 31.93 billion by 2031, with a CAGR of 11.1% during the forecast period 2024 to 2031. This indicates that the market value. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Type (Metallic Biomaterials, Ceramic Biomaterials, Polymeric Biomaterials, and Natural Biomaterials), Application (Cardiovascular, Orthopaedic, Ophthalmology, Dental, Plastic Surgery, Wound Healing, Neurology, and Other Applications), End User ( Healthcare Facilities, Diagnostic Centres, and Tissue Engineering)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

Johnson & Johnson Services, Inc (U.S.), Zimmer Biomet (U.S.), Medtronic (U.S.), Abbott (U.S.), Danaher Corporation (U.S.), BIOLASE, Inc. (U.S.), Institut Straumann AG (Switzerland), Dentsply Sirona (U.S.), Henry Schein, Inc. (U.S.), PLANMECA OY (Finland), 3M (U.S. )

Market Opportunities

  • Advancements in Medical Technology
  • Demand for Minimally Invasive Procedures

Market Definition

Biomedical materials are substances engineered for medical applications, ranging from implants to drug delivery systems. They interact with biological systems to promote healing or provide therapeutic benefits. These materials must possess specific properties such as biocompatibility, durability, and tailored mechanical characteristics. Common examples include biodegradable polymers, ceramics, and metals, each carefully designed to enhance medical treatments and improve patient outcomes.            

Biomedical Materials Market Dynamics

Drivers

  • Growing Awareness of Personalized Medicine

The growing awareness of personalized medicine is catalyzing the development of customized biomedical materials and implants, tailored to individual patient requirements. For instance, 3D printing technology enables the creation of patient-specific implants, such as cranial implants and orthopedic implants, precisely matching the patient's anatomy. This trend fosters a market demand for innovative materials that can be personalized to enhance treatment efficacy and patient outcomes, driving growth in the biomedical materials sector.

  • Emerging Biocompatible Materials

Advancements in biomaterials science, such as biocompatible polymers including poly (lactic-co-glycolic acid) (PLGA), ceramics such as hydroxyapatite, and metals such as titanium alloys, are revolutionizing healthcare. These materials exhibit enhanced biocompatibility, promoting tissue integration and reducing rejection rates. For instance, PLGA is widely used in drug delivery systems, hydroxyapatite is employed in bone implants, and titanium alloys are utilized in orthopedic and dental implants, collectively driving the biomedical materials market towards improved patient outcomes.

Opportunities

  • Advancements in Medical Technology

The relentless progression of medical technology necessitates cutting-edge materials compatible with modern diagnostic tools, therapeutic devices, implants, and tissue engineering scaffolds, driving the biomedical materials market. For instance, the development of nanomaterials such as graphene and carbon nanotubes has revolutionized biosensing technologies, enabling highly sensitive and rapid diagnostic tests. Such innovations highlight the critical role of advanced materials in meeting the demands of evolving medical practices, fueling market growth.

  • Demand for Minimally Invasive Procedures

The demand for minimally invasive procedures propels the biomedical materials market as they facilitate the development of advanced surgical tools and implants. For instance, bioresorbable stents made from materials such as polylactic acid offer a minimally invasive solution for cardiovascular interventions, reducing recovery times and risks associated with traditional stents. This trend encourages further innovation in materials to meet the increasing demand for less invasive medical interventions. 

Restraints/Challenges

  • High Development Costs

The high development costs associated with extensive testing, clinical trials, and regulatory compliance create financial barriers, particularly for smaller companies, hindering market growth. These expenses often exceed the financial capacities of smaller players, limiting their ability to innovate and compete effectively in the biomedical materials market.

  • Biofouling and Infection Risks

Biofouling and infection risks pose significant obstacles to the biomedical materials market. Susceptibility to microbial accumulation undermines the safety and efficacy of implants and medical devices. These challenges intensify regulatory scrutiny and erode trust among healthcare providers and patients, hindering market growth and adoption of such materials. 

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

  • In October 2023, Evonik unveiled VESTAKEEP iC4612 3DF and iC4620 3DF, the world's inaugural carbon-fiber-reinforced PEEK filaments for 3D-printed medical implants. These filaments boast strength, ductility, and adaptability, marking Evonik's dedication to enhancing patient-specific medical treatments by pioneering advanced materials for implant fabrication
  • In March 2023, Invibio Biomaterial Solutions launched Peek-Optima Am filament, a polyetheretherketone polymer-based material designed for 3D-printed medical devices. This innovation reflects Invibio's commitment to advancing the field of medical device manufacturing by introducing high-performance biomaterials tailored for additive manufacturing processes
  • In January 2023, a study published in NCBI provided comprehensive insights into prevalent and emerging biomaterials utilized in 3D bio-printing. The research offered valuable expertise on critical aspects of bio materials selection and usage in 3D bio-printing, contributing to the advancement of tissue engineering and regenerative medicine technologies
  • In January 2023, Zimmer Biomet Holdings, Inc. disclosed its intent to acquire Embody, Inc. for an initial sum of USD 155 million, with potential future payouts reaching USD 275 million based on predetermined milestones. This strategic acquisition aims to bolster Zimmer Biomet's sports medicine portfolio, specifically focusing on innovative soft tissue healing solutions

Biomedical Materials Market Scope

The market is segmented on the basis of type, application, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  Application

  • Cardiovascular
  • Orthopaedic
  • Ophthalmology
  • Dental
  • Plastic Surgery
  • Wound Healing
  • Neurology
  • Other Applications

 End User

  • Healthcare Facilities
  • Diagnostic Centres
  • Tissue Engineering

Biomedical Materials Market Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by country, type, application, and end user as referenced above.

The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America is expected to dominate the biomedical materials market fueled by intensive biomaterial research and growing plastic surgery demands. Additionally, substantial healthcare investments by key players are anticipated to further propel market growth in the region, driven by high healthcare expenditures.

Asia-Pacific is expected to witness significant growth in the biomedical materials market due to government initiatives, medical tourism, research activities, untapped markets, large population, and the demand for quality healthcare. These factors drive innovation and investment, fostering the region's prominence in the global market.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2016-2021.

Competitive Landscape and Biomedical Materials Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the market are:

  • Johnson & Johnson Services, Inc (U.S.)
  • Zimmer Biomet (U.S.)
  • Medtronic (U.S.)
  • Abbott (U.S.)
  • Danaher Corporation (U.S.)
  • BIOLASE, Inc. (U.S.)
  • Institut Straumann AG (Switzerland)
  • Dentsply Sirona (U.S.)
  • Henry Schein, Inc. (U.S.)
  • PLANMECA OY (Finland)
  • 3M (U.S. )


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

Growing Awareness of Personalized Medicine and Emerging Biocompatible Materials are the growth drivers of the Biomedical Materials Market.
The type, application, and end user are the factors on which the Biomedical Materials Market research is based.
The major companies of the Biomedical Materials Market are Johnson & Johnson Services, Inc (U.S.), Zimmer Biomet (U.S.), Medtronic (U.S.), Abbott (U.S.), Danaher Corporation (U.S.), BIOLASE, Inc. (U.S.), Institut Straumann AG (Switzerland), Dentsply Sirona (U.S.), Henry Schein, Inc. (U.S.), PLANMECA OY (Finland), 3M (U.S. ).
The Biomedical Materials Market size will be worth USD 31.93 billion by 2031.
The Biomedical Materials Market growth rate will be 11.1% by 2031.
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