June 16, 2024

Global Polymeric Biomaterials Is Estimated To Witness High Growth Owing To 3D Bioprinting Applications

The global polymeric biomaterials market encompasses a wide array of materials such as synthetic polymers, hydrogels, protein-based biomaterials, and composite materials that are biocompatible for use in medical devices, drug delivery, and tissue engineering applications. Polymeric biomaterials are advantageous over traditional alternatives owing to their tunable mechanical properties, biocompatibility, biodegradability, non-toxicity, and ability to mimic natural biological functions. These materials find extensive applications in cardiovascular devices, wound healing, orthopedics, plastic surgery, dentistry, neurological disorders, drug delivery systems, and 3D bioprinting of tissues and organs. The Global Polymeric Biomaterials Market is estimated to be valued at US$ 48.85 BN in 2024 and is expected to exhibit a CAGR of 16.% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the 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 key opportunities in the polymeric biomaterials market include the increasing demand for medical devices such as surgical sutures, stents and implants. 3D bioprinting applications utilizing polymeric biomaterials also offer immense potential for fabricating artificial tissues and organ structures.

Technological advancements such as the development of smart biomaterials capable of responding to specific stimuli are gaining traction. Composite biomaterials comprising polymer blends and polymer-ceramic combinations with enhanced mechanical properties tailored for bone regeneration are being researched.

Market Drivers:
The primary drivers boosting the global polymeric biomaterials market demand involve the rising geriatric population susceptibility to chronic diseases, growing incidence of trauma and injuries, increasing public awareness about advanced treatment options, and favorable reimbursement policies for novel biomaterials-based therapies. In addition, the ongoing expansion of the healthcare infrastructure in developing nations is creating new avenues for market players.

Current challenges in Polymeric Biomaterials industry:
The Polymeric Biomaterials industry is facing challenges in terms of high price sensitivity among consumers, regulatory hurdles and compliance, long product development and approval timelines. Additionally, lack of standardization and testing mechanisms also impact the mass adoption of new biomaterials. Managing complex supply chains and ensuring consistent quality and safety further complicates operations.

SWOT Analysis
Strength: Polymeric biomaterials offer compelling advantages like biocompatibility, flexibility in design, reduced rejection rates and their ability to mimic natural tissues. Their production process allows mass manufacturing.
Weakness: Limited material properties may not match requirements for all clinical needs. Huge capital investment required for R&D and approval of new materials.
Opportunity: Growing geriatric population and rising chronic diseases drive the demand for medical devices and implants. 3D printing and tissue engineering provide novel opportunities.
Threats: Stringent regulations delay market entry for new products. Local manufacturers pose pricing pressure. Potential product liability issues can impact brand and sales.

Geographical regions of concentration:
North America currently holds the largest share primarily due to rapid technological advancements and increasing consumption of medical devices in the US and Canada. The demand is also high from Western European countries like Germany, France and the UK owing to superior healthcare infrastructure and rising medical tourism.

Fastest growing region:
Asia Pacific region is expected to witness the highest growth during the forecast period with a CAGR of over 18%. This can be attributed to factors like rising healthcare expenditure, growing medical tourism industry in countries like India and China coupled with increasing awareness about availability of advanced treatment options.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it