Polymeric biomaterials refer to materials that have been engineered to interact with biological systems for therapeutic or diagnostic purposes. These materials have evolved to induce specific biological responses and are crucial in tissue engineering, offering a wide range of functionalities such as drug delivery, micropatterning, and microfluidics.
Sizing and Forecast
The polymeric biomaterials market size has grown rapidly in recent years. It will grow from $50.97 billion in 2023 to $59.69 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to increased demand for medical implants, enhanced biocompatibility, the rise of tissue engineering, increased orthopedic surgeries, and increased drug delivery systems.
The polymeric biomaterials market size is expected to see rapid growth in the next few years. It will grow to $113.07 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to regenerative medicine, personalized medicine, environmental concerns, 3D printing, chronic disease management, and minimally invasive surgery. Major trends in the forecast period include advancements in polymer chemistry, biomedical engineering innovations, regulatory approvals, technological integration, and academic research.
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Segmentation & Regional Insights
The polymeric biomaterials market covered in this report is segmented –
1) By Product: Polylactic Acid, Polyglycolic Acid, Polyurethanes, Polytetrafluoroethylene, Polyaryletheretherketone, Polydioxanone, Other Products
2) By Application: Cardiovascular, Dental, Orthopedic, Plastic Surgery, Neurology, Other Applications
3) By End-User: Hospitals, Clinics, Other End-users
North America was the largest region in the polymeric biomaterials market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the polymeric biomaterials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing prevalence of chronic diseases is expected to propel the growth of the polymeric biomaterials market going forward. Chronic diseases refer to long-lasting conditions that generally progress slowly and persist over a long period of time, often for the rest of a person’s life. The increasing prevalence of chronic diseases is due to several factors, such as the aging population, lifestyle factors, economic burden, healthcare demand, and public health challenges. Polymeric biomaterials are used in treating chronic diseases by offering innovative solutions that enhance the effectiveness of medical treatments and contribute to the overall quality of life for individuals with chronic conditions. They are also used in the development of various medical devices and implants, including stents, catheters, and joint replacements., which are essential for managing chronic diseases that require surgical intervention. For instance, in September 2023, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, each year there are 41 million deaths worldwide, accounting for 74% of all fatalities attributed to chronic diseases. This includes 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Therefore, the growing prevalence of chronic diseases is driving the growth of the polymeric biomaterials market.
Key Industry Players
Major companies operating in the polymeric biomaterials market are BASF SE, 3M Company, Medtronic plc, Toray Industries Inc., Evonik Industries AG, Covestro AG, Stryker Corporation, Solvay SA, DuPont Biomaterials, Arkema Group, Mitsubishi Chemical Holdings Inc., Celanese Corporation, Royal DSM, TEIJIN Limited, Zimmer Biomet Holdings Inc., Dentsply Sirona Inc., Huafon Group, W. L. Gore & Associates Inc., Corbion NV, Integra LifeSciences Holdings Corporation, Victrex plc, Collagen Matrix, Berkeley Advanced Biomaterials, Bezwada Biomedical LLC, Covation Biomaterials, Starch Medical Inc.
The polymeric biomaterials market report table of contents includes:
1. Executive Summary
2. Polymeric Biomaterials Market Characteristics
3. Polymeric Biomaterials Market Trends And Strategies
4. Polymeric Biomaterials Market – Macro Economic Scenario
5. Global Polymeric Biomaterials Market Size and Growth
………..
32. Global Polymeric Biomaterials Market Competitive Benchmarking
33. Global Polymeric Biomaterials Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Polymeric Biomaterials Market
35. Polymeric Biomaterials Market Future Outlook and Potential Analysis
36. Appendix
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