Biomaterials Market Research And Emerging Applications In Tissue Engineering

Biomaterials Industry Overview

The global biomaterials market size was estimated at USD 178.0 billion in 2023 and is projected to grow at a CAGR of 15.6% from 2024 to 2030. The growing incidence of musculoskeletal and chronic skeletal medical conditions is expected to stimulate the demand for implants based on biomaterials, thereby enhancing market expansion. The increasing prevalence of chronic conditions such as osteoarthritis and degenerative diseases intensifies the demand for advanced biomaterials. Joint replacements and augmentations become essential interventions for individuals facing limited mobility and pain due to these conditions.

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Metallic biomaterials address this need by offering durable and long-lasting solutions that integrate with the body, restoring functionality and enhancing the quality of life for affected individuals. Technological advancements continually refine biomaterials, tailoring them to meet specific medical requirements. Innovations focus on improving biocompatibility, corrosion resistance, and the ability to integrate seamlessly with biological systems.

This evolution enables the creation of implants that not only withstand the body's biomechanics but also promote healing & integration, reducing the risk of complications post implantation. In addition, the aging global population contributes significantly to the demand for biomaterials. As the population ages, the prevalence of chronic conditions and age-related injuries rises, amplifying the necessity for effective and durable medical interventions. Biomaterials play a pivotal role in addressing these healthcare challenges by offering solutions that align with the unique needs of an aging demographic.

Furthermore, the demand for novel biomaterials has been increasing in recent years owing to their growing application in tissue replacement & repair, such as bones, teeth, and other organs. This rising adoption can be attributed to technological developments, particularly in nanotechnology-enabled approaches for administering treatments at the molecular-length scale. In addition, advanced biomaterials offer a promising solution to the challenges faced by autologous or allograft-based treatments, such as shortage of donors, possible immune rejection, and size or modality mismatches.

Polymeric artificial constructs mimic the structural and functional properties of the extracellular matrix, which can be used for promoting cell growth. Moreover, several advanced polymeric substances are also being introduced to complement existing implant solutions and to improve their efficiency. For instance, in March 2022, Evonik expanded its offerings for 3D-printable biomaterials with the launch of its osteoconductive VESTAKEEP iC4800 3DF PEEK filament, which can improve the fusion between implants and bone. Such innovations are expected to expand the growth prospects for biomaterials market.

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Key Companies profiled:

• Medtronic

• Evonik Industries AG

• Carpenter Technology Corporation

• Berkeley Advanced Biomaterials

• Invibio Ltd.

• Zimmer Biomet Holdings, Inc.

• BASF SE

• Covalon Technologies Ltd.

• Stryker

• Johnson & Johnson

• Dentsply Sirona

• CoorsTek Inc.

• Corbion

• Regenity Biosciences

Recent Developments

• In March 2023, Invibio Biomaterial Solutions launched the polyetheretherketone polymer-based Peek-Optima Am filament for manufacturing 3D-printed medical devices.

• In January 2023, Zimmer Biomet Holdings, Inc. announced plans to acquire Embody, Inc. for USD 155 million at closing, potentially increasing to USD 275 million based on future milestones. The deal can strengthen Zimmer Biomet's sports medicine portfolio, focusing on soft tissue healing solutions.

• In October 2023, Evonik introduced VESTAKEEP iC4612 3DF and iC4620 3DF, the world's first carbon-fiber-reinforced PEEK filaments for 3D-printed medical implants, offering strength, ductility, and adaptability. This innovation signifies Evonik's commitment to advancing patient-specific medical treatments.