WASHINGTON, April 04, 2023 (GLOBE NEWSWIRE) -- Global Bioresorbable Polymers Market is valued at USD 429.5 Billion in 2022 and is projected to reach a value of USD 874.9 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 10.7% over the forecast period 2023-2030.
Market Overview
Advances in technology, plastics improvements, and sophisticated decontamination equipment are increasing product demand and fostering the industry's expansion. One of the key factors fuelling the growth of the Bioresorbable Polymers market is the rise in surgical procedures performed worldwide. The high need for these polymers, which dissolve quickly in bodily fluids without leaving any lasting negative effects, as well as the rise in demand in drug delivery applications, are driving the market's expansion.
We forecast that the polylactic acid in Bioresorbable Polymers market sales will account for more than 42% of total sales by 2030. Polylactic acid is a material that can be used to make fixation devices, including darts, screws, pins, and nuts, for orthopaedic procedures because of its flexibility, biocompatibility, reasonably high durability, and high modulus.
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Market Dynamics
Increasing Demand for Bioresorbable Polymers for Drug Delivery Application to Support Market Expansion
Since they can be broken down by catalase activity and hydrolysis, Bioresorbable Polymers like polyglycolic acid and polylactic acid (PLA) are important in orthopaedics. They are frequently employed in fabricating medical devices for various orthopaedic implant operations due to their robust physical and mechanical qualities. Because it will result in a more effective product and be good for the expansion of the market, the material used in an orthopaedic implant will depend on its physical, biomechanical, and degrading properties.
Improved Healthcare Sector Drives Market Growth
Life expectancy has increased, and the number of older adults in the U.S. has increased due to the country's enhanced healthcare system. Aging causes the synovial fluid in orthopaedic joints to typically dry out, increasing demand for elective orthopaedic procedures and providing a favourable environment for the sector's expansion. The market's plentiful supply of PLA finds uses in applications ranging within the nation's healthcare industry. The field of spinal interbody fusion is anticipated to see an increase in the usage of bioresorbable polymer materials, with -polyesters being the most probable subclass of polylactic acids. Moreover, the collaboration between hospitals and medical organizations created to serve the armed services may also be a factor in the rise in orthopaedic surgery.
Top Players in the Global Bioresorbable Polymers Market
- Corbion NV (Netherlands)
- Evonik Industries AG (Japan)
- Poly-Med Inc. (U.S.)
- Abbott (Chicago, U.S.)
- KLS Martin Group (Germany)
- 3D Biotech LLC (U.S.)
- Sunstar Suisse S.A. (U.S.)
- Futers (Belgium)
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Key Challenges Facing in Bioresorbable Polymers Market:
The need for new materials: The current range of bioresorbable polymers has a number of limitations, including poor mechanical properties and the potential for adverse tissue reactions. There is a need for new materials that have improved performance and are more compatible with the body.
The need for better manufacturing processes: The manufacturing of bioresorbable polymers is a complex and challenging process. There is a need for better manufacturing processes that can produce materials with consistent properties and that are safe for use in humans.
The need for regulatory approval: Bioresorbable polymers are considered to be medical devices, and they must undergo rigorous testing and approval before they can be used in humans. This process can be lengthy and expensive, and it can slow the development of new products.
The need for patient education: Many patients are not aware of the benefits of bioresorbable polymers, and they may be hesitant to use these materials. There is a need for patient education programs that can help to raise awareness of the benefits of bioresorbable polymers and that can help patients to make informed decisions about their care.
Top Report Findings
- Based on the Type, the PLA category controls most of the Bioresorbable Polymers market revenue. The benefit of using PLA-based products is that they naturally transform into lactic acid in the body at trace levels, where the excretory system may safely eliminate them. Its ability to safely disintegrate and deteriorate eliminates the need for additional surgery, necessitating component removal.
- Based on Application, most of the Bioresorbable Polymers market's revenue is controlled by the orthopaedic devices category. The high prevalence of orthopaedic problems, such as degenerative bone disease, the growth of the aging citizenry, and the increase in traffic accidents all contribute to expanding the market. Furthermore, the market is expected to rise due to the onset of musculoskeletal problems, which are usually brought on by obesity and a sedentary lifestyle.
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Top Trends in the Global Bioresorbable Polymers Market
- One trend that Vantage Market Research (VMR) expects to see in the Bioresorbable Polymers industry is the growing demand for biocompatible medical devices. Stents, sutures, and scaffolds inserted inside the body after treatment to maintain the organ are frequently made from Bioresorbable Polymers. They can also be implanted inside people to release drugs under regulated conditions. Bioresorbable Polymers gradually dissolve once the patient's organ starts to recover, and the body fully absorbs them once their purpose has been served. The patient does not need a second surgical procedure to remove these items because the body absorbs them independently. As a result, the entire process is affordable and convenient for the patient.
