PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462917
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462917
Polymeric Biomaterials Market size was valued at USD 49,994 Million in 2023, expanding at a CAGR of 15.7% from 2024 to 2032.
Polymeric biomaterials represent substances derived from either natural or synthetic polymers that undergo engineering for medical applications. These materials possess characteristics such as biocompatibility, robust mechanical properties, and customizable degradation rates, rendering them suitable for a wide array of biomedical purposes, including tissue engineering, drug delivery systems, and the fabrication of medical devices.
Polymeric Biomaterials Market- Market Dynamics
Technologically advancement to propel market demand
Technologically advanced polymeric biomaterials present a promising solution to the challenges encountered with autologous or allograft-based treatments, such as donor shortages, potential immune rejection, and mismatches in size or modality. These polymeric artificial constructs, designed to mimic the structural and functional properties of the extracellular matrix, demonstrate potential in promoting cell growth. Additionally, various advanced polymeric materials are being introduced to complement existing implant solutions and enhance their effectiveness. For example, in March 2022, Evonik expanded its range of 3D-printable biomaterials with the introduction of its osteoconductive VESTAKEEP iC4800 3DF PEEK filament, aimed at improving the fusion between implants and bone. Such innovations are anticipated to drive the growth prospects of the polymeric biomaterial market.
Polymeric Biomaterials Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 15.7% over the forecast period (2024-2032)
Based on Product Type segmentation, polylactic acid (PLA) was predicted to show maximum market share in the year 2023
Based on Application segmentation, orthopedic was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Polymeric Biomaterials Market is segmented on the basis of Product Type, Application, and Region.
The market is divided into seven categories based on Product Type: Polylactic Acid (PLA), Polyglycolic Acid (PGA), Polyurethanes, Polytetrafluoroethylene (PTFE) & expanded polytetrafluoroethylene (ePTFE), Polyaryletheretherketone (PEEK), Polydioxanone (PDO), and others. The polylactic acid (PLA) segment emerged as the dominant player in the market in 2023, primarily due to its extensive use in fixation devices such as dissolvable suture meshes and resorbable plates & screws, driven by the increasing preference for PLA over metallic implants. Moreover, homopolymers within the PLA family, such as Poly-L-Lactic Acid (PLLA), have been extensively researched to leverage their mechanical properties and customizable biodegradability.
The market is divided into six categories based on Application: plastic surgery, dental, neurology, cardiovascular, orthopedic, and others. The orthopedic segment took the lead in the market in 2023, driven by the rising incidence of orthopedic diseases. According to Southeast Orthopedic Specialists, the prevalence of orthopedic conditions in the U.S. is projected to increase, fueled by the expanding geriatric population. As of June 2023, around 45 million adults aged 65 and older resided in the country, a number expected to surge to approximately 98 million by 2060. Furthermore, osteoarthritis affects 33.3% of the elderly population annually. Consequently, the escalating incidence rates of such ailments are prompting researchers to explore novel and more efficacious treatment options based on polymeric biomaterials.
Polymeric Biomaterials Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Within the polymeric biomaterials sector, companies frequently engage in strategic partnerships to harness complementary expertise, resources, and networks, thereby propelling research, development, and commercialization endeavors forward. Collaborations with academic institutions and research organizations provide access to cutting-edge scientific knowledge and technologies crucial for biomaterial design and characterization. Concurrently, partnerships with healthcare providers and regulatory consultants aid in navigating intricate regulatory pathways, ensuring adherence to safety and quality standards necessary for medical device approval and clinical application. Furthermore, alliances with biotechnology firms and pharmaceutical companies facilitate the incorporation of polymeric biomaterials into drug delivery platforms and regenerative medicine treatments. Through these strategic partnerships, companies operating in the polymeric biomaterials market aim to expedite innovation, broaden market presence, and effectively address unmet clinical needs.
In March 2023, Invibio Ltd introduced its PEEK-OPTIMA AM filament, specifically optimized for additive manufacturing in medical device production.
GLOBAL POLYMERIC BIOMATERIALS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
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.
MicroPort Scientific Corporation
Others