The report Bioresorbable Polymers Market by Type (Agro-Polymers, Proteins, Polysaccharides, Biopolyesters, Polyglycolic Acid, Polylactic Acid, and Polycaprolactone), by Application (Orthopedics, Drug Delivery and Others) and by region (North America, Europe, Asia Pacific, Middle East & Africa and South America) is expected to reach US$ 1810.16 Mn by 2026, at a CAGR of 13 % during a forecast period.
Bioresorbable polymers, also called as degradable polymers, are commonly used in numerous biomedical applications such as suturing thread, arterial stents, intravenous drug-delivery devices, vascular grafts, temporary bone fixation devices, and degradable sutures. These polymers are used as a replacement for metallic orthopedic devices owing to their exact control of material composition and microstructure. Many bioresorbable polymers used in medical applications include polylactic acid (PLA), polyglycolic acid (PGA), and poly (lactic-co-glycolide) (PLGA) copolymers. Polylactic acid (PLA) is the most usually used bioresorbable polymer. It is used in synthetic grafts, orthopedic medicine, sutures, and drug delivery systems. Polyglycolic acid (PGA) is another type of bioresorbable polymer is usually used in bioresorbable sutures, orthopedics, and craniomaxillofacial surgery.
Moreover, technological innovation in product using 3D printing technology and surfacing of new applications is driving the demand for the materials. Though, the high cost of product remains a prominent stumbling block, hampering the growth of the market.
Biopolyesters segment are rapidly increasing during the forecast period.
The market is dominated by biopolyesters due of their enhanced quality and high resistance against poor environmental situations. Biopolyesters is also anticipated to be exhibit higher growth rate over the coming years. Polysaccharides are also used in drug delivery systems, and production is at high cost as compared to the synthetic polymers. In several cases, there is a requirement for additional chemical modification for using polysaccharides which renders them less competitive than other alternatives. Polysaccharides with its biocompatibility, water solubility, biodegradability, and the ability to form hydrogels, is expected to expand the penetration in drug delivery systems over the forecast period.
The Bioresorbable Polymers Market in North America region is expected to hold the largest share during the forecast period.
North America is the largest bioresorbable polymers market, followed by Europe, in terms of value. The growing demand from applications such as drug delivery and orthopedics in this region is driving the bioresorbable polymers market during the forecast period. Furthermore, market in APAC is likely to gain significant traction, due to rising demand for bioresorbable polymers in drug delivery and orthopedics applications and the growing healthcare investment in the region. As per DBS report 2017, healthcare investment in Asia Pacific is estimated to grow CAGR of 13 % owing to rising geriatric population, increase in chronic illnesses, and urbanization. Rising wealth and a surge in lifestyle diseases are additional key structural drivers for the market growth. Furthermore, according to Organization for Economic Co-operation and Development (OECD), cancer is the second-leading cause of death after cardiovascular disease in the region.
Key players operating in the global bioresorbable polymers market are Corbion NV, Evonik Industries AG, Foster Corporation, KLS Martin Group, Poly-Med Inc., DURECT Corporation, PCAS Group, Merck KGaA, and Royal DSM NV. Key players and manufactures are focusing on entering the new market by producing and launching technically advance and cost-effective products in the market. Production capacity expansion, brand portfolio expansion, mergers, collaborations, joint ventures and acquisitions of innovative businesses is the key trend to foot hold and penetrate market.
Maximize market research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about global bioresorbable polymers market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for taking in product strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global bioresorbable polymers market. The driving forces, as well as considerable restraints, have been explained in depth. in addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global bioresorbable polymers market positioning of competitors.
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