- Another trend that VMR predicts will continue in the Bioresorbable Polymers industry is its increasing trend of PLGA. PLGA is primarily employed in applications for medication delivery. Key traits of PLGA include mechanical qualities, cytocompatibility, renewability, and ease of processing. Potential uses for PLGA include prosthetics and tissue engineering devices. Combining PGA greatly enhances the degradability and mechanical characteristics of PLA. As a result, it is the polymer type of choice for medication delivery.
Global Bioresorbable Polymers Market Segmentation
By Type
- Polylactic acid (PLA)
- Polyglycolic acid (PLLA)
- Polylactic-co-Glycolic Acid (PLGA)
- Polycaprolactone (PCL)
- Other Types
By Application
- Orthopaedic Devices
- Drug Delivery
- Other Applications
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Bioresorbable Polymers Market Forecast Report (2023-2030).
Orthopaedic Devices Category from the Application segment Expected to Generate a Huge Revenue in Bioresorbable Polymers Market
For better understanding, based on the Application, the Bioresorbable Polymers market is divided into Orthopaedic devices, Drug delivery and Other Applications.
The market was the largest by orthopaedic devices application, and it is anticipated to continue to hold the top spot during the projected period. The rise in joint rebuilding procedures, the number of orthopaedic problems, trauma events, accident cases, and the development of bioabsorbable and titanium implants are the main drivers of market expansion in the investigated area. Consequently, as people live longer and have more joint injuries, more orthopaedic operations are being performed, fuelling the expansion of the market.
On the other hand, the drug delivery category is anticipated to grow significantly. Due to patients' reluctance to get injections, there is an increasing need for these polymers in medical applications. The drug delivery matrix is implanted within the body to prevent the need for a second surgery. These elements should fuel industrial expansion. The market is growing due to the increasing demand for these polymers due to their ease of dissolving in bodily fluids without having any long-lasting negative effects and the rise in prices for applications involving medicine delivery. The product is in high demand in biomedical contexts, especially for prosthetics and treating injured joints, among other uses. Moreover, the product is projected to enjoy favourable government reimbursement, expected to drive up demand for Bioresorbable Polymers globally.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 429.5 Billion |
| Revenue Forecast by 2030 | USD 874.9 Billion |
| CAGR | 10.7% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Corbion NV, Evonik Industries AG, Poly-Med Inc., Abbott, KLS Martin Group, 3D Biotech LLC, Sunstar Suisse S.A. |
| Customization Options | If our report does not include the information you are searching for, you may contact us to have a report tailored to your specific business needs https://www.vantagemarketresearch.com/bioresorbable-polymers-market-2060/request-sample |
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Recent Developments in the Global Bioresorbable Polymers Market
- IN 2020- Evonik stated would pay USD 15 million to purchase DURECT Corporation's LACTEL business of biodegradable polymers.
- In 2020- The titanium spinal implant Adapted Interbody System was introduced by Medtronic PLC. Moreover, Medtronic acquired Titan Spine, a privately held manufacturer of titanium spine interbody implants with surface technology.
Key Questions Answered in Bioresorbable Polymers Market Report
- What is the current market size of bioresorbable polymers, and what is the expected growth rate over the forecast period?
- What are the key drivers, restraints, and trends influencing the bioresorbable polymers market, and how are they likely to shape the market's future?
- What are the different types of bioresorbable polymers available, and what are their respective market shares and growth prospects?
- What are the main application areas of bioresorbable polymers, such as medical devices, drug delivery systems, and others, and what are the market shares and growth prospects of these applications?
- Who are the major players in the bioresorbable polymers market, what are their market shares, and what strategies are they employing to gain a competitive advantage?
- What are the major challenges and opportunities facing the bioresorbable polymers market, and how can companies capitalize on these to enhance their market position?
- What is the regulatory environment governing the bioresorbable polymers market, and how is it likely to evolve in the future?
Regional Analysis
North America Region in Bioresorbable Polymers Market to Generate More a Substantial Revenue in terms of Global Revenue
The North American region is anticipated to dominate the market in the coming years. The region's rising product usage explains this in orthopaedics and medicine delivery applications. The U.S., a significant centre for technological innovation in the healthcare sector, further fuels North America's Bioresorbable Polymers market. Moreover, the expanding markets for orthopaedics and drug delivery systems are supporting the need for Bioresorbable Polymers in this region.
The Asia Pacific region is predicted to see the fastest growth in the Bioresorbable Polymers market. APAC is a desirable market for Bioresorbable Polymers due to the rapid economic expansion of developing nations and rising per capita disposable cash. The presence of high-growth economies like India, China, and Japan, as well as the expansion of hospitals, supportive reimbursement policies, the implementation of beneficial government initiatives, rising per capita income, and high levels of education, are additional factors driving the market in APAC.
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