The growing grants and funds by universities and government bodies for developing novel biomaterials, the increasing geriatric population, and the rising demand for plastic surgery are boosting the Biomaterials market.
New York, May 11, 2020 (GLOBE NEWSWIRE) -- The Global Biomaterials market is forecast to reach USD 245.20 Billion by 2027, according to a new report by Reports and Data. In recent years, an increasing emphasis on beauty treatments and plastic surgery like craniofacial surgery and soft-tissue fillers are acting as growth factors for the market. Most importantly, technological advancements are also contributing to the expansion of the market wherein these advancements help in making the substance versatile and enhance its functionality. Such advancements result in expanding its arena of application to tissue engineering, bioengineering among others. The development of smart biomaterials that are capable of interacting with biological systems for various biomedical applications is also supporting the expansion of the market.
The COVID-19 Impact: One of the immediate impacts of the COVID-19 pandemic is the lack of availability of specialists associated with replacement treatments. Doctors who are usually involved with other healthcare services are required to be associated with COVID-19 treatments for the management of the crisis. The mentioned factor would result in negatively impacting the growth of the sector. In a research conducted on the impact of the epidemic on the knee and hip arthroplasty revealed that in the U.S. every week approximately 30,000 primary and 3000 revision knee and hip arthroplasty procedures would be canceled till the time COVID-19 restrictions regarding nonessential surgery are being practiced. Thus, such cancellation of arthroplasty procedures would result in negatively impacting the growth of the market.
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Further key findings from the report suggest
- In regards to Classification, the Bioinert Biomaterials segment held a considerable share of the market of more than 45.0% in 2019. The reason for elevated demand for bioinert biomaterials is its minimal interaction with the surrounding tissue and minimal risk of reaction with the host that makes it an appropriate material for implants and replacement surgeries, resulting in its elevated demand and application in the healthcare sector.
- In context to Material Type, the Polymeric Biomaterials segment help a considerable market share of more than 40.0% in 2019. The growth rate witnessed by the Polymeric Biomaterials segment is attributed to its traits like non-immunogenic, enhanced biocompatibility, non-carcinogenic and non-toxic, which makes it an ideal choice for implants and replacement surgeries.
- In context to Application, Orthopedic segment held a considerable market share of more than 20.0% in 2019. The market share held by the Orthopedic segment is attributed to the growing geriatric population, associated increasing orthopedic disorder and increasing demand for orthopedic surgeries involving implants, which results in elevated demand for the substance in orthopedic treatment in the healthcare sector.
- In March 2017, DSM had introduced the first black medical-grade UHMWPE fiber, Dyneema Purity® Black fiber. The fiber addresses the needs that were previously unmeet among surgeons for strongly contrasting material to simplify complex suture procedures.
- In October 2019, Evonik Industries had launched the bioresorbable PLA-PEG copolymers. The copolymers have been designed for application in implantable medical devices. The new product enhances the performance, safety and biocompatibility of implantable products that are used by medical device users.
- Key participants include BASF SE, Royal DSM, Covestro AG, Corbion, Berkeley Advanced Biomaterials, Inc., Evonik Industries, Celanese Corporation, Cam Bioceramics B.V., Ceramtec GmbH, and Coorstek Inc.
- Deals Landscape
- In March 2018, BASF had joined RSB as its newest member. The main aim of BASF to join RSB was to support the effort of turning wastes and residues into value through innovation in the circular economy and technology.
- In August 2017, GNI Group Ltd. that are a renowned biopharmaceutical company announced the acquisition of a 70% stake of Berkeley Advanced Biomaterials LLC. With the help of the acquisition, GNI Group Ltd. would be able to strengthen it’s positioning in the market
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For the purpose of this report, Reports and Data have segmented the Biomaterials market on the basis of Material Type, Classification, Application, and region:
Material Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Polymeric Biomaterials
- Metallic Biomaterials
- Natural Biomaterials
Classification Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Bioinert biomaterials
- Bioresorbable biomaterials
- Bioactive Biomaterials
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Plastic Surgery
- Tissue Engineering
- Wound Healing
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/biomaterials-market
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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