May 29, 2024

Global Polymeric Biomaterials Market Trends Towards Sustainable Medical Solutions

The global polymeric biomaterials market comprises materials developed using polymers that can be used as replacement tissues and organs to enhance the quality of life. Biomaterials developed using polymers like proteins, silicon, and synthetic polymers help repair or replace damaged tissues or organs and are used in various medical applications like drug delivery, orthopedics, cardiovascular, dental care, and wound healing. 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. Growing aging population and rising chronic diseases have increased the demand for biomaterials globally. The increasing research in tissue engineering and regenerative medicine is further fueling the demand. Rapid urbanization and development of healthcare infrastructure in emerging economies like China, India provide significant growth opportunities.

Growing demand in the market: The rapidly growing elderly population and increasing prevalence of chronic diseases and injuries have created significant demand for biomaterials globally. Polymeric biomaterials help in tissue scaffolding, drug delivery, wound healing thereby assisting patients recover faster. The increasing investments by governments and private players to develop advanced healthcare solutions is a major factor bolstering the demand.

Global expansion of the market: Geographical expansion into high growth emerging markets provides major growth opportunities players. China, Brazil, and India account high aging population and growing medical tourism which attracts global key players. Countries like Japan, South Korea, Taiwan are focusing on developing advanced biomaterials. North America dominated the market however Asia Pacific expected to witness highest growth during the forecast period owing to development of healthcare infrastructure and increasing disposable incomes.

Market key trends:
One of the key trends witnessed in the global polymeric biomaterials market is the development of antimicrobial biomaterials. With increasing prevalence of hospital acquired infections, there is a growing demand for biomaterials integrated with antimicrobial agents to prevent infections. Silver, nitric oxide releasing biomaterials developed using polymers are finding increasing applications. Sustainable and biodegradable biomaterials developed from natural polymers are another emerging trend as they help reduce long-term health impacts and are environment friendly.

Porter’s Analysis
Threat of new entrants: New players find it difficult to enter this market due to high capital requirements for establishing manufacturing facilities and meeting stringent regulatory standards.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players providing wide variety of biomaterial options.

Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw material inputs for polymeric biomaterials such as polymers, ceramics, proteins etc. are available from numerous suppliers globally.

Threat of new substitutes: Threat of new substitutes is low as polymeric biomaterials have well established applications and replacement would require significant research and approval processes.

Competitive rivalry: The competition is high among existing key players.

Geographical Regions with Highest Market Share:

North America region currently holds the highest share of the global polymeric biomaterials market size in terms of value, owing to factors such as increasing aging population, rising prevalence of chronic diseases, advanced healthcare infrastructure and high adoption of advanced biomaterials in the region.

Fastest Growing Geographical Region:
Asia Pacific region is poised to grow at the fastest rate during the forecast period, primarily driven by factors such as increasing healthcare spending, growing medical tourism industry, rising incidence of lifestyle diseases and technological advancements in biomaterial processing in emerging countries of China and India.

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