Market Trends of Global Polymeric Biomaterials Industry
This section covers the major market trends shaping the Polymeric Biomaterials Market according to our research experts:
Orthopedic 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.
