Polymeric Biomaterials Market Size, Share & Trends Analysis Report By Product (Polylactic Acid (PLA), Polyglycolic Acid (PGA), Polyurathanes), By Application, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global polymeric biomaterials market size was valued at USD 44.15 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 16.49% from 2023 to 2030. The major factors driving the market are innovations in polymeric biomaterial, increasing applications of polymeric biomaterial in tissue engineering, and the rising prevalence of chronic diseases, along with the growing need for polymeric biomaterials in surgical procedures.

The COVID-19 pandemic adversely impacted the polymeric biomaterial market owing to several lockdown strictures, hindrances in supply chain operations, and decreased clinical research activities.Despite these challenges, the market is expected to witness strong growth prospects in the long term due to the increasing adoption of polymeric biomaterial 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.

Technologically advanced polymeric biomaterials are offering a promising solution to the challenges faced by autologous or allograft-based treatments, such as shortage of donors, possible immune rejection, and size or modality mismatches. Polymeric artificial constructs that mimic the structural and functional properties of the extracellular matrix show application in promoting cell growth. Moreover, several advanced polymeric substances are also being introduced for complementing existing implant solutions and to improve their efficiency. For instance, in March 2022, Evonik expanded its offerings for 3D-printable biomaterials with the launch of its osteoconductive VESTAKEEP iC4800 3DF PEEK filament, which can improve the fusion between implants and bone. Such innovations are expected to expand the growth prospects for the polymeric biomaterial market.

Furthermore, according to the White House in September 2022, the Department of Energy has plans to announce USD 178 million for the advancement of innovative research in the area of bio products, biomaterials, and biotechnology. The increasing government support in the form of funding and initiatives is also contributing the market growth. Moreover, growing demand for biomaterials in various areas of healthcare sector, such as 3D printing in medicine, implants, tissue engineering, nanomaterials, biotechnology, diagnostic systems, bioimaging is anticipated to fuel the market growth from 2023 to 2030.

Product Insights

The Polylactic Acid (PLA) segment dominated the market with a revenue share of 20.90% in 2022. The growth is attributed to the wide application of PLA with fixation devices such as dissolvable suture meshes and resorbable plates & screws, owing to the increasing preference for PLA over metallic implants. Furthermore, homopolymers in the PLA family, such as Poly-L-Lactic Acid (PLLA), have been widely studied to harness their mechanical properties and tailorable biodegradability. Based on product, the market is segmented into Polylactic Acid (PLA), Polyglycolic Acid (PGA), Polyurathanes, Polytetrafluoroethylene (PTFE) & expanded polytetrafluoroethylene (ePTFE), Polyaryletheretherketone (PEEK), Polydioxanone (PDO), and others.

The Polytetrafluoroethylene (PTFE) and expanded polytetrafluoroethylene (ePTFE) segment is anticipated to showcase the fastest growth at a CAGR of 21.29% from 2023 to 2030. The rising demand for the treatment of non-self-containing bone defects and multiwalled defects in vertical augmentations is driving the demand for polymeric biomaterials. Moreover, metallic stents for palliative treatment of unresectable malignant esophageal strictures are coated with PTFE introducer sheaths which are also contributing to its growth.

Application Insights

The orthopedic segment dominated the polymeric biomaterial market with a share of 23.45% in 2022. The segment growth is attributed to the growing incidence of orthopedic diseases. According to Southeast Orthopedic Specialists, incidences related to orthopedic conditions are expected to grow owing to the growing geriatric population. As of June 2023, around 45 million adults aged 65 years and above are living in the U.S. The number is estimated to reach around 98 million by 2060. Additionally, osteoarthritis affects 33.3% of the elderly population annually. Thus, the increasing incidence of such diseases is in turn encouraging scientists to discover novel and more effective treatment options using polymeric biomaterials. Based on application, the market is segmented into plastic surgery, dental, neurology, cardiovascular, orthopedic, and others.

