Global Polymer Biomaterial Market Trends And Strategies
The global polymer biomaterial market is expected to decline from $48.84 billion in 2019 to $46.6 billion in 2020 at a compound annual growth rate (CAGR) of -4.58%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $74.41 billion in 2023 at a CAGR of 16.88%. Increasing applications of polymeric biomaterials in tissue engineering are driving the global polymer biomaterials market. However, stringent regulatory systems concerning the biocompatibility of the polymer biomaterials is expected to limit the market.
The polymer biomaterial market consists of sales of polymer biomaterial and related services by entities that produce polymer biomaterial used for enhancing the functionality of tissues and organs that are damaged in various disease therapies. Polymer biomaterials are inert pharmacological substances made up of natural and synthetic origin.
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The global polymer biomaterial market is further segmented based on type and geography.
By Type: Nylon, Silicone Rubber, Polyester, Polymethyl Methacrylate (PMMA), Polyethylene (PE), Polyvinyl Chloride, Others
By Application: Cardiovascular, Ophthalmology, Dental, Plastic Surgery, Wound Healing, Tissue Engineering, Orthopedics, Neurological Disorders /Central Nervous System, Others.
By Geography: The global polymer biomaterial market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Trends In The Polymer Biomaterial Market
Companies in the polymer biomaterial market are increasingly investing in bioresorbable copolymers for medical devices for better performance and long-term stability. Companies such as Evonik have invested in bioresorbable polymers for use in implantable medical devices. The company’s copolymer possesses hydrophobic properties of polylactide and hydrophilic properties of polyethylene glycol, adding mechanical strength. This innovation enhances biocompatibility, safety and performance of implantable products, and is applied in the areas of pediatrics and wound closure to accelerate and ease the healing process and provide long term stability.
Polymer Biomaterial Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides polymer biomaterial market overviews, analyzes and forecasts polymer biomaterial market size and growth for the global polymer biomaterial market, polymer biomaterial market share, polymer biomaterial market players, polymer biomaterial market size, polymer biomaterial market segments and geographies, polymer biomaterial market trends, polymer biomaterial market drivers and polymer biomaterial market restraints, polymer biomaterial market’s leading competitors’ revenues, profiles and market shares. The polymer biomaterial market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.