| Biomaterials Market was valued at $122.92 billion in 2020 and is expected to reach $725.88 billion by 2031, growing at a CAGR of 17.98% between 2021 and 2031.
The biomaterials market is driven by a number of factors such as superior properties of biomaterials, increasing funds/aids by the government for research purposes, increasing wound healing therapies & plastic surgeries, increasing aging/geriatric population, rise in prevalence of cardiovascular diseases, increasing awareness of regenerative medicine, increasing orthopedic disorders, and growing demand for implantable devices. However, biocompatibility issues, stringent safety regulations, and limitations of biomaterial-based products are hampering the growth of the biomaterials market. Increasing obesity, the introduction of biomaterials in cancer research, and increasing patient awareness and improved lifestyle in growing economies such as India, China, and South Korea are expected to create opportunities in the biomaterials market.
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