The global biomaterials market size is projected to reach $349.1 billion by 2030, advancing at a CAGR of 13.4% during 2021–2030. The market growth has been spurred by technological advancements, the growing incidence of musculoskeletal and chronic skeletal medical conditions, and increasing government supports such as grants and funds to boost the production of novel biomaterials.
The ceramic material category is expected to witness modest growth in the coming years. The material is used for manufacturing medical implants or devices. Aluminum oxide, apatite, graphite, calcium phosphate, and glass are some of the frequently used ceramic biomaterials. The usage of ceramic materials as a biomaterial is attributed to their inertness, capability to mold into a variety of shapes, high compressive strengths, and better wear characteristics. Some of their common applications are artificial kidneys, hip prostheses, bone grafts, and dentistry, orthopedic, and heart valves.
The ophthalmology category is expected to have a decent advancement in the coming years. This is because biomaterials are used to repair or augment diseased ocular tissues for the development of drug delivery systems for posterior and anterior segments of the eyes and the development of implants to restore the functionality of vitreous humor, cornea, or lens. Several other factors driving the demand for these materials in this category include increasing healthcare expenditure, surging awareness, and high incidence of ophthalmic disorders. Different materials used for ophthalmology applications are poly methyl methacrylate in contact lenses, intraocular lenses, and keratoprosthesis; drainage implants in glaucoma; silicones in contact lenses; hydrogel for retinal surgery implants; cyanoacrylate adhesives for corneal perforations and ulcers; and scleral bulking materials.
The neurological condition category is expected to have modest progress. Biomaterials are increasingly being adopted to improve functional recovery of the central nervous system or for the treatment of neurological disorders. These materials find uses in cortical neural prosthetics, hydrogel scaffolds for the central nervous system, neural stem cell encapsulation for neurotrauma, drug delivery in the central nervous system, and shunting systems for hydrocephalus. These materials also play a vital role in the treatment of brain tumors and promote tissue regeneration.
The APAC market is expected to register the highest growth rate, around 15%, in the biomaterials market demand during the forecast period, due to the burgeoning use of biomaterials in applications, including organs and tissue transplants. Apart from healthcare applications, some companies are developing biomaterials for product design, construction, and other purposes. For instance, biomaterial companies are producing leather alternatives derived from plants, mushrooms, and cell cultures. These products have the potential to meet the demand for resilient materials that are expensive and inefficient to develop, including those like leather, which has animal rights concerns.
Chronic diseases are one of the critical healthcare concerns, claiming an estimated 40 million lives every year, out of which 8.5 million reside in Asia. In APAC, cardiovascular diseases, diabetes, cancer, and chronic respiratory conditions are among the most prevalent chronic diseases. This is primarily driven by aging populations and inadequate lifestyle choices such as consumption of tobacco and alcohol and lack of physical activity. Therefore, this strengthens the demand as well as the production of biomaterials to cure such diseases.
Major players operating in the biomaterials market include BASF SE, Covestro AG, Celanese Corporation, Carpenter Technology Corporation, Royal DSM, Corbion, Evonik Industries AG, Victrex plc, and CeramTec GmbH.