PLGA Market Overview
As per MRFR analysis, the PLGA Market Size was estimated at 3.93 (USD Billion) in 2022. The PLGA Market Industry is expected to grow from 4.51(USD Billion) in 2023 to 15.6 (USD Billion) by 2032. The PLGA Market CAGR (growth rate) is expected to be around 14.78% during the forecast period (2024 - 2032).
Key PLGA Market Trends Highlighted
The PLGA Market is increasing and changing in many ways with certain supporting trends. The advent of new technologies for drug delivery systems has led to the manufacture of PLGA nanoparticles, which improve drug delivery and control release. This further supports the use of PLGA for regulating tissue development and regeneration, as there is a need for safe and totally absorbed materials in medical procedures.
The trend towards the rise in chronic diseases and the requirement for prolonged employment of drug delivery systems is also a factor in the opportunities available in the market. Instead of single-use plastics, which are now a huge liability to the health sector, PLGA presents itself as a cleaner alternative. In addition, the increasing application of subject-specific medicines and selective curing methods provides possibilities for designing and producing individualized PLGA-based drug-delivery systems. Such factors highlight the potential of PLGA to meet the challenges of the healthcare system in the future, provide solutions to serious medical problems, and offer newer ways of treating diseases.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
PLGA Market Drivers
Increasing Demand for Biodegradable and Biocompatible Materials
A key driver of the PLGA Market industry is the growing demand for biodegradable and biocompatible materials. Poly(lactic-co-glycolic acid) is a biodegradable and biocompatible polymer that is commonly used in the medical industry. The relevance of sensitive and precise medical applications of PLGA, including the use of polymers for drug delivery, wound healing, and tissue engineering, is evidenced by the statistics of the increasing demand for biodegradable and biocompatible materials.
The overall growth of the demand for the use of PLGA can be based on raising awareness concerning the danger of traditional products to the environment and the need to apply safe materials for human application.
Growing Prevalence of Chronic Diseases
The growing prevalence of chronic diseases is another key driver of the PLGA Market Industry. Chronic diseases, such as cancer, cardiovascular disease, and diabetes, are becoming increasingly common around the world. These diseases often require long-term treatment, which can lead to an increased demand for PLGA-based drug delivery systems. PLGA-based drug delivery systems can be used to deliver drugs over a sustained period of time, which can improve patient compliance and outcomes.
Advancements in Drug Delivery Technology
Besides, the development of new drug delivery technologies is also boosting the growth of this market. Due to advancements in technology, such as nanotechnology and targeted drug delivery, PLGA-based materials are being increasingly demanded. Drug delivery systems that are made using PLGA can be used to deliver drugs to particular cells or tissues, which increases the efficiency of the drugs and reduces their side effects.
PLGA Market Segment Insights
PLGA Market Application Insights
The PLGA Market is segmented into Drug Delivery, Tissue Engineering, Medical Devices, and Diagnostics based on application. The Drug Delivery segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for targeted drug delivery systems, sustained drug release formulations, and the development of novel drug delivery devices. The Tissue Engineering segment is anticipated to register a significant CAGR during the forecast period.
Tissue engineering involves the use of PLGA scaffolds, membranes, and hydrogels for the regeneration and repair of damaged tissues and organs. The rising prevalence of chronic diseases, increasing demand for organ transplantation, and advancements in tissue engineering techniques are driving the growth of this segment. The Medical Devices segment is expected to witness steady growth over the forecast period. PLGA is widely used in the manufacturing of medical devices such as sutures, stents, and implants due to its biocompatibility, biodegradability, and ability to provide controlled drug release.
The growing demand for minimally invasive medical procedures and the increasing adoption of PLGA-based medical devices are contributing to the growth of this segment. The Diagnostics segment is anticipated to experience moderate growth during the forecast period. PLGA is used in the development of diagnostic devices such as biosensors, microarrays, and imaging agents. The increasing demand for personalized medicine, advancements in molecular diagnostics, and the growing focus on early disease detection are driving the growth of this segment. Overall, the PLGA Market is expected to witness substantial growth over the forecast period due to factors such as the increasing demand for targeted drug delivery systems, tissue engineering applications, advancements in medical devices, and the growing adoption of PLGA-based diagnostic devices.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
PLGA Market End User Insights
The PLGA Market is classified on the basis of End User into Pharmaceutical, Biotechnology, Medical Devices, and Research Institutions. The Pharmaceutical segment dominated the market and is anticipated to retain its position over the forecast period. The Pharmaceutical segment has experienced high demand for PLGA in the development of drug delivery systems. Nanoparticles, microspheres, and implants are the common PLGA- based drug delivery systems. The Biotechnology segment is also likely to experience high demand due to the increasing adoption of PLGA in tissue engineering and regenerative medicine.
The Medical Devices segment is likely to grow at a medium pace during the forecast period due to the increasing use of PLGA in the manufacturing of medical devices, including stents, which are used to unblock the arteries. The Research Institutions segment is anticipated to contribute a substantial percentage of the PLGA Market revenue as PLGA is widely used in academic and research centers for studying drug delivery and tissue engineering.
PLGA Market Molecular Weight Insights
The PLGA Market is segmented by Molecular Weight into Low Molecular Weight and High Molecular Weight. The High Molecular Weight segment held the largest market share in 2023, accounting for over 60% of the PLGA Market revenue due to its increased use in drug delivery applications. The Low Molecular Weight segment is expected to grow at a higher CAGR during the forecast period, owing to its increasing adoption in tissue engineering and regenerative medicine.
