The global polymeric biomaterials market is a rapidly growing sphere due to the wide range of advantages offered by polymeric materials such as flexibility, durability, and biocompatibility. Polymeric biomaterials are increasingly being utilized for various medical applications like tissue engineering, drug delivery systems, and medical implants owing to their mechanical properties, resistance to corrosion, biodegradability and non-toxic nature. These biomaterials are made from both synthetic and natural polymers. Some of the commonly used synthetic polymers are polyester, polyvinyl chloride, polyamides and polyolefins, while natural polymers include collagen, gelatin, fibrin, cellulose, silk and chitin. The advantages of polymeric biomaterials include structural similarity to natural tissues, biodegradability, possibility for modification to gain specific functionalities, high strength and flexible mechanical properties.
The Global polymeric biomaterials Market is estimated to be valued at US$ 48.85 BN in 2024 and is expected to exhibit a CAGR of 16.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global 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. There is growing demand for polymeric biomaterials from medical implant manufacturers due to rising preference for minimally invasive surgeries. Technological advancements are enabling the development of novel bioabsorbable polymeric biomaterials with tunable degradation properties.
Market Trends
Increased research on developing novel biodegradable polymeric biomaterials for drug delivery applications and tissue engineering is one of the key trends in the global market. Customization of biomaterial properties like degradation rate, porosity and mechanical strength through 3D printing techniques is another ongoing trend in this space.
Market Opportunities
Rising usage of polymeric biomaterials for medical implants in various therapeutic areas like orthopedics, cardiovascular, and dentistry offers lucrative opportunities. Growing demand for absorbable sutures and scaffolds for regenerative medicine is another major opportunity in the polymeric biomaterials market.
Impact of COVID-19 on Global Polymeric Biomaterials Market Growth
The COVID-19 pandemic has significantly impacted the growth of the global polymeric biomaterials market. During the initial lockdown phases imposed worldwide to curb the spread of the virus, elective surgeries and non-emergency medical procedures were postponed. This resulted in a decline in demand for polymeric biomaterials used in implants, drug delivery, vascular grafts, and other medical applications. Supply chain disruptions and trade restrictions further exacerbated the situation. However, as the healthcare systems started focusing on treating COVID-19 patients, the usage of polymeric biomaterials increased in ventilators, personal protective equipment, testing kits and other medical devices. With the resumption of regular healthcare services, the market is recuperating gradually. Still, future waves or variants of the virus can act as a setback. Manufacturers will need to strengthen inventory management and diversify supplier networks to handle uncertainties better. Focus on developing anti-microbial polymeric biomaterials for infection control will also gain importance going forward.
Geographical Regions with Highest Value Concentration in Global Polymeric Biomaterials Market
North America represents the largest geographical region for the global polymeric biomaterials market in terms of value. The region accounted for over 40% market share in 2024 led by a combination of factors like growing elderly population, rising lifestyle diseases, increase in surgical procedures and strong presence of leading medical device companies. The United States accounts for the lion’s share of the North American market owing to well-established healthcare infrastructure and high per capita healthcare spending. Growing medical tourism and rising access to healthcare in countries like India and China are boosting the Asia Pacific polymeric biomaterials market which is slated to be the fastest growing region during the forecast period.
Fastest Growing Region in the Global Polymeric Biomaterials Market
Asia Pacific polymeric biomaterials market is poised to witness the highest growth during the forecast period. Growing medical needs of large population coupled with ongoing healthcare reforms to boost accessibility and urbanization are fueling investments in hospital infrastructure and healthcare services expansion. Increasing collaboration between global players and regional market participants to expand product reach will also contribute to growth. Rising affinity for imported technologies combined with shifting manufacturing bases to the region of key biomaterial producers are transforming Asia Pacific into a major hub. This will accelerate the regional market growth at a CAGR higher than the global average during projected years.
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