Polymer Biomaterial Global Market Report 2021: COVID-19 Growth And Change To 2030
The Business Research Company’s Polymer Biomaterial Global Market Report 2021: COVID-19 Growth And Change To 2030
LONDON, GREATER LONDON , UK, May 11, 2021 /EINPresswire.com/ 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. This is 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 is expected to drive the market in the forecast perio
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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 sub