Biomaterials Market Growth and Trends: 2024-2030
The global biomaterials market was valued at USD 178.0 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 15.6% from 2024 to 2030. This growth is driven by several factors, including the increasing incidence of musculoskeletal and chronic skeletal conditions, which are spurring greater demand for implants and medical devices made from biomaterials. With the aging population and rising rates of conditions like osteoarthritis, degenerative diseases, and bone fractures, the need for advanced biomaterials is becoming more pronounced. These materials are critical for joint replacements, bone augmentations, and other orthopedic interventions that help individuals regain mobility and improve their quality of life. Market Drivers The increasing prevalence of chronic skeletal conditions such as osteoarthritis and degenerative diseases is a major driver of the biomaterials market. Thes...