Biomaterials Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product (Natural, Metallic, Polymer), By Application (Cardiovascular, Orthopedics, Plastic Surgery), and Region Forecast 2019-2030

Biomaterials market size is valued at US$ 47,453.8 million in 2023 and growing at a CAGR of 7.9% from 2024-2030. Biomaterials are essential to healthcare. They are used in medical applications to improve, replace, or support damaged tissue or a biological function. They can be synthetic or natural. A biomaterial can be made from ceramics, plastic, metals, polymers, and even biological tissues and cells. They are employed in many different contexts, including drug delivery systems and medical implant techniques (heart valves, stents, grafts, artificial joints, ligaments, tendons, dental implants, etc.) that encourage the repair of human tissues (such as sutures and clips).

The key factors fuelled are the rise in elderly population, growing technological advancements, and the demand for biomaterials in wound healing and plastic surgery. For instance, The Canadian government made a $127 million investment in December 2022 to maintain its state-of-the-art bioscience facilities. The investment was made for both biomanufacturing and research & development. However, regulatory challenges, high development costs, biocompatibility issues, and supply chain constraints are the limiting factors for the market growth.

Furthermore, sustainability and eco-friendly materials, in emerging markets like Biomaterials have enormous development potential because of improving healthcare infrastructure and growing awareness in emerging economies, especially in areas where medical requirements are growing. In addition, 3D printing, regenerative medicine, integration with digital health, and hybrid materials, and focus on minimally invasive procedures are the market trends

Biomaterials Market Key Developments

• In July 2021, the successful start of the study and implantation of the PEEK-OPTIMATM femoral knee component on the first patients undergoing total knee arthroplasty (TKA) was announced by Orthopedics Inc. and Invibio Biomaterial Solutions. With the capacity to adjust for component-to-bone material mismatch, this component provides patients and surgeons with a femoral component.
• In January 2021, Orthopedics Inc. and Invibio Biomaterial Solutions announced the successful initiation of the research and the implantation of the PEEK-OPTIMATM femoral knee component on the first patients undergoing total knee arthroplasty (TKA). This component offers a femoral component to patients and surgeons, with the ability to correct for mismatches in component to bone composition.
• In October 2020, A multi-year development agreement was signed by Invibio and In2Bones Global Inc. to begin a manufacturing and research and development collaboration. Companies will invest heavily in this partnership and share labor, clinical data, intellectual property, and technical capabilities.