Bioresorbable Polymers Market worth USD 3.15 billion by 2028, registering a CAGR of 14.1% – Report by Market Research Future (MRFR)
New York, Sept. 15, 2021 (GLOBE NEWSWIRE) — Bioresorbable (Resorbable) Polymers Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Bioresorbable Polymers Market Research Report: Information by Type (Agro-Polymers [Proteins and Polysaccharides] and Bio-polyesters [Polyglycolic Acid, Polylactic Acid, Polycaprolactone, Polydioxanone, and others]), Application (Orthopedics, Drug Delivery, and Others) and Region (Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa) – Forecast till 2028” the market is projected to be worth USD 3.15 billion by 2028, registering a CAGR of 14.1% during the forecast period (2021 – 2028), The market was valued at USD 1.43 billion in 2021.
Market Competitive Analysis:
List of the prominent leaders in the bioresorbable polymers market profiled are:
- Putnam Plastics (US)
- Groupe PCAS (France)
- KLS Martin (US)
- Koninklijke DSM N.V (The Netherlands)
- DURECT CORPORATION (US)
- Merck KGaA (Germany)
- Poly-Med Inc. (US)
- Foster Corporation.(US)
- REVA Medical, Inc.(US).
- Evonik Industries AG (Germany)
- Ashland (US)
- Corbion NV (The Netherlands)
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Market Scope:
Bioresorbable polymers can easily dissolve in body fluids without causing any residual side effects, and the removal of these polymers is done with the help of processes like excretion, assimilation or dissolution via metabolic pathways. Bioresorbable polymers are commonly used in biomedical applications because of their high performance and biocompatibility.
Bioresorbable polymers avoid post-healing surgical interventions for device removal and eliminate the post-surgery risk to the patients. The factor is likely to propel the growth of the global market in the biomedical sector. Owing to their material composition, bioresorbable polymers are widely used in orthopedic devices. The increased use of bioresorbable polymers in capsules in drug delivery applications is fueling the market demand globally.
Market USP Covered
Market Drivers
The major aspect of the growth of bioresorbable polymers is the rise in patient comfort. After surgery, traditional materials left in the body needed another small surgery to take materials out, which might cause risk to the patient. Bioresorbable polymers remove both of these factors because of their property of disintegrating into the body over the years.
The rising demand for bioresorbable polymers for drug delivery is causing bioresorbable polymers’ market growth. The rising adoption of drug delivery is anticipated to be a crucial parameter driving market growth. Furthermore, the integration of 3D printing is anticipated to be a crucial parameter propelling the growth of the bioresorbable polymers market in the forecasted era. The minute differentiations needed in bioresorbable polymers as per the constitution of several patients and the different situations in every case can be integrated much more reliably and efficiently with 3D printing.
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Market Restraints
However, because of the technological sophistication of bioresorbable polymers, the prices are a little more than traditional medical polymers. It is considered being a vital parameter hampering the market expansion in developing regions. The lack of advanced healthcare infrastructure in emerging economies is also likely to impede the bioresorbable polymers market.
COVID-19 Analysis
The emergence of COVID-19 is having a significant impact on economic growth globally. The pandemic is impacting several industries like oil and gas, aerospace, construction, automotive, etc. As bioresorbable polymers have a broad range of applications in all of these industry sectors, the declining operations of these end-use sectors are having a direct impact over the bioresorbable polymers market.
Segment Overview
The Global Bioresorbable Polymers Market has been classified into various segments based on type, end-use, and region. The market is classified into proteins, polysaccharides, polycaprolactone, polyglycolic acid, polylactic acid, and others based on product type. Polylactic acid (PLA) based bioresorbable polymers segment has recorded a maximum market share of 29% in 2015. The safety mainly attributes it offers while getting removed by the body’s excretory system and its ability to get naturally converted into lactic acid in the body at low temperatures.
Based on application, the classification is done into orthopedics, drug delivery, and others. Among these, the orthopedics segment held the top position in the global market with the largest market due to high demand in the knee and trauma sub-applications.
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Regional Analysis
The Global Bioresorbable Polymers Market is divided into regions like the Middle East & Africa, Latin America, North America, Asia-Pacific and Europe. The North American region holds the top position in the global market with maximum share in 2018. This is mainly driven by the growing demand for Bioresorbable polymers in developed biomedical industries in the North American region.
Asia-Pacific recorded a significant market share in 2018 and is anticipated to grow at maximum CAGR throughout the forecast period. The rising demand for bioresorbable polymers in growing healthcare industries in emerging economies allied with increasing consumer awareness in the region is likely to boost demand for the market in these regions.
Europe is also anticipated to register a noteworthy growth over the forecasted era given by the growing use of bioresorbable polymers in drug delivery and orthopedics applications. The Middle East & Africa, and Latin America are also anticipated to witness significant growth during the forecast period attributed to the rising consumer awareness and growth of healthcare industries.
Segmentation of Market covered in the research:
Bioresorbable Polymers Market Research Report: Information by Type (Agro-Polymers [Proteins and Polysaccharides] and Bio-polyesters [Polyglycolic Acid, Polylactic Acid, Polycaprolactone, Polydioxanone, and others]), Application (Orthopedics, Drug Delivery, and Others) and Region (Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa) – Forecast till 2028
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