The global biomaterials market was valued at USD 112.7 billion in 2021 and will grow at a rate of about 13.4% during 2021–2030, reaching USD 349.1 billion by 2030, according to P&S Intelligence.
This growth is encouraged by technological improvements the rising occurrence of musculoskeletal and chronic skeletal medicinal situations, and increasing government aid such as funds and grants in order to fuel the making of novel biomaterials. Additionally, the rising development and increasing count of fitness centers and well-being clubs drive the need for biomaterials.
The elderly populace needs extensive care as they are extremely disposed to diseases, because of low immunity and more recovery time. credited to the fluctuations in tendons and ligaments with oldness, the elasticity of joints reduces, and their motion becomes more limited.
Aging persons are also more vulnerable to chronic illnesses especially cardiovascular illnesses, therefore leading to a surge in the need for implants and prosthetics.
In the coming few years, the plastic surgeries category is projected to witness the fastest development, growing at a CAGR of 15%, in the biomaterials market. This is mainly because biomaterials are being utilized for rehabilitative and cosmetic drives in plastic surgeries.
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The category is projected to raise as different sellers are spending vast capital to grow safe and dependable products for utilization in plastic surgeries. Breast implants are one of the key applications of biomaterials in such operations.
In 2021, the metallic materials category held the highest revenue share, at approximately 30%, and the category is also projected to continue to be dominant in the future as well.
Such materials have been utilized significantly in biomedical components and devices, like cardiac and cardiovascular stents and hard tissue replacements, credited to their required mechanical properties and biocompatibility. To advance the biological properties to fulfill the clinical necessities, chemical surface alteration is frequently performed on metallic biomaterials.
North America generated the highest revenue share, of approximately USD 50 billion, in the biomaterials industry. This can be credited to thriving healthcare spending, and increasing government held, and growing knowledge regarding implantable medical devices.
Furthermore, the existence of a huge count of key players, the growing requirement for implantable devices, and the rising count of knee and hip replacements are also boosting the requirement for biomaterials in the U.S. Additionally, women are becoming more attracted toward plastic surgeries, such as facelifts, liposuction, tummy tucks, breast augmentation, and breast lifts, boosts the regional industry.
Hence, technological improvements the rising occurrence of musculoskeletal and chronic skeletal medicinal situations, and increasing government aid such as funds and grants in order to fuel the making of novel biomaterials are the major factors propelling the biomaterials industry.