Polymeric Biomaterials Market Size, Share & Trends Analysis Report By Product (Polylactic Acid (PLA), Polyglycolic Acid (PGA), Polyurethane), By Application, By Region, And Segment Forecasts, 2024 - 2030

Polymeric Biomaterials Market Size, Share & Trends Analysis Report By Product (Polylactic Acid (PLA), Polyglycolic Acid (PGA), Polyurethane), By Application, By Region, And Segment Forecasts, 2024 - 2030

Polymeric Biomaterials Market Growth & Trends

The global polymeric biomaterials market size is anticipated to reach USD 148.87 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.54% from 2024 to 2030. The growth is attributed to the rising product innovations, increasing applications of polymeric biomaterials in tissue engineering, and the growing need for polymeric biomaterials in surgical procedures.

Increasing demand for polymeric biomaterials in the field of regenerative medicine is fueling market growth. Polymeric biomaterials such as injectable hydrogels act as a promising solution for the rising demand for minimally invasive cell delivery systems owing to the ability to undergo a flexible sol-gel transition and adaptively fill defects, enabling minimally invasive interventions.Furthermore, several synthetic polymers, such as Poly (lactic-co-glycolic acid) (PLGA), Polyethylene Glycol (PEG), and Polycaprolactone (PCL), are widely utilized in cell delivery applications. Similarly, composite hydrogels incorporating inorganic constructs have also been investigated for their potential in facilitating minimally invasive cell delivery for tissue repair purposes.

The COVID-19 pandemic adversely affected the market in due to several lockdown strictures, hindrances in supply chain operations, and decreased clinical research activities.Despite the negative impact, the market is expected to witness strong growth prospects in the long term due to the increasing adoption of polymeric biomaterials for devising new therapeutic strategies for COVID-19 treatment. For instance, according to an article published in the Emergent Materials Journal in April 2021, biomaterial substances were studied for the controlled delivery of drugs, such as interleukin 6 (IL-6) inhibitors, for COVID-19 treatment. As a result, with the increasing demand for novel therapeutics for COVID-19, the market is expected to witness significant growth in the coming years.

Furthermore, key players in the industry are adopting various strategies such as acquisitions, collaborations, partnerships, expansions and new product launches to strengthen their market position and expand their customer base. For instance, in January 2023, MicroPort Scientific Corporation received marketing approval for its Firehawk Liberty Rapamycin Target Eluting Coronary Stent System in Russia. This approval is anticipated to expand the company’s geographical presence. Moreover, in July 2022, Corbion collaborated with STENTiT and Vivolta for the development of a regenerative stent for clinical use and treatment of patients suffering from critical limb ischemia. This increasing adoption of strategies by major companies are anticipated to drive market growth from 2023 to 2030.

Polymeric biomaterials lack mechanical strength and stability as compared to other biomaterial substances. Hence, for applications with high strength, durability, or load-bearing capabilities, it may find limited usage. However, increasing investment in the technological advancement of polymeric biomaterials by major players is anticipated to mitigate this challenge over the forecast period.

Polymeric Biomaterials Market Report Highlights

• Based on the product, the Polylactic Acid (PLA) segment held the largest market share of 20.85% in 2023. The segment growth is attributed to the wide application of several types of PLA blends in the field of drug delivery, manufacturing of implants & sutures, and tissue engineering applications
• Based on the application, the orthopedic segment dominated the market with a share of 23.49% in 2023. The segment growth is attributed to the growing incidence of orthopedic diseases, which in turn, is encouraging scientists to discover novel and more effective treatment options using polymeric biomaterials
• North America held the largest market share of 38.49% in 2023, owing to a rise in the number of surgical procedures for orthopedic injuries and cosmetic surgeries and the need for sustainable biomaterials

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