The plastic surgery segment in anticipated to witness the fastest CAGR of 20.86% from 2023 to 2030. The significant growth is attributed to its wide adoption in breast augmentation, rhinoplasty, and face lifts. According to a survey conducted by the International Society of Aesthetic Plastic Surgery, around 365,000 surgeries for breast augmentation were performed in 2021, with an increase of 44% from the previous year. Furthermore, around 148,000 women underwent implant replacement and implant removal surgeries in the same year.

Regional Insights

North America held the largest market share of 38.46% of the polymeric biomaterial market in 2022. The large share of this region is due to a rise in the number of surgical procedures for orthopedic injuries and cosmetic surgeries and the need for sustainable biomaterials in this region. Moreover, the presence of major market players involved in the manufacturing and development of innovative solutions for reconstructive surgical procedures is positively impacting the market. In addition, homegrown companies form strategic partnerships with each other as well as foreign-established enterprises to enhance their presence in the medical implants market, which in turn is expected to boost market growth in the coming years.

Asia pacific is anticipated to show fastest CAGR of 20.84% from 2023 to 2030. The growth is attributed to increasing demand for dental implants and rising geriatric population in the region. According to the Ministry of Health and Family Welfare, over 60% of Indians present dental cavities, and over 85% have periodontal disease. In addition, oral cancer is thought to be an important health issue in India. Thus increasing prevalence of such diseases is anticipated to drive the market in the future.

Key Companies & Market Share Insights

The increasing demand for polymeric biomaterial for various applications has resulted into numerous market opportunities for key players to capitalize on. Major players are adopting various strategies such as acquisitions, mergers, and collaborations to expand their market share. For instance, In February 2023, Victrex plc (Invibio Ltd.)expanded Invibio’s medical R&D and manufacturing capabilities by announcing the opening of a new product development facility in Leeds, UK. Moreover, in September 2022, Univar Solutions was named as an official distributor for BASF's Pure Methyl Formate in North America. With this agreement, both companies expanded their partnership to serve customers better.Thus, such partnerships among players are anticipated to propel the growth of the market during the forecast period. Some of the prominent players in the global polymeric biomaterials market include:

• Stryker

• BASF SE

• Evonik Industries AG

• DSM

• Bezwada Biomedical, LLC

• Corbion

• Victrex plc (Invibio Ltd.)

• International Polymer Engineering

• Covalon Technologies Ltd.

• Medtronic

• Abbott

• Elixir Medical

• REVA Medical, LLC

• Meril Life Sciences Pvt. Ltd.

• MicroPort Scientific Corporation

Polymeric Biomaterials Market Report Scope

Global Polymeric Biomaterials Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global polymeric biomaterials market report based on product, application, and region:

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Polylactic Acid (PLA)

  • Polyglycolic Acid (PGA)

  • Polyurathanes

  • Polytetrafluoroethylene (PTFE) & Expanded Polytetrafluoroethylene (ePTFE)

  • Polyaryletheretherketone (PEEK)

  • Polydioxanone (PDO)

  • Others

• Application Outlook (Revenue, USD Billion, 2018 - 2030)

  • Cardiovascular

    • Bioresorbable Stents

    • Vascular Grafts

    • Sensors

    • Guidewires

    • Implantable Cardiac Defibrillators

    • Pacemakers

    • Others

  • Dental

    • Tissue Regeneration Materials

    • Dental Implants

    • Bone Grafts & Substitutes

    • Dental Membranes

    • Dental Sutures

    • Others

  • Orthopedic

    • Joint Replacement Polymeric Biomaterials

    • Tissue Fixation Products

      • Suture Anchors

      • Others

    • Orthobiologics

    • Viscosupplementation

    • Spine Biomaterials

    • Others

  • Plastic Surgery

    • Facial Wrinkle Treatment

    • Soft Tissue Fillers

    • Craniofacial Surgery

      • Sutures

      • Others

    • Bioengineered Skins

    • Peripheral Nerve Repair

    • Acellular Dermal Matrices

    • Others

  • Neurology

    • Neural Stem Cell Encapsulation

    • Shunting Systems

    • Hydrogel Scaffold For CNS Repair

    • Cortical Neural Prosthetics

    • Others

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait