Bioresorbable Polymers Market Predominantly Propelled by the Healthcare Sector

Pune, India, Feb 2023/MRFR Press Release/- Market Research Future published a Half Cooked Research Report on “Global  Bioresorbable Polymers Market Research Report - Forecast to 2030”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2030.

Global Bioresorbable Polymers Market Highlights

The global bioresorbable polymers market is projected to witness significant growth during the forecast period, exhibiting a CAGR of 12.8%. The market was estimated to be USD 1,399.16 million in 2022 and is expected to reach a value of USD 3,672.96 million by the end of the forecast period (2022-2030). In terms of volume, the market was sized at 714.73 kilotons in 2021 and is likely to exhibit a CAGR of 12.2% to reach 1,896.60 kilotons by the end of 2030.

Bioresorbable polymers are widely used in the healthcare sector, especially in the drug delivery system. The use of bioresorbable polymers in various applications such as orthopedic and dental is projected to boost the demand for bioresorbable polymers during the forecast period. The use of bioresorbable polymers is flourishing in the healthcare industry which is expected to drive the global bioresorbable polymers market in the coming years.

Materials called bioabsorbable polymers are utilized in implanted medical devices to function as a delivery system for medicinal agents or as a physical structure to aid in healing. These polymers have the benefit of being completely dissolvable after serving their medicinal purpose. Bioabsorbable polymers have the inherent potential to be spontaneously absorbed by the body, which negates the necessity for surgical implantation of permanent devices or for their eventual removal.

The major factors driving the global market growth are healthy growth of the Construction Industry; and growing Use of Steel in the Automotive and transportation industries. Also, increasing adoption of Iron oxide pigments in various applications is likely to further propel the global market growth. However stringent government regulations on mining activities is likely to hamper the overall market growth.

Competitive Landscape

The competitive landscape offers an analysis of the key developments by the companies operating in the global bioresorbable polymers market in the last 3 years. The global bioresorbable polymers market is projected to witness healthy growth during the forecast period, owing to the high demand from the pharmaceutical and medical device sector. The growth of key players depends on the market & economic conditions, government regulations, and industrial development. Thus, the players should focus on increasing the production capacity to meet growing demand and escalate their services.

Evonik Industries AG, Corbion NV, Foster Corporation, Poly-Med Inc., REVA Medical, Inc, Groupe PCAS, Merck KGaA, Koninklijke DSM N.V, KLS Martin, and Ashland are the key companies in the market at present that are competing based on quality, availability, and price. These players are mainly focusing on the development of bioresorbable polymer-based products. Although the global players have a strong presence in the market, regional and local players share small markets and have a moderate existence.

Segmentation

By Product Type

• Agro-polymers: The agro-polymer holds a significant share of the global bioresorbable polymers market. Agro-polymer type is further sub-segmented as proteins and polysaccharides. These products are composed of renewable materials such as oil, starch, carbohydrates, and others. The agro-polymer is widely used in various agro components. The population is expanding globally, and to cater the global needs, the agricultural technology sector is growing. The rise in the growth of the agriculture sector is increasing the demand for agro polymer.


• Bio-Polyesters: Bio-polyesters segment dominated the global bioresorbable polymers market. The bio-polyesters are derived from renewable sources such as oil and fats. The various bio-polyesters commonly used are polyglycolic acid, polylactic acid, polycaprolactone, polydioxanone, and others. Polylactic acid dominated the market owing to high degradation and compatibility properties. It finds its application in drug delivery systems, implants, wound closure, surgical sutures, and tissue engineering.

By Application

• Orthopedics: Bioresorbable polymers such as polylactic acid (PLA) and polyglycolic acid (PGA) plays a prominent role in orthopedic as these polymers can be degraded by hydrolysis and enzymatic activity. They have strong physical and mechanical properties that are widely used in the production of medical devices for various orthopedic implant surgeries. The material used in an orthopedic implant will depend on the physical, mechanical, and degradation properties owing to the provide a better efficient product.


• Drug Delivery: The bioresorbable polymer is used in drug delivery systems as the release of biologically active molecules is important in tissue engineering. The regeneration and repair of tissue is a very complicated process and requires a large number of hormones and growth factors. The delivery drugs system plays an important role in releasing drugs, which is a crucial step in tissue engineering. Rapid development concerning natural polymeric drug delivery systems is emerging in the pharmaceutical industry owing to fruitful signs of progress made in the treatment of cancer and other diseases.


• Biodegradable Devices: Biodegradable devices are widely used in the healthcare sector owing to safety and ease in the degradation process and their control. The growth in contiguous diseases will increase the demand for biodegradable devices, and eventually will flourish the market growth.


• Others: Others include enzyme immobilization, biomedical, cryopreservation, wound dressings, etc.

By Region

• North America: The North American market is mainly driven by the availability of raw materials and increasing demand for bioresorbable polymers across the region for various applications in medical, pharmaceutical, and others. Due to economic changes and increased per capita income, the healthcare sector is expanding throughout North America, including the US and Canada. More medical devices and pharmaceutical products are needed because of the population expansion in the region and the strong global market. The medical device market of the North American region is well established.


• Europe: The increasing application of bioresorbable polymers to create organ-like structures using 3D scaffold printing for tissue engineering is gaining significant traction in the healthcare sector in Europe.


• Asia Pacific: Asia Pacific is also expected to show lucrative growth in the forecast period, further categorized into India, China, and the Rest of Asia-Pacific. Various other factors including growing demand for biocompatible medical devices, number of surgical involvements, and increasing demand in the drug delivery application are expected to drive the bioresorbable polymers market.


• Latin America: bioresorbable polymer implants are becoming more popular in Latin America. The market is also being supported by their better clinical results and cost-effectiveness. Due to their expanded uses in wound treatment, bioresorbable polymers are also experiencing a rise in demand in Latin America due to its wide application in medical sector.


• Middle East & Africa: The government's significant investments have been a major driver of the country's primary construction expansion. Furthermore, the country intends to boost tourism, as seen by various hotel projects that have been under construction in recent years. As a result, such development projects are projected to significantly impact the country's construction sector's needs. This, in turn, is expected to boost the growth of the market.