Global Resorbable Biomaterials Market Size, Trends & Growth Opportunity, By Biomaterials Materials (Metallic, Polymeric, Ceramic, and Natural), By End Use Industry (Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Tissue Engineering, Ophthalmology, Neurological/CNS, and Others), By Region and Forecast till 2030

Resorbable Biomaterials Market

Global Resorbable Biomaterials market was valued at US$ 175.26 Bn in 2020, estimated to reach US$ 350.40 Bn in 2030 with a CAGR of 8.32% from 2021-2030.

Market Drivers: Increased funds and grants by government authorities and universities for the development of innovative resorbable biomaterials

The demand for and usage of resorbable biomaterials in various medical applications has increased significantly across the world over the last few years. Numerous government organizations and universities have prolonged their help in the form of investments, funds, and grants to promote research on the development of innovative 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. The above mentioned research and funding activities are projected to propel the development of innovative biomaterials, thus posing an assortment of opportunities for the growth of the resorbable biomaterials market.

Market Challenges: High Cost involved in the manufacturing of the material

The manufacturing and design of resorbable biomaterials includes high expenditure owing to the materials used in the manufacturing process these includes polymers, expensive metals, fragile materials such as glass in ceramic based materials. Handling and maintenance of these materials is extremely crucial, which may involve high risk of damage. Additionally, inflammatory responses found because of compatibility and complications involved in these products are further restraining the growth of resorbable biomaterials market. Furthermore, materials such as implantable pacemakers, stents, and heart valves are classified as Class III devices, which carry the highest potential risk of disease or injury, according to the FDA. Thereby, these devices are subjected to the premarket approval application passageway.

Market Opportunities: Acquisition creates new opportunities in the market

The biomaterials market in developing nations is anticipated to observe substantial growth during the forecast period. This can majorly be attributed to the augmenting patient population, rising adoption of implantable devices, growing awareness of CVDs, expanding disposable income, developed healthcare infrastructure, and the presence of smooth regulatory guidelines (as compared to developed countries) in these countries. Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies globally. The World Economic Forum has estimated these emerging economies would account for one-third of the global healthcare in the world expenditure by 2020.

Impact of COVID-19 on Resorbable Biomaterials Market

From March to June 2020, the health system in the US witnessed a significant decline in number of surgical procedures compared with the same period during the previous year. The COVID-19 pandemic had a major impact on the United States, China, Japan, as well as many major European countries. Since most of these countries are major manufacturers of biomaterials, the pandemic and nationwide lockdowns have caused a decline in the sales of these products. This, in turn, had a marginally negative impact on the biomaterials market. On the other hand, the market is expected to recuperate in the next one to two years as research for development of rapid COVID-19 detection test using gold nanoparticles will upkeep market growth.

Resorbable Biomaterials Market, By Bioresorbable Materials

Based on type, the resorbable biomaterials market is segmented into Metallic, Polymeric, Ceramic, and Natural. The Metallic Biomaterials segment accounted for the largest share of the global biomaterials market in 2020. The growing geriatric population globally is expected to drive growth for this segment.

Polymeric resorbable are exhibiting significant growth after metals. The wide availability of biopolymers as well as advanced polymers for bio-resorbable tissue fixation & other orthopedic applications is also expected to accelerate the revenue generation of the segment.

Resorbable Biomaterials Market, By End-User Industry

On the basis of end-user industry, the global resorbable biomaterials market is segmented into Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Tissue Engineering, Ophthalmology, Neurological/CNS, and Others. Cardiovascular and Orthopedic segment together will dominate the market during the forecast period. The increase in adoption of metallic biomaterials in orthopedic applications due to their high load-bearing capacity is one of the prominent factors driving the segment growth. Moreover, continuous developments for the introduction of advanced orthopedic implants by market vendors are also expected to propel the revenue generation. Increase in the incidences of cardiovascular diseases in the developed regions such as North America and Europe will pave the way for the growth of resorbable biomaterials market.

Resorbable Biomaterials Market, By Region

On the basis of region, the biomaterials market is segmented into North America, Europe, Asia Pacific, and Middle East & Africa and Latin America. In 2020, North America recorded the largest share of the resorbable biomaterials market, followed by Europe and the Asia Pacific. The large share of North America region in the global market is attributed to the rise in biomaterial-based research, the increase in demand for plastic surgeries, growing occurrence of cancer, and the rising incidence of cardiovascular diseases.

Competitive Landscape:

The key companies in the market include Medtronic plc; Evonik Industries AG; Carpenter Technology Corporation; Berkeley Advanced Biomaterials; Invibio Ltd.; Zimmer Biomet Holdings, Inc.; BASF SE; Covalon Technologies Ltd and Collagen Matrix, Inc.

The above mentioned companies are making significant investments to expand their presence and maintain a competitive edge. They are also adopting strategies such as agreements, partnerships, and collaboration to strengthen their product portfolio. Moreover, the companies are inclined toward the development of more inventive products to expand their resorbable biomaterials offerings.

Recent Developments:

In October 2019: Evonik Industries had launched its bioresorbable PLA-PEG copolymers which are designed to use in implantable medical devices. This product development improved the biocompatibility, safety as well as performance of implantable products used by medical device customers & further strengthened Evonik’s growth.

Market Taxonomy

By Biomaterials Materials

• Metallic
• Polymeric
• Ceramic
•  Natural

By End Use Industry

• Orthopedic
• Dental
• Plastic Surgery
• Wound Healing
• Tissue Engineering
• Ophthalmology
• Neurological/CNS
• Cardiovascular
• Others

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Key Questions Addressed by the Report

• What are the Key Opportunities in Global Resorbable Biomaterials Market?
• What will be the growth rate from 2019 to 2030?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?