Thus, over the forecast period, this region is likely to remain a major lucrative market, with an estimated CAGR of 15.9%
NEW YORK, May 7, 2020 /PRNewswire/ -- The global polymeric biomaterials market is expected to grow with a CAGR of 15.63%. Innovations in the field of polymeric biomaterials and increasing applications of polymeric biomaterials in tissue engineering are the factors that are responsible for the growth of the market.
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Among all the delivery modes, polymeric implants are anticipated to further develop in the upcoming years, boosting up the healthcare market. Also, polymeric micro/nano-spheres and micro/nano-fibers have gained popularity as potential substrates for the immobilization of biomolecules, providing a broad range of medical applications in diagnostics and bioseparation. Another aspect is the use of polymeric probes for positron emission tomography (PET), which has transformed the imaging technology. New emerging technologies, which are likely to propel the market with innovative approaches, have developed biostable polymeric valves. They come with the option of drug-eluting and/or valves with bioresorbable scaffolding in transcatheter heart valves, leadless pacemaker in a smaller size with longer life and bioresorbable and polymer-free drug-eluting stents with new surface modification technologies, new polymer chemistry, and new drugs. Therefore, such innovations in polymeric biomaterials are augmenting the growth of the market.
Key Market Trends
Cardiology is Expected to Hold its Highest Market Share in the Application Segment
In the application segment of the market, cardiology is believed to have the largest market size and is expected to witness a CAGR of 16.0% during the forecast period.
Recent years have observed promising applications of polymeric biomaterials in cardiac repair and regeneration. Organ failure is also one among the major health problems, globally recognized. As per the World Health Organization (WHO), it is estimated that there will be 23.6 million deaths annually by 2030, due to CVD, with the largest increase in Southeast Asia. To combat the rising burden of diseases and related unmet needs, several cardiac specialized universities across the world have launched initiatives in cardiac restoration therapy, to act as alternative therapeutic options to replace transplants. However, the growth is expected to be steady, as market approval is a major hindrance. Over the forecast period, the growth is estimated to be about 16.0%.
North America Dominates the Market and is Expected to Remain the Same in the Forecast Period
North America currently dominates the market for polymeric biomaterials and is expected to continue its stronghold for a few more years. In the United States, there are several private companies that have vast expertise in biopolymers with access to advanced technology and custom synthesis. These companies have businesses across drug research and medical device manufacturers, which act as contract research organizations acting as partners to major healthcare firms. Furthermore, the region has manufacturing units for several major medical device and pharmaceutical companies, such as Abbott, Allergan, 3M, and Baxter, among others, which have a wide range of products, across multiple therapeutic areas, which drives the investment opportunity by investors, high competition for raw material providers, and long-term partnerships for the development of advanced end products to be used in hospitals. Thus, over the forecast period, this region is likely to remain a major lucrative market, with an estimated CAGR of 15.9%.
Competitive Landscape
The polymeric biomaterials market is moderately competitive and consists of several major players. In terms of market share, a small number of major players are currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence. Companies, like BASF SE, Bezwada Biomedical LLC, Corbion NV, Zimmer Biomet, and Royal DSM, hold a substantial share in the market.
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