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Biomaterials Market worth $47.5 billion by 2025 – Growth and Business Opportunities in Coming Years

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Biomaterials Market worth $47.5 billion by 2025 – Growth and Business Opportunities in Coming Years

December 15
21:52 2022
Biomaterials Market worth $47.5 billion by 2025 - Growth and Business Opportunities in Coming Years
Asia Pacific region accounted for the fastest-growing region of the biomaterials market. It is also estimated to grow at the highest CAGR in the biomaterial market during the forecast period
The increasing prevalence of musculoskeletal and chronic skeletal diseases is expected to drive the Biomaterials market growth by increasing the demand for biomaterial-based implants

The global biomaterials market size is projected to reach USD  47.5 billion by 2025 from USD  35.5  billion in 2020, at a CAGR of 6.0% during the forecast period. Market growth is driven mainly by factors such as the increased funds & grants by government bodies worldwide for the development of novel biomaterials, rising demand for medical implants, and the rising incidence of cardiovascular diseases, increasing research on regenerative medicine. 

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OPPORTUNITY: Growing healthcare market in emerging economies

The biomaterials market in emerging countries is expected to witness significant growth during the forecast period. This can majorly be attributed to the increasing patient population, rising adoption of implantable devices, growing awareness of CVDs, rising disposable income, improving healthcare infrastructure, and the presence of less-stringent regulatory guidelines (as compared to developed countries) in these countries.

Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. The World Economic Forum has estimated these emerging economies would account for one-third of the global healthcare expenditure by 2020. The growing demand for surgical procedures, rising geriatric population, and the increasing incidence of target diseases are some of the major factors that are expected to drive the demand for advanced healthcare services and novel medical devices in the respective healthcare systems of these countries. This is expected to offer potential growth opportunities to players operating in the biomaterials market in the coming years 

Key Market Players

The global biomaterials market is highly consolidated. Key players in the biomaterials market include BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Corbion (Netherlands), Royal DSM (Netherlands), Evonik Industries (Germany), Carpenter Technology Corporation (US), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), CoorsTek Inc. (US), CeramTec (Germany), and Gelita AG (Germany). Acquisitions and product launches are the key growth strategies undertaken by these companies to maintain their positions in the market. 

BASF SE (Germany) 

BASF is one of the leading players in the biomaterials market. The company focuses on various organic and inorganic means to enhance its presence in the market. The company also focuses on expanding its global production capacity and invests ~USD 450 million per year in optimizing its plants. Additionally, BASF aims at developing its portfolio with innovations and investments. 

Covestro AG (Germany) 

Covestro is another key player in the biomaterials market. The company offers a wide range of biomaterials for the healthcare industry. The company invests majorly in the maintenance and expansion of its production facilities. 

Celanese Coorporation (US)

Celanese is one of the key players in the biomaterials market. The company has a wide range of product offerings, including biomaterials for medical devices and drug delivery systems. A comprehensive range of products, high focus on R&D, and strong geographical presence are the key factors contributing to the leading position of the company in this market. 

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Recent Developments

  • Royal DSM (Netherlands) and ProMed Pharma (US) partnered for the development of novel sustained release drug delivery solutions in the polymeric drug delivery area.
  • Covestro AG (Germany) signed an MoU with a group of ten companies and two research organizations with an aim to build a Composite Application Center (CAC) in Singapore. This was aimed to develop end-to-end solutions for advanced composites, such as thermoplastic materials.
  • Celanese Corporation (US) announced an expansion of its production facility of thermoplastic co-polyesters. This expansion is expected to support the demand of its global engineered

Frequently Asked Questions (FAQ):

  • What is the impact of COVID-19 on the biomaterials market?
  • Who are the key players in the biomaterials market?
  • Which type dominates in the Biomaterials market?
  • Which application segment of the global biomaterials market is expected to witness the highest growth?
  • What is the market for biomaterials?

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