What Is The Scope Of The Global Polymeric Biomaterials Market?
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.
Polymeric Biomaterials Global Market Report 2024 provides data on the global polymeric biomaterials market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The polymeric biomaterials market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Polymeric Biomaterials Market Expected To Grow In Size And Annual Rates?
The polymeric biomaterials market has grown rapidly, expanding from $50.97 billion in 2023 to $59.69 billion in 2024 at a CAGR of 17.1%. Historical growth has been driven by increasing demand for medical implants, enhanced biocompatibility, advancements in tissue engineering, growth in orthopedic surgeries, and improved drug delivery systems. The market is forecasted to grow to $113.07 billion in 2028 at a CAGR of 17.3%. Factors contributing to this growth include regenerative medicine advancements, the rise of personalized medicine, growing environmental concerns, the adoption of 3D printing, and increased focus on chronic disease management and minimally invasive surgery. Emerging trends include innovations in polymer chemistry, biomedical engineering breakthroughs, regulatory approvals, technological integration, and academic research.
What Main Forces Are Fueling Expansion In The Polymeric Biomaterials Market?
The increasing prevalence of chronic diseases is expected to boost the growth of the polymeric biomaterials market. Chronic diseases are long-term conditions that typically develop gradually and persist over time, often for the duration of a person's life. The growing prevalence of chronic diseases is driven by factors like the aging population, lifestyle habits, economic burdens, healthcare demands, and public health challenges. Polymeric biomaterials are used to treat chronic diseases by offering innovative medical solutions that improve the effectiveness of treatments and contribute to the overall quality of life for those with chronic conditions. They are also used in creating medical devices and implants like stents, catheters, and joint replacements, which are vital for managing chronic diseases requiring surgery. For example, in September 2023, the World Health Organization (WHO) stated that chronic diseases are responsible for 74% of global deaths, including 17.9 million from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Consequently, the rising prevalence of chronic diseases is driving the growth of the polymeric biomaterials market.
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What Are The Primary Segments In The Global Polymeric Biomaterials Market?
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
Which Key Trends Are Driving Changes In The Polymeric Biomaterials Market?
Key players in the polymeric biomaterials market are prioritizing the development of cutting-edge materials, such as 3D printable biomaterials, to gain a competitive edge. These materials enable three-dimensional printing for medical applications, such as patient-specific implants. In March 2022, Evonik Industries AG, a Germany-based chemical company, introduced VESTAKEEP iC4800 3DF, an osteoconductive PEEK filament designed for 3D-printed medical implants. This innovative biomaterial promotes bone fusion, accelerates recovery, and supports customized implant designs, expanding the company’s portfolio of advanced 3D printable materials for healthcare.
What Is The Leading Region In The Polymeric Biomaterials Market?
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.
