Global biocompatible materials market analysis and insights
The global biocompatible materials market estimated at US$142.9 billion in the year 2022 is now projected to grow at a CAGR of 18.45% and reach US$394.7 billion by 2028. The demand for biocompatible materials is driven by their extensive use in the medical and healthcare sectors. These materials are vital for medical devices, implants, and drug delivery systems.
Continuous advancements in material science and technology contribute to the development of new and improved biocompatible materials. Innovations such as biomimetic materials, nanotechnology-based materials, and 3D printing techniques enhance the performance, biocompatibility, and versatility of these materials, further driving market growth.
Biocompatible materials find new applications in emerging industries such as bioelectronics, biosensors, and wearable devices. The integration of biocompatible materials with electronics and technology enables the development of innovative healthcare and biomedical solutions, contributing to market growth.
Biocompatible materials are essential in regenerative medicine and tissue engineering applications. The increasing focus on regenerative medicine, which aims to restore or replace damaged tissues and organs, drives the demand for biocompatible scaffolds, matrices, and biomaterials that support tissue regeneration.
Biocompatible materials are often preferred over traditional materials due to their biodegradability, non-toxicity, and reduced environmental impact. As sustainability and environmental consciousness become more significant, there is a growing shift toward the use of biocompatible materials in various industries, including packaging, agriculture, and consumer goods.
Government regulations and initiatives promoting the use of biocompatible materials in healthcare and other sectors drive market growth. Regulatory bodies encourage the development and use of safe, biocompatible materials through guidelines, standards, and incentives, further fostering market expansion.
Biocompatible materials regional market insights
North American biocompatible materials market is expected to grow significantly over the forecast period 2022-2028. This can be attributed to the owing to the significant investments in the medical industry, and the presence of major medical device manufacturing players in the region. United States contributed around 78% of the total North American biocompatible materials market. It is estimated to have a market value of US$38.34 billion in the year 2022. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 17.52% and 15.05% respectively over the 2022-2028 period.
Asia Pacific biocompatible materials market is anticipated to witness an upsurge owing to the rapid industrialization and urbanization. Increasing investment in the medical sectors in countries such as China, Japan, India and Indonesia in the region coupled with rising disposable income of middle class is expected to boost the biocompatible materials market with a significant pace over the forecast period. China is expected to dominate the Asia-Pacific market and reach a market size of US$65.17 billion by 2028.
Within Europe, Germany, France, Italy and the U.K. are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 18.39% over the forecast period.
Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Middle Eastern nations such as Qatar, U.A.E, and Oman due to a similar growth pattern as the Asia Pacific.
Key players
Key players profiled in the report include AdvanSource Biomaterials Corporation; BASF SE; Celanese Corporation; Collagen Solutions Plc; Corbion N.V; Covestro AG; DuPont; Ensinger; Evonik Industries AG; Exactech; Foster Corporation; Henkel AG & Co.; Merck KGaA; Morgan Technical Ceramics; Nobel Biomaterials; Shin-Etsu Chemical Co. Ltd.; Stratasys Ltd. and Wacker Chemie AG, among others.
Competitive Landscape
Feb 14, 2023 – Evonik has entered into an agreement with the German biotech company AMSilk to produce industrial quantities of innovative, sustainable silk proteins. The silk can be used in a broad range of applications including high-quality fashion, smart materials in automotives, and medical devices. Materials produced with the silk proteins balance optimal performance with minimal environmental impact. Evonik is producing the silk at its contract development and manufacturing (CDMO) precision fermentation site in Slovakia.
May 23, 2023 – Zimmer Biomet Holdings, Inc., a global medical technology leader, announced that it has reached a definitive agreement to acquire Embody, Inc., a privately-held medical device company focused on soft tissue healing, for $155 million at closing and up to an additional $120 million subject to achieving future regulatory and commercial milestones over a three year period. The acquisition is expected to be accretive to overall revenue growth and slightly dilutive to adjusted earnings per share in 2023.
Biocompatible materials market scope
- By material type
- Metal and metal alloys
- Stainless steel
- Titanium and titanium alloys
- Silver
- Gold
- Others
- Polymers
- Natural
- Synthetic
- Ceramics
- Bioactive
- Inert
- Resorbable
- Composites
- Metal and metal alloys
- By form
- Bulk or solid
- Powder
- Others
- By Technology
- Biomaterial synthesis and processing
- Coatings and films
- Surface treatments
- Characterization and evaluation techniques
- Others
- By levels of application
- Surgical instruments and supplies
- Orthopedic
- Cardiovascular
- Dental
- Ophthalmic
- Drug delivery systems
- Tissue engineering
- Others
- By Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
| Report Attribute | Details |
| No. of Pages | 290 |
| Published | June-2023 |
| Forecast Period | 2022-2028 |
| Estimated Market Size in 2022 | US$142.9 billion |
| Forecasted Market Size by 2028 | US$394.7 billion |
| CAGR | 19.86% |
| Regions Covered | North America, South America, Europe, Asia Pacific, Middle East and Africa |
| Companies Mentioned | AdvanSource Biomaterials Corporation; BASF SE; Celanese Corporation; Collagen Solutions Plc; Corbion N.V; Covestro AG; DuPont; Ensinger; Evonik Industries AG; Exactech; Foster Corporation; Henkel AG & Co.; Merck KGaA; Morgan Technical Ceramics; Nobel Biomaterials; Shin-Etsu Chemical Co. Ltd.; Stratasys Ltd. and Wacker Chemie AG, among others. |
The research report provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.
Research Methodology
