Polymeric Biomaterials Market Size, Share, Opportunities, And Trends By Product (Polylactic Acid, Polyglycolic Acid, Polyurethanes, Polytetrafluoroethylene, Others), By Application (Neurology, Cardiology, Orthopedics, Ophthalmology, Wound Care, Others), By End-Use (Hospitals, Clinics, Others), And By Geography - Forecasts From 2023 To 2028

The polymeric biomaterials market was valued at US$20.121 billion in 2021 and is expected to grow at a CAGR of 16% during the forecast period.

A polymer biomaterial's role as a substance in interaction with living tissue defines it. It is used as an implanted medical device to cure a variety of illnesses and wounds and to enhance human health by regaining the function of bodily tissues and organs. In recent years, the usage of polymeric biomaterials has risen in pharmaceutical and medical device applications because they meet the needs of biomedical applications. For medicinal purposes, these biomaterials are utilized to interact with biological systems to treat neurological, dental, orthopaedic, and cardiovascular illnesses.

Key growth drivers

The polymeric biomaterials market is expanding as a result of the rising demand for polymeric biomaterials in the field of regenerative medicine because they can undergo a flexible sol-gel transition and adaptively fill flaws. Polymeric biomaterials like injectable hydrogels provide a viable answer to the growing need for less invasive cell delivery methods. Additionally, a variety of synthetic polymers, including Poly (lactic-co-glycolic acid), Polyethylene Glycol (PEG), and Polycaprolactone (PCL), are frequently used in cell delivery applications. Similar to this, composite hydrogels with inorganic constructions have also been looked at for their potential to aid in minimally invasive cell transport for tissue healing.

Increasing use in COVID-19 treatment

Long-term polymeric biomaterials market growth is anticipated to be robust due to the growing use of polymeric biomaterials in developing fresh therapeutic approaches for COVID-19 therapy. For instance, biomaterial compounds were investigated for the regulated distribution of medications, such as interleukin 6 (IL-6) inhibitors, for the treatment of COVID-19, according to research published in the Emergent Materials Journal in April 2021 which is further fueling the polymeric biomaterials market growth.

Increasing healthcare expenditure

The polymeric biomaterials market is being driven by an increase in healthcare spending brought on by increased chronic illness prevalence and rising health consciousness. The burgeoning senior population and increased disposable incomes provide additional support for this. Additionally, it is projected that rising investments in the pharmaceutical and therapeutic sectors in developing nations would boost polymeric biomaterials market growth by facilitating easier access to healthcare services. Additionally, the polymeric biomaterials market is anticipated to benefit from the rising demand for polymeric biomaterials in the treatment of cardiac post-infarction damage during the projected period.

Orthopedic disorders are increasing

Musculoskeletal diseases (MSDs) are becoming more prevalent, and since these conditions frequently require surgical intervention, there is a significant demand for biomaterials to be used in these procedures. As a result, the market will expand as orthopaedic problems become more prevalent. The World Health Organisation (WHO) estimated that in February 2021, 1.71 billion individuals globally have musculoskeletal problems. With a frequency of 568 million persons, low back pain has the largest burden of all musculoskeletal illnesses. Over 20 million people roughly a third of the population in the United Kingdom suffer from MSDs, according to the report "The State of Musculoskeletal Health 2021".

Rising geriatric population

Given that older people are more likely to contract illnesses, an increase in the global geriatric population is projected to benefit the polymeric biomaterials market. In the upcoming years, it is expected that the proportion of people over 65 years of age will double. Older adults are more likely to have chronic illnesses including heart disease, endovascular disease, orthopaedic problems, and dental problems, which is anticipated to increase demand for biomaterials globally. Some of the popular implanted medical devices among elderly individuals are kidney implants, joint implants, eye implants, and heart implants.

Polymeric Biomaterials market opportunities

During the forecast period, expanding government grants and support for targeted research activities, rising clinical trials, and expanding product innovations and development owing to global technology developments will expand lucrative prospects for the polymeric biomaterials market participants. In addition, a wide range of economic and social factors, including financial agreements and the organizational structure of the health system, influence how much money a nation spends on healthcare and how quickly it grows over time. The future growth rate of the polymeric biomaterials market will be increased as a result.

In North America, substantial growth is anticipated in the market for the polymeric biomaterials market.

North America led the worldwide polymeric biomaterials industry due to measures done by many private and public organizations. Some of the organizations that offer support and expertise about the use of biomaterials in various biological applications are the National Institute of Standards and Technology and the National Science Foundation. The use of biomaterials in the area increased significantly due to this. Additionally, the Asia Pacific region, on the other hand, is predicted to see the fastest increase over the analyzed period. This is attributable to the important strategies used by regional businesses to strengthen their position in the regional and global polymeric biomaterials industry.

Key players strategies

For enhanced performance and long-term stability, businesses in the polymeric biomaterial market are spending more on bioresorbable copolymers for medical devices. Bioresorbable polymers are being developed by businesses like Evonik for usage in implanted medical devices. The company's copolymer has hydrophobic polylactide qualities and hydrophilic polyethylene glycol capabilities, which allow for up to six times quicker breakdown rates with increased mechanical strength. With applications in pediatrics and wound closure, this breakthrough improves the biocompatibility, safety, and performance of implanted items, speeds up and facilitates the healing process, and offers long-term stability.

Market Key Developments

• In April 2023, Novo Nordisk and Aspect Biosystems, a company that makes bioprinted biomaterials, developed bioprinted tissue therapeutics for diabetes and obesity.
• In January 2023, the Firehawk Liberty Rapamycin Target Eluting Coronary Stent System from MicroPort Scientific Corporation has been authorized for commercialization in Russia. The company's geographic reach is anticipated to expand with this clearance.
• In July 2022, for the creation of a regenerative stent for use in clinical settings for the treatment of patients with critical limb ischemia, Corbion worked with STENTiT and Vivolta.

Segmentation:

• By Product
  • Polylactic Acid
  • Polyglycolic Acid
  • Polyurethanes
  • Polytetrafluoroethylene
  • Others
• By Application
  • Neurology
  • Cardiology
  • Orthopedics
  • Ophthalmology
  • Wound Care
  • Others
• By End-Use
  • Hospitals
  • Clinics
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others