Bioresorbable Polymers Market by Type (Polylactic Acid (PLA), Polyglycolic Acid (PGA), Poly (lactic-co-glycolic Acid) (PLGA), Polycaprolactone (PCL)), Application (Orthopedic Devices, Drug Delivery), and Region – Global Forecast to 2026

2021-11-19
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Published : Nov-2021
No. of Pages : 223
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“Growing demand for biocompatible medical devices is one of the factors driving the growth of the market”

The bioresorbable polymers market size is estimated to be USD 1.0 billion in 2021 and is expected to reach USD 1.6 billion by 2026, at a CAGR of 10.0% during the forecast period. Factors such as to increasing number of surgical interventions, growing demand for biocompatible medical devices, growing demand in the drug delivery application and favorable reimbursement scenario are the major drivers in this bioresorbable market. Cost of bioresorbable polymers as compared to conventional polymers, preference of minimal invasive surgeries and lack of quality control in developing countries are the major restraints for the bioresorbable polymers.  A major opportunity in the resorbable polymers market is increasing the production of environmentally friendly products to meet the regulatory standards set by various environmental protection agencies.  Stringent regulatory framework for medical devices and skilled personnel for the effective use of bioresorbable medical products remains the major challenges of this market.

“Poly(lactic-co-glycolic acid) (PLGA)  is estimated to be the fastest-growing type in the  bioresorbable polymers   market between 2021 and 2026.”

PLGA is an elastomeric co-polymers, which is a blend of glycolic acid and lactic acid. PLGA is mainly used in the drug delivery application. Biodegradability, biocompatibility, mechanical properties and east of processing are key characteristics of PLGA. PLGA is also used in the applications like tissue engineering devices, and prosthetic devices. The mechanical properties and degradability of PLA is significantly improved by combing PGA. Hence it is highly preferred type of polymers in drug delivery.

“Drug delivery  was the  second-largest application for bioresorbable polymers  market in 2020”

The bioresorbable polymers market size for drug delivery applications accounted for the second-largest share of global bioresorbable polymers, in terms of value, in 2020 this was led by the demand from the pharmaceutical industry. The demand of bioresorbable polymers in drug delivery application is increasing. These polymers are used to make implantable matrices for controlled drug release inside the body. Many medicines covering, especially, capsules are made of resorbable polymers so that they get absorbed in the body without causing any harmful effects. They help in releasing the prescribed amount of drug in the body without having to undergo through the pain of needles and other procedures periodically. Once it completes its function of drug delivery, it gets absorbed in the body.

“APAC is estimated to be the largest bioresorbable polymers  market in 2020, in terms of volume.”

North America was the largest bioresorbable polymers market, in terms of value, in 2020. Globally, it has been leading the market in demand as well as product innovation in terms of quality and application development. Growth of the bioresorbable polymers market in the region is backed by the growing demand for these polymers in the medical industry. Intense competition among major players in the market has led to price stabilization in the past few years. Growth in the North American market is attributed to the increasing prevalence of chronic diseases in the region. According to an NCBI study, chronic diseases affect around 50% of the total US population every year. It also estimated that chronic diseases accounted for ~86% of all healthcare costs in the US. Market growth in North America is also influenced by factors such as the availability of favorable reimbursement options, increasing awareness about novel medical devices, and the implementation of government initiatives.

In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:

  • By Company Type: Tier 1 – 30%, Tier 2 – 43%, and Tier 3 – 27%
  • By Designation: C-Level – 21%, Director Level – 23%, and Others – 56%
  • By Region: North America – 41%, Europe – 30%, APAC – 18%, Middle East & Africa – 7%, and South America – 4%

The key market players profiled in the report include Corbion N.V. (The Netherlands), Evonik Industries AG(Germany), Foster Corporation (US), KLS Martin Group (Germany), DSM Biomedical (US), Inc, Ashland Global Holdings Inc. (US), Zeus Industrial Products(US), Inc, Seqens Group (France), REVA Medical, LLC (US), Poly-Med Incorporated (US), Bezwada Biomedical, LLC (US), Nomisma Healthcare Pvt. Ltd. (India), BMG Incorporated (Japan), Polysciences, Inc. (US), Huizhou Foryou Medical Devices Co., Ltd. (China), Musashino Chemical Laboratory, Ltd. (Japan), and Henan Xinghan Biotechnology Co. Ltd.(China).

Research Coverage

This report segments the market for bioresorbable polymers on the basis of type, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, expansions, and mergers & acquisitions associated with the market for bioresorbable polymers.

Reasons to buy this report

This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the bioresorbable polymers  market; high-growth regions; and market drivers, restraints, opportunities and challenges

The report provides insights on the following pointers:

  • Market Penetration: Comprehensive information on bioresorbable polymers  offered by top  players in the global bioresorbable polymers  market
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the bioresorbable polymers  market
  • Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for bioresorbable polymers  across regions
  • Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global bioresorbable polymers  market
  • Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the bioresorbable polymers  market
  • Impact of COVID-19 on bioresorbable polymers  market
Filed in: Chemicals
Publisher : marketsandmarkets
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