Northbrook, IL 60062 -- (SBWIRE) -- 01/04/2023 -- According to the new global market research report "Biomaterials Market 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. Market growth is driven mainly by factors such as the increased funds & grants by government bodies worldwide for the development of novel biomaterials, rising demand for medical implants, and the rising incidence of cardiovascular diseases, increasing research on regenerative medicine . In addition, high growth is expected for plastic surgery and wound healing applications, which will further drive the growth of the biomaterials market in the coming years.

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The Growth in this market is primarily attributed to increasing funds and grants by government bodies and universities for the development of novel biomaterials, increasing demand for implantable devices, growing demand for biomaterials in plastic surgery and wound healing applications, rising incidences of cardiovascular diseases, and rising awareness and research on regenerative medicine.

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Key Market Player

Some of the prominent players in the biomaterials market are BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Corbion (Netherlands), Royal DSM (Netherlands), Evonik Industries (Germany), Carpenter Technology Corporation (US), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), CoorsTek Inc. (US), CeramTec (Germany), and GELITA AG (Germany).

BASF SE (Germany)

BASF is one of the leading players in the biomaterials market. The company focuses on various organic and inorganic means to enhance its presence in the market. The company also focuses on expanding its global production capacity and invests ~USD 450 million per year in optimizing its plants. Additionally, BASF aims at developing its portfolio with innovations and investments. The company invests significant amounts in R&D activities. In 2019, the company invested USD 2.42 billion in R&D to maintain a larger share of the market.

Covestro AG (Germany)

Covestro is another key player in the biomaterials market. The company offers a wide range of biomaterials for the healthcare industry. The company invests majorly in the maintenance and expansion of its production facilities. Additionally, in the last three years, the company has mainly focused on product innovations and has launched several innovative products to sustain its leading position in the biomaterials market.

Celanese Coorporation (US)

Celanese is one of the key players in the biomaterials market. The company has a wide range of product offerings, including biomaterials for medical devices and drug delivery systems. A comprehensive range of products, high focus on R&D, and strong geographical presence are the key factors contributing to the leading position of the company in this market. In 2020, the company added a new GUR ultra-high molecular weight polyethylene (UHMW-PE) production line at its Texas, US, manufacturing facility to support the significant growth in its high-value GUR Engineered Materials portfolio. With its strong product portfolio & robust geographic presence, the company is likely to maintain its leading position in this market.

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The Asia Pacific region is the fastest-growing region of the biomaterials market in 2019.

In 2019, Asia Pacific region accounted for the fastest-growing region of the market. It is also estimated to grow at the highest CAGR in the metallic biomaterials market during the forecast period, this is mainly due to Japan's growing healthcare industry, increasing geriatric population, rising number of cosmetic and plastic surgeries in India, lucrative medical devices industry, and favorable tax policies in China.

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