Market Overview
Polymeric biomaterials are materials used in medical devices and implants that are intended to interact with biological systems. Some common polymeric biomaterials include collagen, starch, cellulose, silk, chitosan, alginate, PHB, PLA, PLGA and PCL. These biomaterials find widespread applications in tissue engineering, orthopedics, cardiology, neurology and dentistry due to their biodegradability, biocompatibility and bioactivity. Rising prevalence of chronic diseases and the growing global geriatric population has propelled the demand for innovative medical devices and implants. Polymeric biomaterials provide several advantages in implantable devices and tissue engineering products over conventional metals and ceramics such as flexibility, heat resistance and tailorable mechanical properties. Moreover, advances in polymer synthesis techniques and nanotechnology have enabled manufacturers to design advanced biomaterials with greater functionalities and improved patient outcomes. 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 market 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 extensive R&D efforts to develop novel polymeric biomaterials tailored for specific clinical applications. For instance, Stryker has developed various advanced polymeric formulations for orthopedic applications.
There is a growing demand for bioabsorbable and biodegradable polymeric biomaterials for short-term implant applications such as sutures and fixation devices in trauma and sports medicine procedures. Additionally, development of strong & flexible biomaterials for long-term implants such as joint replacements, stents and breast implants present major commercial opportunities in this market.
Key players are expanding their geographical presence through partnerships and acquisitions to leverage opportunities in emerging markets. For example, DSM acquired Royal DSM’s Resorbable Polymers Business Unit in 2021 to expand its portfolio of biomaterials for medical device applications. Meanwhile, Evonik and Covalon have partnered to develop a product pipeline containing antimicrobial polymeric biomaterials to address the emerging threat of healthcare associated infections.
Market Drivers
Growing prevalence of chronic diseases such as cardiovascular diseases and rising geriatric population are major demand drivers for various advanced medical devices and implants. For example, cardiovascular diseases account for over 17 million deaths annually globally. Polymeric biomaterials have become materials of choice for devices and implants used in interventional cardiology procedures including stents and grafts.
Increasing fund allocations for research in tissue engineering and regenerative medicine is also encouraging development of innovative biomaterial-based solutions by private and public funding bodies globally. Moreover, advancements in nanotechnology and 3D printing have enabled design of advanced biomaterials with improved biocompatibility and biomechanical properties for tissue regeneration and drug delivery applications.
Market Restraints
High raw material costs associated with development of specialized biomedical grade polymers pose a major challenge. Moreover, lengthy product approval and regulatory compliance processes further increase the costs and timelines for market entry. Lack of standardized product testing methods also acts as a roadblock. Additionally, concerns regarding device failures requiring revision surgeries and risks of long-term immunological responses to implanted biomaterials also restrain complete adoption.
Segment Analysis
The global polymeric biomaterials market analysis is dominated by medical devices sub-segment owing to the increasing usage of polymeric biomaterials for manufacturing various medical devices including implants, sutures, scaffolds, prosthetics, and others. Polymeric biomaterials offer desirable properties such as biocompatibility, hydrophilicity, and biodegradability which make them suitable for manufacturing medical devices. They prevent post-surgical complications and enhance patient outcomes.
Global Analysis
North America dominates the global polymeric biomaterials market and is expected to continue its dominance during the forecast period. The large market share of North America is attributed to the presence of major players, developed healthcare infrastructure, rising research and development activities, and high adoption of advanced biomaterials for medical applications in the region. However, Asia Pacific is projected to witness the highest growth over the next few years owing to increasing healthcare expenditure, rising geriatric population, growing demand for medical implants and devices, and expanding pharmaceutical and biotechnology industry in developing countries such as India and China.
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