Polymeric Biomaterials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Polymeric Biomaterials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The polymeric biomaterials market is expected to grow with a CAGR of 15.63% during the forecast period.

The studied market was impacted by the pandemic. The footfall in hospitals and other clinics was decreased due to the increased rate of infection from the SARS-CoV-2 virus which impacted the new as well as ongoing diagnosis and treatment services of the orthopedic diseases, impacting the studied market. For instance, according to the Ortho Bethesda report 2020, a study estimated that about 82% of orthopedic surgeries across the world were canceled due to the COVID-19 pandemic. According to a research study published in July 2020 by Ana C. Gonzales-Luna et. Al., a reduction in the pacemaker implant of 73 was observed during the COVID-19 pandemic period, and a reduction of 78% of patients with the diagnosis of complete or high-grade atrioventricular block and a reduction in the de-novo pacemaker implant was observed, regardless of the etiology. The study was in the landscape of Peru and shows the impact of the COVID-19 pandemic on implant procedures in the country. In addition, as per an August 2020 update by the Agency for Healthcare Research and Quality, the outbreak of coronavirus disease 2019 (COVID-19) effectively shut down approximately 198,000 active dentists and dental specialists in the United States, which led to disruption in the dental services, including implant placement. Even though dental services have resumed in many places now, there is still a fear among people regarding infection, which is expected to have a negative impact on the growth of the market studied. Although, with the ongoing large-scale vaccination program and decreasing infection rate and severity, the demand for implants is expected to go back to pre-COVID times, and the market studied would gain its full potential over the years.

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. For instance, according to a research study published in December 2020 titled “The prevalence of rheumatoid arthritis in Spain”, the estimated prevalence of rheumatoid arthritis in Spain was 0.82%, with a mean age of 60.48 years. Rheumatoid arthritis was more prevalent in women as compared to men, and as arthritis is majorly common in the geriatric population, the growing global geriatric population is further expected to increase the burden of arthritis, which is expected to have a positive impact on the growth of the studied market. As per a March 2020 update by the World Health Organization (WHO), it is estimated that oral diseases affect nearly 3.5 billion people worldwide and severe periodontal (gum) disease, which may result in tooth loss, is also very common. With almost 10% of the global population affected and this might lead to an increase in the demand for dental implants, driving growth in the biomaterials market. Also, as per the 2021 International Congress of Oral Implantologists (ICO), edentulism is the clinical word for being wholly or partially toothless or having one or more missing teeth and the causes of edentulism in humans are most often cavities, poor oral hygiene, gum disease, bone loss, and other periodontal issues. Hence, the increasing prevalence and high burden of dental diseases are expected to have a positive impact on the growth of the polymeric biomaterials market as it will lead to higher demand for implant devices. Thus, the abovementioned factors are expected to increase market growth.

However, complications associated with polymeric biomaterials and stringent regulatory guidelines are expected to hinder the market growth.

Key Market TrendsOrthopedic Segment is Expected to Hold a Significant Market Share Over the Forecast Period

With the increasing number of musculoskeletal disorders (MSDs), the market is likely to increase as MSDs require surgical treatment, and hence, the requirement for biomaterials for such treatments is high. Hence, the market will grow due to the increasing number of orthopedic disorders. In February 2021, according to the World Health Organization (WHO), approximately 1.71 billion people had musculoskeletal conditions worldwide. Among musculoskeletal disorders, low back pain causes the highest-burden with a prevalence of 568 million people. Musculoskeletal conditions are the leading contributor to disability worldwide, with low back pain being the single leading cause of disability in 160 countries. According to the report titled "The State of Musculoskeletal Health 2021", over 20 million people in the United Kingdom (around a third of the population) live with a musculoskeletal (MSK) condition, such as arthritis and low back pain. Overall, 21% of years lived with illness and disability (YLD) in the United Kingdom population are associated with MSK conditions. Low back and neck pain and osteoarthritis are the most common causes of pain and disability. The source stated that over 430,000 people have rheumatoid arthritis.7,8, around 12,000 children have juvenile idiopathic arthritis, 220,000 people have axial spondylarthritis, and around 100,000 people have psoriatic arthritis. Around 8.5 million people have osteoarthritis, 10 million have back pain, 1.7 to 2.8 million people have fibromyalgia, 3 million have osteoporosis, and around 500,000 fragility fractures occur each year. Initiatives by the key market player are another factor in market growth. The United States Orthopaedic Partners (USOP) and Andrews Sports Medicine & Orthopaedic Center enter into a strategic alliance in July 2021. In terms of interdisciplinary sports medicine and orthopedic patient care, research, education, and injury prevention, Andrews Sports Medicine & Orthopaedic Center is a national leader. The business has six cutting-edge facilities in the Birmingham metropolitan area, where it provides surgical, non-surgical, and injury preventive care under the direction of twenty-one top-tier orthopedic doctors. With this announcement, the partnership's value proposition which has driven USOP's record-breaking growth since its founding in October 2020 is once again highlighted.

Thus, the abovementioned factors are expected to increase the market growth.

North America is Expected to Dominate the Market Over 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, several private companies have vast expertise in biopolymers with access to advanced technology and custom synthesis. Factors such as increasing surgical procedures such as plastic surgery and for orthopedic injuries are expected to increase the market growth. According to the 2020 report of the American Society of Plastic Surgeons (ASPS), about 2.3 million cosmetic surgical procedures were performed in 2020, as compared to 2.7 million surgeries in 2019. As per the same source, the top five cosmetic surgical procedures were nose reshaping, eyelid surgery, facelift, liposuction, and breast augmentation. Similarly, according to a report by Weinstein Legal, published in March 2020, nearly 30 million children and adolescents participate in youth sports in the country each year. According to the Bureau of Labor Statistics 2020, every year, more than 53,000-foot injuries are reported in the United States, i.e., on average, 4.8 individuals per 10,000 full-time workers are missing work due to foot injuries. The increase in these injuries is expected to increase procedures that require biomaterials for the treatment is expected to boost growth in the market studied in the United States. Moreover, the presence of the key market players, coupled with the new product developments and launches using novel biomaterials, is expected to boost the growth of the market studied in the region. For instance, in January 2020, Pulpdent Corporation, dental research, and manufacturing company based in the Greater Boston area, launched their ACTIVA Presto dental material. The new white dental filling material mimics the properties of natural teeth. Thus, the abovementioned factors are expected to increase the market growth.

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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