Biomaterials Market Trends

Growth Drivers

• Increasing Growth of Plastic Surgery and Wound Healing Applications – The development of regenerative medicine (a science of replacing, engineering, and regenerating human cells, tissues, and organs) was helping in damaged tissue repair, restore, and establish normal functioning of organs. The demand for plastic surgeries such as nasal reconstruction, and facial corrections is growing rapidly with a rising preference to look aesthetic.  All these factors are estimated to drive the market in the coming years. The number of plastic surgeries performed in the U.S in 2019 was 2,600,000.

• Growing Disposable Income – As per the estimations, the disposable income of Costa Rica rose by 7.5%, and 6% in Poland in 2019.

• Development of Healthcare Infrastructure – The government of India planned to introduce a credit incentive program of USD 6.8 billion to improve healthcare infrastructure.

• Increasing Incidence of Target Diseases such as Cancer – As per the World Health Organization, in 2020 1 in 6 deaths are from cancer.

• Growing prevalence of cardiovascular diseases –Cardiovascular disease lead to the death of 17.9 million people in 2019 as per the estimations.

Challenges

• Stringent Clinical and Regulatory Processes
• Bacterial Adhesion to Biomaterials Leading to Infection
• Expensive Cost of Biomaterials

The global biomaterials market is segmented and analyzed for demand and supply by type of materials into metallic, ceramic, polymer, and natural. Out of these, the metallic biomaterials segment is anticipated to hold the largest market size by the end of 2033 on the back of the growing funds, and grants by government bodies and universities for the development of novel biomaterials are estimated to fuel market growth in the coming years. Also, the rising geriatric population across the world is also anticipated to fuel market growth owing to the increased use of biomaterials in drug delivery, tissue repair, and regeneration of bone. The geriatric population with the age 60 years and over increased from 1 billion in 2020 and reached 1.4 billion in 2022 across the world.

Major Macro-Economic Indicators Impacting the Market Growth

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.79, which grew from USD 3,515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in the upcoming years.