by Polymeric biomaterials are natural or artificial polymers used for medical purposes as substitutes to living tissues, organs or for functions of the body. They are mainly used for tissue regeneration and implantation within the human body. Some common examples of polymeric biomaterials include polyglycolic acid (PGA), polylactic acid (PLA), polycaprolactone (PCL), polyhydroxybutyrate (PHB), and collagen. These materials are biodegradable, biocompatible and cause minimal inflammatory reactions making them ideal for applications like sutures, tissue scaffolds, bone grafts, implants etc.
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 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. The demand for polymeric biomaterials is driven by factors like increasing demand for minimally invasive procedures such as cardiac patching, growing aging population, advancements in tissue engineering and regenerative medicine. Geographically, North America and Europe dominate the global polymeric biomaterials market due to strong economies, continuous technological advancements and presence of key players in these regions. Asia Pacific is expected to witness the highest CAGR during the forecast period due to developing healthcare infrastructure and increasing medical tourism in emerging countries like India and China.
Market Key Trends
One of the key trends driving the Global Polymeric Biomaterials Market Demand is the technological advancements in material synthesis making them more biocompatible and biodegradable. Research is focused on developing advanced materials with improved mechanical integrity, surface properties, controlled degradation behavior and tissue regenerative capacity. 3D printing technology coupled with polymeric biomaterials allows precise control over material structure and properties aiding complex tissue engineering applications.
Porter’s Analysis
Threat of new entrants: Entry barriers in the market are moderately high as substantial investments are required for research and development.
Bargaining power of buyers: Few key buyers dominate the market hence their bargaining power is high.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute materials.
Threat of new substitutes: Threat from new substitutes is moderate as new biomaterial technologies are constantly evolving.
Competitive rivalry: The market is dominated by few major players and smaller players operate in niche segments.
Geographical Regions
North America accounts for the largest share of the global polymeric biomaterials market, both in terms of value and volume. This is attributed to growing healthcare expenditure and rising demand for advanced medical devices and tissue engineering products in the US and Canada.
Asia Pacific region is expected to witness the fastest growth during the forecast period driven by expanding medical device industry, rising healthcare expenditure, and improving access to healthcare in China, India and other Asian countries. Growing middle class population with increased access to insurance and financing in Asia Pacific economies presents lucrative opportunities for biomaterial manufacturers.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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