Vendors in Biomedical Polymers Market Trends and Dynamic Demand by 2031

Covid-19 Impact on Biomedical polymers Market

• On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
• Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
• Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the biomedical polymers market.

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Key Drivers and Restraints of Biomedical Polymers Market

• Expansion of the chemical industry and focus of key players on R&D are driving the demand for biomedical polymers. Increase in investment in biomedical polymers is also a key factor driving the global biomedical polymers market during the forecast period.
• Rise in advancements in the medical industry has had a positive impact on the biomedical polymers market. Technological advancements and innovations in the medical industry such as invention of various implants have fuelled the demand for biomedical polymers.
• Rise in aging population and increase in prevalence of chronic diseases are some of the major factors driving the biomedical polymers market. Aged people are more susceptible to chronic diseases such as cardiovascular diseases, orthopedic disorders, endovascular diseases, and dental disorders. This is likely to boost the biomedical polymers market during the forecast period.
• Lack of availability of raw materials may slowdown the growth of the market. Besides this, high cost may hamper the market in the near future.

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Biomedical Polymers: Application Segment

• Based on application, the biomedical polymers market can be segmented into cardiovascular, artificial kidney & hemodialysis, tissue ingrowth polymers, ophthalmologic applications, orthopedics, surgical sutures, controlled release of drugs, and others
• Biomedical polymers are largely used in heart valves & vascular prostheses, and artificial heart and heart pump designs
• They are also used to control drug release by diffusion. Many prostheses and implants made from biopolymers are being used in various fields of the medical sector due to their biocompatibility, strength, and flexibility. Rise in demand for biomedical polymers due to the increase in R&D in the medical sector is a key factor driving the global biomedical polymers market.

Asia Pacific to Dominate Biomedical Polymers Market

• In terms of region, the biomedical polymers market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• The global market has expanded significantly in the past two decades. This trend is estimated to continue during the forecast period. North America is the largest market for biomedical polymers in terms of production and consumption. Growth of the medical device manufacturing sector owing to the rise in need to provide better healthcare facilities is boosting the market in the region. The U.S. is a major consumer of biomedical polymers owing to the rise in advancements in medical technology and growth in demand for sophisticated medical instruments.

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• Asia Pacific also holds significant share of the global market. Emerging economies, including India and China, are expected to witness considerable growth of biomedical devices due to improved standard of living, rising awareness about the benefits of biomedical polymers as compared to their conventional counterparts, and growth in home health care devices in the region.
• The biomedical polymers market in Latin America and Middle East & Africa is estimated to expand at a significant pace during the forecast period owing to the recent economic growth in these regions

Key Manufacturers Operating in Biomedical Polymers Market

The biomedical polymers market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the biomedical polymers market include:

• DSM
• Corbion
• Evonik Industries
• Arkema
• Covestro AG
• Merck KGaA
• Biomedical Polymers, Inc
• Bezwada Biomedical, LLC
• Poly-Med Incorporated
• Foster Corporation