Shape Memory Polymer Market Size

Shape Memory Polymer Market Size

Shape Memory Polymer Market size valued at USD 520 million in 2022 and is anticipated to expand at 26.5% CAGR from 2023 to 2032. Increasing application in the biomedical sector will accelerate industry growth.

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The rising need for urinary catheterization led by the increasing prevalence of acute urinary retention, and trauma or injury will propel the demand for advanced catheterization techniques. Furthermore, the growing concerns associated with hospital-acquired infections (HAIs) and indwelling catheters are necessitating the use of smart materials to prevent infections.
 

Significant innovation and development in the biomedical application of shape memory polymers (SMPs) will positively influence the shape memory polymer market outlook. SMPs showcase favorable biocompatibility with excellent cytotoxicity and mutagenicity behavior. The rising biomedical use of SMPs can be attributed to low-cost, low-density, biodegradability, and high-elastic deformation properties. These smart materials have diverse medical and clinical applications, particularly in advanced catheters. Several studies and R&D initiatives have also been implemented for the advancement of SMP-based catheters and medical devices with shape-shifting capabilities.

Need for robust technical expertise & investments could hamper business growth

The increasing requirement for technological awareness and knowledge for SMP production could restrain the overall industry performance. SMP manufacturing is a technology-intensive process and requires a high level of technical expertise. Hence the majority of leading industry players are conducting extensive research and development activities as well as investing heavily in training. Hefty capital influx to augment new product developments and applications pertaining to SMPs is also a major roadblock for new small-scale manufacturers in underdeveloped and developing regions.