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Polymer Biomaterial Market Key Drivers, Trends, and Growth Outlook 2024-2033
Polymer Biomaterial Market Demand
According to The Business Research Company's, The polymer biomaterial market size has grown rapidly in recent years. It will grow from $66.45 billion in 2023 to $79.06 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to increasing demand for medical devices, growing awareness of the benefits of polymer biomaterials, rising prevalence of chronic diseases, growing demand for polymer biomaterials in ophthalmology.
The polymer biomaterial market size is expected to see rapidly grown in the next few years. It will grow to $146.61 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to customized and personalized medicine, regenerative medicine, 3d printing and biofabrication, aging population. Major trends in the forecast period include advanced drug delivery, bioresorbable polymers, nanotechnology integration, combination therapies, sustainability and biodegradability, smart and responsive materials, biocompatibility advancements.
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Market Drivers and Trends:
Increasing applications of polymeric biomaterials in tissue engineering are driving the global polymer biomaterials market. Polymers are extensively used in regenerative medicine and tissue engineering due to their flexibility and versatile properties such as tailoring the damaged tissue's physical, chemical, and mechanical properties by modification of functional groups during synthesis, according to the regeneration capability of tissues of the organs. Besides being biodegradable, they offer different geometry and structures, thus meeting the needs of specific tissue engineering applications. These growing applications of polymer biomaterial in tissue engineering are expected to drive the market in the forecast period.
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 enabling the degradation rates up to six times faster with added mechanical strength. This innovation enhances the 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.
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Major Key Players of the Market:
BASF SE; Corbion N.V.; Zimmer Biomet Holdings Inc.; Royal DSM N.V.; Koninklijke DSM N.V.; Covestro AG; Evonik Industries AG; Starch Medical Inc.; Victrex plc; W. L. Gore and Associates Inc.; Bayer AG; DSM Biomedical B.V.; Purac Biomaterials; Ticona LLC; Invibo LLC; Covalon Technologies Ltd.; Osteotech Inc.; Medtronic plc; Stryker Corporation; Synthes Inc.; Mitsui & Co. Ltd.; Polyfibre Industries Pte Ltd.; Toray Industries Inc.; Stein Fibers Ltd.; Diyou Fiber Corporation; Bezwada Biomedical LLC; Collagen Solutions plc; Cam Bioceramics B.V.; CeramTec GmbH; Gelita AG; AorTech Biomaterials Pty Ltd.; Berkeley Advanced Biomaterials Inc.; Biocomposites Ltd.; BioHorizons IPH Inc.; Biomerics LLC; Bioteque Corporation; Carpenter Technology Corporation; CollPlant Holdings Ltd.; CoorsTek Inc.; EndoShape Inc.; Heraeus Medical Components LLC; Kyocera Corporation; PolyNovo Biomaterials Pty Ltd.; Secant Group LLC
Polymer Biomaterial Market 2024 Key Insights:
• The polymer biomaterial market size will grow to $146.61 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%.
• Polymeric Biomaterials Role In Tissue Engineering Boosts Polymer Biomaterials Market
• Advancements In Bioresorbable Copolymers For Enhanced Medical Device Performance
• North America was the largest region in the polymer biomaterials market in 2023
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