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Polymeric Biomaterials Market Size, Share, Growth & Forecast 2024-2033 | Competitive Landscape
Polymeric Biomaterials Market Size
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According to The Business Research Company's, The polymeric biomaterials market size has grown rapidly in recent years. It will grow from $50.97 billion in 2023 to $59.69 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to increased demand for medical implants, enhanced biocompatibility, the rise of tissue engineering, increased orthopedic surgeries, and increased drug delivery systems.
The polymeric biomaterials market size is expected to see rapid growth in the next few years. It will grow to $113.07 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to regenerative medicine, personalized medicine, environmental concerns, 3D printing, chronic disease management, and minimally invasive surgery. Major trends in the forecast period include advancements in polymer chemistry, biomedical engineering innovations, regulatory approvals, technological integration, and academic research.
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Market Drivers and Trends:
The rise in the aging population is expected to propel the growth of nanomaterials in cosmetic and personal care markets going forward. The rise in the aging population is driven by lower birth rates and increased life expectancy due to advancements in healthcare and improved living conditions. Nanomaterials in cosmetic and personal care products for the aging population offer targeted delivery of active ingredients, enhancing skin rejuvenation and combating signs of aging while minimizing potential irritation or side effects. For instance, in October 2022, according to the World Health Organization, a Switzerland-based international public health organization, one-sixth of the global population will be aged 60 years or older, marking an increase from 1 billion in 2020 to 1.4 billion by 2030. Moreover, the number of individuals aged 60 years and older will double to 2.1 billion, with the population aged 80 years or older expected to triple by 2050, reaching 426 million. Therefore, the rise in the aging population is driving the growth of nanomaterials in cosmetic and personal care markets.
Major companies operating in the polymeric biomaterials market are focusing on developing innovative solutions, such as 3D printable biomaterials, to gain a competitive advantage. 3D printable biomaterials refer to a class of materials that can be used in three-dimensional (3D) printing technologies to create structures and devices for medical applications. For instance, in March 2022, Evonik Industries AG, a Germany-based chemical company, launched the VESTAKEEP iC4800 3DF, a new osteoconductive PEEK filament that improves fusion between bone and implants. It is a high-performance polymeric biomaterial designed for applications in 3D-printed medical implants due to its biocompatibility and properties that promote bone growth. VESTAKEEP iC4800 3DF is an innovative osteoconductive PEEK filament that enables the 3D printing of patient-specific implants with improved bone fusion, accelerating healing and recovery to improve implant integration, accelerate patient recovery, enable customized implant designs, and expand Evonik's portfolio of 3D printable biomaterials for medical applications.
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Major Key Players of the Market:
BASF SE, 3M Company, Medtronic plc, Toray Industries Inc., Evonik Industries AG, Covestro AG, Stryker Corporation, Solvay SA, DuPont Biomaterials, Arkema Group, Mitsubishi Chemical Holdings Inc., Celanese Corporation, Royal DSM, TEIJIN Limited, Zimmer Biomet Holdings Inc., Dentsply Sirona Inc., Huafon Group, W. L. Gore & Associates Inc., Corbion NV, Integra LifeSciences Holdings Corporation, Victrex plc, Collagen Matrix, Berkeley Advanced Biomaterials, Bezwada Biomedical LLC, Covation Biomaterials, Starch Medical Inc.
Polymeric Biomaterials Market 2024 Key Insights:
• The polymeric biomaterials market size is expected to see rapid growth in the next few years. It will grow to $113.07 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%.
• Polymeric Biomaterials Addressing The Rising Tide Of Chronic Diseases
• Advantages Of 3D Printable Biomaterials In The Polymeric Biomaterials Industry
• North America was the largest region in the polymeric biomaterials market in 2023
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