In 2019, 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.
Northbrook, IL 60062 -- (SBWIRE) -- 05/26/2022 -- The Research Report on "Biomaterials Market by Type of Materials (Metallic, Ceramic, Polymers, Natural), Application (Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Neurological disorders, Tissue Engineering, Ophthalmology) - Global Forecast to 2025", 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.
Increased funds and grants by government bodies and universities for the development of novel biomaterials;
The demand for and usage of biomaterials in various medical applications has increased significantly across the globe over the last few years. Several government bodies and universities have extended their help in the form of investments, funds, and grants to promote research on the development of novel biomaterials. For instance, In March 2018, Drexel University granted USD 200,000 to the National Science Foundation for research on how biomaterial-mediated control over macrophage behavior affects biomaterial vascularization.Such research and funding activities are expected to boost the development of innovative biomaterials, thus offering an array of opportunities for the growth of the biomaterials market.
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Industry Segmentation In Detailed:
The metallic biomaterials segment dominated the biomaterials market in 2019.
Based on type, the biomaterials market is segmented into Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials, and Natural Biomaterials . The Metallic Biomaterials segment accounted for the largest share of the global biomaterials market in 2019. The growing geriatric population globally is expected to drive growth for this segment.
The wound healing segment will witness the highest growth during the forecast period.
Based on application, the biomaterials market is segmented into Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Tissue Engineering, Ophthalmology, Neurological/CNS, and Other Applications. In 2019, the wound healing segment is expected to register the highest CAGR during the forecast period. Factors such as growing healthcare infrastructure, increasing diabetic population, vast population pool, in and the increasing healthcare spending will drive market growth.
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Leading Key Players and Analysis:
Key players in the biomaterials market include BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Corbion (Netherlands), Royal DSM (Netherlands), Carpenter Technology Corporation (US), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), CoorsTek Inc. (US), CeramTec (Germany), and Gelita AG (Germany).
Geographical Analysis in Detailed:
The biomaterials market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2019, North America accounted for the largest share of the biomaterials market, followed by Europe and the Asia Pacific. The large share of North America in the global market is attributed to the increase in biomaterial-based research, rising demand for plastic surgeries, growing incidence of cancer, and the rising prevalence of cardiovascular diseases.
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