The India Biomaterials Healthcare Market is expected to witness growth from $2.84 Bn in 2022 to $9.44 Bn in 2030 with a CAGR of 16.20% for the forecasted year 2022-2030. India's large and ageing population increases its susceptibility to serious illnesses including osteoarthritis and cardiovascular disease, which usually require the use of biomaterials as a therapy, leading to the growth of the country's biomaterial healthcare industry. The market is segmented by type and by application. Some key players in this market include Poly Medicure, Sahajanand Medical Technologies, MicroPort, BASF SE, Celanese, Covestro AG and Evonik Industries.
The India Biomaterials Healthcare Market size is at around $2.84 Bn in 2022 and is projected to reach $9.44 Bn in 2030, exhibiting a CAGR of 16.20% during the forecast period. The Union Budget for 2023 in India includes a staggering $10.75 Bn for health expenses, an increase of $0.28 Bn or 2.71% from the $10.47 Bn in FY23. Budget estimates for the Ministry of Health for 2022–2023 were initially $10.42 billion but were later reduced to $9.57 billion for the same period. An estimated $10.78 billion will be invested this year. In India, healthcare expenditure is down to 1.97% from last year's 2.2% of the budget.
In orthopaedics, biomaterials are frequently used for fracture fixation, spine fusion, and joint replacement. Implants that can meld with bone tissue are made using biomaterials like metals, ceramics, and polymers. Cardiovascular devices like pacemakers and tubes are created using biomaterials. Materials that are biocompatible and able to endure the stresses placed on the cardiovascular system are necessary for these devices. In tissue engineering and regenerative medicine, biomaterials are important. They can be used to build scaffolds that help new tissues like skin, bone, and cartilage grow. To deliver medications and other therapeutic agents to particular bodily parts, biomaterials can be used. They may be designed to discharge medications gradually, enabling targeted therapy. Dental implants, tooth replacement, and cavity filling all involve the use of biomaterials. Metals, ceramics, and polymers are just a few of the elements that can be used to create dental biomaterials.
Market Growth Drivers
India's large and ageing population increases its susceptibility to serious illnesses including osteoarthritis and cardiovascular disease, which usually require the use of biomaterials as a therapy, leading to the growth of the country's biomaterial healthcare industry. The middle-class population in India has more disposable money, which is increasing the demand for advanced biomaterials. In recent years, the Indian government has increased its spending on healthcare, which is anticipated to lead to greater access to cutting-edge medical technologies, including biomaterials. Biomaterials-related technological developments, such as the creation of novel materials and production methods, are fueling industry innovation and expansion.
Market Restraints
Smaller biomaterials businesses in India may find it difficult to break into the healthcare biomaterials market due to the high cost of biomaterial development. The use of biomaterials in certain circumstances, such as stem cell research and tissue engineering, may be constrained by ethical concerns.
Key Players
2021: Boston Scientific, a US-based manufacturer of medical devices, declared in 2021 that it had purchased the global embolic microspheres portfolio of BTG International, an Indian manufacturer of medical devices, which included several biomaterial-based goods.
2021: The University of Florida and the Indian pharmaceutical firm Sun Pharma entered into a licencing deal in 2021 for a novel biomaterial technology for ophthalmic use.
The Indian Council of Medical Research (ICMR), the Central Drugs Standard Control Organization (CDSCO), and the National Health Systems Resource Centre (NHSRC) are the regulatory organisations in charge of regulating the biomaterial healthcare market in India. The CDSCO conducts a thorough review as part of the approval process for biomaterials in India. The evaluation of safety, efficacy, and quality are all part of the approval process for biomaterials, which are categorised as medical devices. In India, the cost of medical devices, including biomaterials, is governed by the National Pharmaceutical Pricing Authority (NPPA). The adoption and accessibility of biomaterials in the Indian market can be significantly impacted by pricing and reimbursement policies.
1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Type (Revenue, USD Billion):
Based on type, the market is segmented into Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials, and Natural Biomaterials. The Metallic Biomaterials segment accounted for the largest share of the India market in 2019. The growing geriatric population Indialy is expected to drive growth for this segment.
By Application (Revenue, USD Billion):
The cardiovascular, orthopaedic, dental, plastic surgery, wound healing, tissue engineering, ophthalmology, neurological/CNS, and other applications segments are made up of the biomaterials market. The market category for wound healing is anticipated to have the highest CAGR in 2019. The market will increase as a result of factors including expanding healthcare infrastructure, a large population pool, a rising diabetic population, and rising healthcare spending. Surgical Guides
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