Biomaterials Market size was valued at USD 135.4 billion in 2022 and is poised to grow from USD 155.9 billion in 2023 to USD 438.1 billion by 2031, growing at a CAGR of 15.4% in the forecast period (2024-2031).
Biomaterials are artificial materials, either synthetic or natural, used in medical technology to restore damaged organs and tissues to better function. Biomaterials are essential in the healthcare industry. They are used in medical applications to replace, preserve, or repair damaged biological processes or tissue. The need for biomaterials in plastic surgery and wound healing applications is growing, as is prevalence of neurological, orthopedic, and cardiovascular disorders. Other factors driving the global biomaterials market growth include aging population, rise in the need for implantable devices, and increase in funding and grants from academic institutions and government agencies for the development of novel biomaterials.
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Government Funding: Accelerating Biomaterial Market Expansion
The industry’s rise is mostly due to surge in funding and subsidies from government agencies and academic institutions for the development of novel biomaterials. The past several years has witnessed a notable increase in the demand for and use of biomaterials in a variety of medical applications on a global scale. Several governmental bodies and organizations have contributed cash, investments, and grants to assist research into the development of innovative biomaterials. For instance, the National Science Foundation awarded Drexel University a $200,000 grant in March 2018 to study the effects of biomaterial-mediated regulation of macrophage activity on biomaterial vascularization. The creation of new biomaterials is anticipated to be aided by such funding and research initiatives, which will expand the biomaterials’ potential.
Catalysts for Growth and Innovation in Biomaterial Development
The biomaterials industry is significantly expanding due to rise in demand for medical implants, prevalence of cardiovascular disease, surge in government funding and grants for the creation of innovative biomaterials, and expansion of biomaterials research for regenerative medicine. Applications in wound healing and plastic surgery are expected to rise significantly in the next years, propelling the medical biomaterials industry’s expansion. The creation of advancedbiomaterials that interact with biological systems for a variety of biomedical applications, such as the transfer of bioactive substances and the cellular function of newly generated functional tissues, generates revenue for the biodegradable biomaterial industry. The necessity for medical implants has increased due to businesses using novel drug delivery strategies that are continuously improving for regulated drug release.
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Segments covered
Type
Natural Biomaterial, Metallic Biomaterial, Ceramic Biomaterial, Polymeric Biomaterial
Application
Neurology, Cardiology, Orthopedics, Ophthalmology, Wound Care, Dental, Plastic Surgery, Other Applications
Strategies and Innovations in the Biomaterials Sector
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Potential of Biomaterials to Improve Life Quality
The increase in skeletal and chronic musculoskeletal disorders affects the market. Surgical implants and tissue regeneration biomaterials require enhanced biomaterials due to aging population and rise in rates of osteoarthritis, osteoporosis, and other illnesses. The aging population trend is greatly impacted by the growth. Modern biomaterials are crucial to many medical treatments performed on elderly people, such as joint replacements, spinal implants, and dental prosthesis, as they improve patient outcomes and quality of life.
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