The global biomaterials market is anticipated to hit $149.17 billion by 2021, according to a MarketsandMarkets report.
Here are seven observations:
1. In 2016, the market was worth $70.9 billion.
2. The market will grow at a compound annual growth rate of 16 percent through 2021.
3. More government funds and grants; an increased number of cardiovascular diseases; as well as technological advancements will spur market growth.
4. Other market drivers include the expanding implantable devices market and increasing awareness of tissue engineering.
5. The polymeric biomaterials segment is set to see the most rapid growth through 2021, because of the growing use of polymers in tissue applications.
6. The Asia-Pacific market will see the most rapid growth in the forecast period.
7. Key market players include:
• Royal DSM in Heerlen, Netherlands
• BASF SE in Ludwigshafen, Germany
• Corbion N.V. in the Netherlands
• Covestro in Leverkusen, Germany
• Invibio in Lancashire, U.K.
• Carpenter Technology Corp. in Wyomissing, Pa.
• Evonik Industries in Essen, Germany
• Berkeley (Calif.) Advanced Biomaterials
• CAM Bioceramics in Leiden, Netherlands
• Celanese Corp. in Summit, Ill.