Market Trends of Smart Polymers Industry
This section covers the major market trends shaping the Smart Polymers Market according to our research experts:
Biomedical and Healthcare to Dominate the Market
- Smart polymers register a wide range of unique applications in the healthcare industry. This includes medical, medical devices, tissue engineering, drug delivery systems, pharmaceuticals, etc.
- The major applications of smart polymers are:
- Tissue Engineering: Tissue engineering is about delivering appropriate cells for repair/or development of new tissues by the use of scaffolds. Smart hydrogels constitute promising materials for such scaffolds for two reasons. Firstly, their interior environment is aqueous. Secondly, they can release the cells at the appropriate place in response to a suitable stimulus
- Gene Therapy: Gene therapy includes curing genetic diseases and viral infections, slowing down tumor growth, and stopping neurodegenerative diseases.
- Medicine: Biomolecules that can be polymer conjugated include proteins and oligopeptides, sugars, polysaccharides, single and double-stranded oligonucleotides, DNA plasmids, and synthetic drug molecule. Such polymeric biomaterials have shown a range of different applications in the field of biotechnology and medicine.
- Smart Drug Delivery Systems: Important thing is that these operate fully automatically, without the need for additional sensors, transducers, switches or pumps. Stimuli occurring externally of internally include temperature, electric current, pH, etc.
- According to the journal Health Affairs, the average annual growth rate of the healthcare industry is estimated to reach around 5.5% in the United States from the year 2020 to 2028.
- Such factors are expected to drive the biomedical and healthcare industry, in turn is expected to boost the consumption of smart polymers in coming years.
Understand The Key Trends Shaping This Market
Download Sample
North American Region to Dominate the Market
- Northe America region is expected dominate the Smart polymers market globally. In North America, the demand for smart polymers continues to remain high, due to continuously increasing research initiatives for the implementation and commercialization of smart polymers.
- The United States has the largest share in the global healthcare market. Moreover, the rapid growth of the medical industry in the nation is expected to augment the demand for smart polymers.
- In the United States, as of July 2021, the United States Food and Drug Administration's FY2022 budget demonstrates the investment of USD 21.6 million for a new Resilient Supply Chain and Shortages Prevention Program (RSCSPP) in CDRH.
- Moreover, for the 2021-2028 period, the national healthcare spending is projected to grow at an average of more than 5.5% and reach approximately USD 6.192 trillion by 2028. This is further expected to consume smart polymers for various medical applications.
- United States houses major automakers producing and exporting vehicles to other economies in the Americas, Europe, and the Asia-Pacific. As per the National Automobile Dealers Association (NADA), the total value of the car and automobile manufacturing market in the United States accounted for USD 82.6 billion in 2021. The association predicts that new light-vehicle sales in the United States are expected to increase by 3.4% to 15.4 million units in 2022.
- Furthermore, the rise in the adoption of smart polymers in diverse applications, such as drug delivery, food and drug packaging, tissue engineering, and robotics, are the major factors that may boost the market growth in the country, during the forecast period.
- Canada is one of the major automobile producer in the world and holds a prominent share of global automotive vehicle production. Canada produced roughly 1.12 million cars and light trucks in 2021, registering a decline of 19% compared to 2020. Canada produces roughly 2 million cars and light trucks annually, holding a prominent share of global automotive vehicle production. However, less than 0.5% of these vehicles are electric, more than 80% less than the worldwide average of nearly 3%.
- Therefore, the aforementioned factors are expected to boost the demand for smart polymers in the region during the forecast period.
Get Analysis on Important Geographic Markets
Download Sample
