Polymeric Biomaterials Market Anticipated to Witness High Growth Owing to Increasing Demand in Medical Devices and Tissue Engineering Applications

Polymeric Biomaterials Market Anticipated to Witness High Growth Owing to Increasing Demand in Medical Devices and Tissue Engineering Applications

Polymeric biomaterials exhibit properties like biocompatibility, biodegradability and mechanical strength. They are used in applications like scaffolds for tissue regeneration, vascular grafts, stents, sutures and others.

The Global Polymeric Biomaterials Market is estimated to be valued at US$ 121.52 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Polymeric biomaterials are Stryker, BASF SE, Evonik Industries AG, DSM, Bezwada Biomedical, LLC, Corbion, Victrex plc (Invibio Ltd.), International Polymer Engineering, Covalon Technologies Ltd., Medtronic, Abbott, Elixir Medical, REVA Medical, LLC, Meril Life Sciences Pvt. Ltd., and MicroPort Scientific Corporation. These players are focusing on new product launches, collaborations and geographic expansions to increase their market share in the polymeric biomaterials market.

The Global Polymeric biomaterials market provides various growth opportunities in fields of tissue engineering, drug delivery, cardiovascular implants and orthopedic implants. Advancements in material sciences have led to development of novel biomaterials with tunable properties. 3D printing technologies are allowing precision fabrication of complex scaffolds with controlled architectures and compositions.

North America dominated the Global Polymeric Biomaterials Market Demand due to presence of major players and developed healthcare infrastructure. However, Asia Pacific is anticipated to witness highest growth owing to growing medical devices industry, increasing disposable incomes and rising medical tourism. Key players are also focusing on expanding their presence in emerging nations to tap the high growth opportunities in these regions.

Market drivers: Increasing demand for tissue engineering applications and implants is a major driver for polymeric biomaterials market. Rising prevalence of chronic diseases like cardiovascular diseases, orthopedic disorders is also fueling the market growth.

Market restraints: High costs of biomaterial development and regulatory compliance are major challenges for market players. Concerns regarding biocompatibility of novel materials and uncertainty in long term performance can also restrain the market growth.

Segment Analysis
Dominating segment in the global polymeric biomaterials market is degradable polymeric biomaterials. It constitutes over 50% share as degradable biomaterials are highly preferred for medical applications requiring contact with living tissues as they degrade and are absorbed by the body without leaving behind any residue. Degradable polymeric biomaterials such as polylactic acid, polyglycolic acid and polycaprolactone also find vast applications in orthopedic fixation, drug delivery and tissue engineering owing to their tuneable mechanical properties and controllable biodegradation.

Global Analysis
North America region holds largest share in the global polymeric biomaterials market. The region accounts for over 40% revenue share due to advanced healthcare infrastructure, higher healthcare spending and presence of major players in the region. Asia Pacific region is fastest growing market for polymeric biomaterials at a CAGR of around 15% during the forecast period. Factors such as rising medical tourism, growing demand for advanced medical devices due to increasing incidence of chronic diseases and rising per capita income in developing Asian countries are fueling demand in the region.

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