New York, United States , Nov. 24, 2023 (GLOBE NEWSWIRE) -- The Global Bioresorbable Polymer Market Size to Grow from USD 1.9 Billion in 2022 to USD 4.3 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period.
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Bioresorbable polymers, also known as biodegradable or resorbable polymers, are a class of materials that the body may digest and break down gradually. These polymers are crucial in several medical applications needing temporary structural support, medication delivery, or tissue regeneration. They have many benefits over non-resorbable materials, including the fact that they can be removed without surgery once they have served their purpose. Typical bioresorbable polymers include polylactic acid (PLA), polyglycolic acid (PGA), poly(lactic-co-glycolic acid) (PLGA), and polycaprolactone (PCL). Due to their mechanical properties and various rates of degradation, these polymers are fantastic for a range of applications.
COVID 19 Impact
The outbreak disrupted global supply chains, which had an effect on the production and transportation of a range of goods, including bioresorbable polymers. Numerous elective medical procedures were postponed or stopped in order to give COVID-19 patients priority. This most likely had an impact on the market for medical tools and supplies, notably those made of bioresorbable polymers. Critical applications like tissue engineering, medicine delivery, and wound closure all required the use of bioresorbable polymers throughout the epidemic. The pandemic increased the need for healthcare infrastructure and preparedness, which may have encouraged investment and innovation in medical equipment and technologies. The transition to remote healthcare services may have an impact on the development of novel medical devices, which probably includes those that utilise bioresorbable polymers.
The development of new bioresorbable polymer-based medical procedures and technologies contributed to the market's growth. These advancements included cardiovascular devices, orthopaedic implants, pharmaceutical delivery systems, and tissue engineering applications. An ageing global population was driving the demand for medical interventions like surgery and implants. Bioresorbable polymers were used in a range of orthopaedic and tissue healing applications to benefit this demographic. Bioresorbable polymers are widely used in minimally invasive procedures, which are becoming more and more popular, due to their benefits in reducing patient recovery periods and difficulties. As more patients and medical professionals became aware of their benefits, there was an increase in the demand for bioresorbable polymers in medical treatments. Bioresorbable polymers were excellent for a range of medical applications due to their versatility.
Browse key industry insights spread across 200 pages with 115 market data tables and figures & charts from the report on "Global Bioresorbable Polymers Market Size, Share, and COVID-19 Impact By Product (PLA, Proteins, Polyglycolic Acid), By Application (Drug Delivery, Orthopedics), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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Polylactic Acid (PLA)-based bioresorbable polymers segment is dominating the market over the forecast period
On the basis of product, the global bioresorbable polymer market is segmented into PLA, Proteins, Polyglycolic Acid. Among these, PLA segment is dominating the market over the forecast period. PLA's biocompatibility has been widely studied, which makes it perfect for a range of medical uses. The body naturally processes lactic acid and its derivatives, which are its breakdown products. PLA's molecular weight, crystallinity, and stereochemistry can all be altered to provide a variety of mechanical characteristics. This makes it compatible with a range of medical tools and applications. PLA-based bioresorbable polymers are often used in orthopaedic implants including screws, pins, and plates to stabilise the bone during the healing process. These applications have contributed to the growth of the PLA market. PLA can be used to create drug delivery systems that release medications gradually. This application is becoming more popular in fields like cancer treatment and rapid wound healing.
Orthopaedics segment holds the highest market share over the forecast period
Based on the application, the global bioresorbable polymer market is segmented into Drug Delivery, Orthopedics. Among these, orthopaedics segment holds the highest market share over the forecast period. Bioresorbable polymers, which gradually degrade and are absorbed by the body, eliminating the need for implant removal surgeries. With this quality, non-resorbable implant issues are reduced. The preference for minimally invasive orthopaedic procedures has led to a demand for bioresorbable implants, which can provide interim support during the healing process without requiring final removal. Bioresorbable polymers are particularly helpful in paediatric orthopaedics, since implant removal operations can be upsetting for young patients. Implants made of bioresorbable material can help to solve this issue. With growing environmental knowledge and concerns, bioresorbable polymers' biodegradability and sustainability are in line.
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North America dominates the market with the largest market share
North America is dominating the market with the largest market share over the forecast period. With the ageing of the North American population, medical interventions have become more necessary, particularly in orthopaedic and cardiovascular applications, where bioresorbable polymers are widely used. The orthopaedic sector has been a major driver of the bioresorbable polymer market in North America. These polymers are utilised in bone fixation devices, sutures, and tissue scaffolds. In cardiovascular applications, bioresorbable polymers are also used. The fact that bioresorbable stents progressively dissolve after serving their original purpose, for instance, gives them a benefit over traditional metal stents. Patients usually prefer bioresorbable materials due to the potential for enhanced postoperative comfort and the need for fewer implant removal operations.
Asia Pacific is witnessing the fastest market share over the forecast period. Due to the rapid economic growth and increased healthcare spending in the Asia-Pacific region, the market for bioresorbable polymers has expanded. These investments help to advance and make use of cutting-edge medical technology. There is a substantial patient base in the Asia-Pacific region that requires medical procedures including orthopaedic surgeries and cardiovascular therapy, where bioresorbable polymers are routinely used. The Asia-Pacific region is adopting bioresorbable stents and other cardiovascular devices at a higher rate due to their benefits in reducing long-term issues and the need for additional treatments. The market for bioresorbable polymers in Asia-Pacific is becoming more and more cutthroat as local and foreign companies compete to develop cutting-edge products and establish a foothold there.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the Global Bioresorbable Polymers Market include Corbion, Evonik Industries, Poly-Med Inc, KLS Martin Group, Foster Corporation, DURECT Corporation, Zeus, Ashland and other key vendors.
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Recent Market Developments
On February 2020, The first of its type bioresorbable polymer, RESOMER PrintPowder, was introduced by Evonik and is intended to allow 3D printing of intricate bioresorbable medical devices.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Bioresorbable Polymers Market based on the below-mentioned segments:
Bioresorbable Polymers Market, Product Analysis
- PLA
- Proteins
- Polyglycolic Acid
Bioresorbable Polymers Market, Application Analysis
- Drug Delivery
- Orthopaedics
Bioresorbable Polymers Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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