Smart Polymers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The smart polymers market is expected to register a CAGR of more than 15%, during the forecast period (2021-2026).

The outbreak of coronavirus disease (COVID-19), has afected the market in recent times. The pandemic has negatively affected the economic growth in various countries and affected various industries. This pandemic is expected to lead to decreased investment and/or is expected to postpone the ongoing projects in various industries, including the automotive, textile and electronics among other industries. Electronics industry has been immensely affected as well, due to delays from suppliers for electronic components which are not able to cope up the increasing demand. Furthermore, there have been disruptions to supply chains, which are causing shipment delays for electronics manufacturers, which further is affecting the market studied.

• Over the medium term, the major factor driving the Smart Polymers market include the increasing application of shape memory polymer in the textile industry, increasing the need for efficient drug delivery systems, and the development of smart biopolymers.
• On the flip side, the high cost of technology and the development of smart polymers are hampering the growth of the market studied.
• The thermo-responsive polymers segment dominated the market. It is likely to grow during the forecast period, owing to its increasing demand as a smart biomaterial.
• The increasing awareness about smart polymers in Latin America and Middle-East & Africa, incorporation of smart polymers in 3D printing, and use of self-healing polymers for soft robots are likely to provide opportunities for the market studied, during the forecast period.
• North America dominated the global market, owing to the huge demand for smart polymers for application in healthcare, textile, and other industries.

Key Market Trends

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. The research developed describing the use of poly-ethylenimine (PEI) and poly L-lysine (PLL) for this purpose.
• Medicine: Biomolecules that can be polymer conjugated include proteins and oligopeptides, sugars, polysaccharides, single and double-stranded oligonucleotides, DNA plasmids, simple lipids, phospholipids, and synthetic drug molecule. These polymer-biomolecule complexes are referred to as affinity smart biomaterials or intelligent bio conjugates. Also, such polymer has been used in developing smart surfaces and smart hydrogels that can respond to external stimuli. 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 5.4% in the United States from the year 2019 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.

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.
• The country is highly advanced in the field of drug delivery, as well as the development of advanced medical technologies, which creates a huge demand for smart polymers in the country.
• According to a recent analysis from the United States Federal Government Actuaries, expenditure on health care reached USD 4.01 trillion in the year 2020. This is considered as by far the highest spending in the world, according to the Organization for Economic Co-operation and Development.
• 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.
• Besides, the demand for smart polymers in Canada and Mexico is expected to be driven by the strong demand from the various industries in the country.
• Therefore, the aforementioned factors are expected to boost the demand for smart polymers in the region during the forecast period.

Competitive Landscape

The smart polymers market is fragmented in nature. Some of the major players in the market studied include Autonomic Materials,Evonik Industries AG, Nouryon, Covestro AG, and Merck KGaA among others.

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