Polymer Biomaterial Global Market Report 2020-30: COVID-19 Growth and Change

New York, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Polymer Biomaterial Global Market Report 2020-30: COVID-19 Growth and Change" - https://www.reportlinker.com/p05995081/?utm_source=GNW
The global polymer biomaterial market is expected to decline from $48.84 billion in 2019 to $46.6 billion in 2020 at a compound annual growth rate (CAGR) of -4.58%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $74.41 billion in 2023 at a CAGR of 16.88%.

The polymer biomaterial market consists of sales of polymer biomaterial and related services by entities (organizations, sole traders and partnerships) that produce polymer biomaterial used for enhancing the functionality of tissues and organs that are damaged in various disease therapies. Polymer biomaterials are inert pharmacological substances made up of natural and synthetic origin.

The polymer biomaterial market covered in this report is segmented by type into nylon; silicone rubber; polyester; polymethyl methacrylate (PMMA); polyethylene (PE); polyvinyl chloride; others and by application into cardiovascular; ophthalmology; dental; plastic surgery; wound healing; tissue engineering; orthopedics; neurological disorders/central nervous system; others.

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 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 provides long term stability.

Stringent regulatory systems concerning the biocompatibility of the polymer biomaterials is expected to limit the global polymer biomaterials market. Although biomaterials undergo rigorous premarket evaluations, considerable adverse events and complications are reported regarding the biocompatibility of polymer biomaterials. Biomaterial implantation may result in immunological and inflammatory reactions due to the induction of cellular and molecular events in the host, which may lead to excessive inflammation, impairment of healing, fibrotic encapsulation, tissue destruction, or even isolation and rejection of the implant. To overcome such adverse immune reactions, stringent regulations are imposed by the regulatory authorities, restricting market growth.

In January 2020, Mitsubishi Chemical Corporation completed the acquisition of AdvanSource Biomaterials Corporation for $7.25 million. This acquisition is expected to strengthen Mitsubishi’s position within the medical sector and drive its revenues. AdvanSource Biomaterials is a US-based company that manufactures polymer materials that provide critical characteristics in the design and development of medical devices. These polymer biomaterials are used in devices that are designed for treating a broad range of anatomical sites and disease states.

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.


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