Biomaterials Market to Exhibit 12.2% CAGR till 2027; Increasing Prevalence of Chronic Health Conditions to Aid Growth

The global biomaterials market size is projected to reach USD 245.6 billion by 2027. It is set to be affected positively by the rising incidence of cardiovascular diseases. According to the Centers for Disease Control and Prevention, every year, approximately 1 in 4 deaths occur in the U.S. owing to cardiovascular diseases. This information is given by Fortune Business Insights™ in a recent report, titled, “Biomaterials Market Size, Share and Industry Analysis, By Material (Metallic Biomaterials, Ceramic Biomaterials, Polymers, and Natural Biomaterials), By Application (Cardiovascular, Dental, Orthopedic, Plastic Surgery, Urology, Gastroenterology, and Others), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 110.0 billion in 2019. However, it is set to exhibit a CAGR of 12.2% during the forecast period from 2020–2027.

Evonik Launched New Line of PLA-PEG Copolymers for Implantable Medical Devices

In October 2019, Evonik Industries AG, a speciality chemicals company headquartered in Germany, launched PLA-PEG copolymers specially meant for implantable medical device applications. It is considered to be the world’s first innovative bioresorbable portfolio that would be able to broaden the company’s ability to aid medical device consumers in improving performance, biocompatibility, and safety of their products.

The product blends the hydrophilic properties of polyethylene glycol (PEG) with the hydrophobic properties of polylactide (PLA) polymers. This novel combination of rapid degradation and strength would enable medical device enterprises to create a new range of bioresorbable implant devices that would be further used in applications, such as paediatrics and wound closure.

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https://www.fortunebusinessinsights.com/biomaterials-market-102770

Rising Geriatric Population to Augment Growth

The demand for implantable devices is rising day by day backed by the increasing cases of sports injuries, arthritis, orthopedic replacements, and cardiovascular diseases worldwide. Besides, rising geriatric population, lack of physical activities, and adoption of unhealthy lifestyles are causing chronic health diseases. Hence, the increasing patient pool is inclining towards biomaterials. Such devices and implants are aiding in refining the quality of the patient’s life by extending and enhancing the functions of essential body systems. The Centers for Disease Control and Prevention mentioned that in 2015, in the U.S., around 54.4 million adults were diagnosed with arthritis. However, biomaterial-based products must go through several regulatory processes that are extremely complex. It may hinder this market growth in the near future.

Key Companies Aim to Maintain Dominance by Launching Innovative Products

Some of the top companies present in the market include Evonik Industries AG, Invibio Ltd., and Wright Medical Technology, Inc. At present, they are striving to broaden their portfolio by launching technologically advanced products in the market. Apart from that, they are engaging in partnerships, as well as mergers and acquisitions to maintain their leading positions.

Fortune Business Insights™ presents a list of all the organizations operating in the implantable biomaterials market. They are as follows:

• Invibio Ltd (Washington)


• Wright Medical Technology, Inc. (United States)


• Evonik Industries AG (Germany)


• Zimmer Biomet (United States)


• DePuy Synthes Companies (United States)


• DSM Biomedical, Inc. (Netherlands)


• Corbion NV (Netherlands)


• Other players

A Significant Industry Development-

• February 2016: TEKNIMED, a manufacturer, developer, and designer of state-of-the-art surgical products based in France, exhibited its latest innovations at Medical Fair India 2016. Its France-made products are now available in India. Some other products, namely, PLA/TLP, EUROSCREW PLA, GENTAFIX 1/3/3MV, and CEMFIX 1/3 are under testing procedure to bag certifications according to the Indian rules.

Further Report Findings-

• North America procured USD 44.83 billion revenue in 2019 and would dominate backed by the increasing number of orthopedic replacements in the U.S., as well as new product launches by companies.


• Europe is set to remain in the second position stoked by the rising introduction to innovative products by industry giants.


• Based on material, the metallic biomaterials segment held 30.1% market share and would dominate in the coming years. This growth is attributable to their increasing usage in orthopedic fixations, stents, dental implants, and joint replacements.

The market can be segmented in the following way: