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The growing demand for polymeric biomaterials in the pharmaceutical and therapeutics industry owing to the high biocompatibility of biopolymers is driving the market growth. In addition to this, the rising application of this material in neurology, cardiology, and orthopaedics is likely to propel the market growth, owing to the rising cases of chronic cardiovascular, musculoskeletal, and neurological illnesses. Furthermore, the rising demand for biomimetic devices is projected to boost the demand for polymeric biomaterials in the forecast period.
In September 2021, BASF SE (OTCMKTS: BASFY) announced that the company is cooperating with WPO Polymers to distribute ecovio® biopolymer for certified compostable bags in Spain and Portugal. This development strategy of BASF will expand the reach of the company in Spain and Portugal markets in the future.
In terms of region, the Asia Pacific is anticipated to witness a considerable growth in the forecast period. The market in the region is driven by the growing expansion of the healthcare industry, especially after the COVID-19 outbreak. The growing competition among biopharmaceutical companies in emerging economies is anticipated to offer lucrative growth opportunities to the market. Moreover, the rising geriatric population, along with the risk of diseases associated with it, is likely to augment the market further.
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The major players in the global polymeric biomaterials market are Corbion NV, Bezwada Biomedicals, LLC, DSM Biomedical B.V., BASF SE, Covestro AG, Evonik Industries AG, and Starch Medical, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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