PLGA Market Formulation Insights
By formulation, the market is segmented into Microspheres, Nanoparticles, Hydrogels, and Films. Microspheres held the largest share of the market in 2023 and are expected to continue to dominate the market throughout the forecast period. This is due to the advantages of microspheres, such as their ability to provide sustained drug release, their ability to be targeted to specific tissues or organs, and their ability to be used in a variety of applications.
Nanoparticles are another important segment of the PLGA Market. Nanoparticles are smaller than microspheres and have a number of advantages, such as their ability to penetrate cells more easily, their ability to be used in a wider range of applications, and their ability to be more easily targeted to specific tissues or organs. Hydrogels are a newer segment of the PLGA Market, but they are expected to grow rapidly in the coming years. Hydrogels are composed of a cross-linked network of hydrophilic polymers that can hold a large amount of water.
This makes hydrogels ideal for use in applications where sustained drug release is required. Films are another important segment of the PLGA Market. Films are thin, flexible sheets of material that can be used to deliver drugs to the skin or to the mucous membranes. Films are often used in transdermal drug delivery systems and in buccal drug delivery systems.
PLGA Market Regional Insights
The PLGA Market revenue is expected to reach USD 17.45 Billion by 2027, exhibiting a CAGR of 15.2% during the forecast period. The market growth is attributed to the rising demand for biodegradable and biocompatible materials in the medical industry. Regionally, North America is expected to hold the largest market share, followed by Europe, APAC, South America, and MEA. The growth in North America is attributed to the presence of a large number of pharmaceutical and biotechnology companies, as well as the increasing adoption of advanced medical technologies.
Europe is expected to witness significant growth in the PLGA market due to the increasing government support for research and development in the healthcare sector. APAC is expected to be the fastest-growing region in the PLGA market due to the rising population and the increasing demand for healthcare services. South America and MEA are expected to witness moderate growth in the PLGA market due to the developing healthcare infrastructure and the increasing demand for medical devices.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
PLGA Market Key Players And Competitive Insights
Key players involved in the PLGA Market industry are continuously participating in research and development activities to improve the product portfolio, thus strengthening their competitive edge. Furthermore, they are emphasizing on strategic mergers and acquisitions, partnerships, and collaborations to enlarge the market as well as enhance the company's position in the PLGA Market industry. Leading players operating in the PLGA market industry are investing in advanced technologies and innovative solutions, improving their product portfolios and thus meeting the changing customer requirements.
The final PLGA Market industry is extremely fragmented, with a large number of established and emerging players competing for market share. Key competitors in the PLGA Market industry are focusing on the adoption of new strategies, such as product innovation, geographical expansion, and new acquisitions, thus tapping the potential market. The PLGA Market industry is expected to retain a fragmented competitive nature during the next few years, with key players dominant in the research & development of rolled products.
Evonik is one of the leading players in the PLGA Market industry, and it has a strong presence. The company manufactures a wide range of grades of PLGA, from low molecular to high-weight polymers. Evonik has a strong research & development segment, with activists expanding production capability to cater to a developing demand. The company operates a network of manufacturing plants and distribution retailers, selling its products in the international region.
Another player in the PLGA Market industry is Corbion. The company is one of the prominent companies in the biomaterials industry and has led to the development and production of PLGA polymers for different applications. Corbion has an intense research & development group, with activists evaluating the company’s progress in these sectors. The company has a appearance, having formulated a strong partnership with major pharmaceutical and medical companies.
Key Companies in the PLGA Market Include:
PLGA Market Industry Developments
The PLGA market size was valued at USD 4.51 billion in 2023 and is projected to reach USD 15.6 billion by 2032, exhibiting a CAGR of 14.78% during the forecast period. The market growth is attributed to the increasing demand for PLGA in the pharmaceutical and medical device industries.
Recent news developments in the PLGA market include:
In January 2023, Evonik Industries announced the expansion of its PLGA production capacity in Birmingham, Alabama, to meet the growing demand for PLGA in the pharmaceutical industry.
In March 2023, Corbion announced the launch of its new high-molecular-weight PLGA, Purasorb HV, designed for long-acting drug delivery applications.
These developments indicate the growing interest in PLGA and its potential in the pharmaceutical and medical device industries.
PLGA Market Segmentation Insights
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PLGA Market Application Outlook
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Drug Delivery
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Tissue Engineering
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Medical Devices
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Diagnostics
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PLGA Market End User Outlook
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Pharmaceutical
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Biotechnology
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Medical Devices
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Research Institutions
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PLGA Market Molecular Weight Outlook
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Low Molecular Weight
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High Molecular Weight
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PLGA Market Formulation Outlook
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Microspheres
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Nanoparticles
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Hydrogels
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Films
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PLGA Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
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Report Attribute/Metric
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Details
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Market Size 2022
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3.93(USD Billion)
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Market Size 2023
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4.51(USD Billion)
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Market Size 2032
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15.6(USD Billion)
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Compound Annual Growth Rate (CAGR)
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14.78% (2024 - 2032)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2023
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Market Forecast Period
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2024 - 2032
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Historical Data
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2019 - 2023
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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PolySciTech, Lakeland Laboratories, Teijin, MedKoo Biosciences, Purac, Corbion, Repligen, Absorbable Polymers International, Boehringer Ingelheim, Akina, Perrigo, Evonik, Galactic, Almac Group, Spectrum Chemical Mfg. Corp.
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Segments Covered
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Application, End User, Molecular Weight, Formulation, Regional
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Key Market Opportunities
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1 Expanding healthcare applications2 Advancements in drug delivery3 Growing demand in emerging markets4 Government initiatives for research
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Key Market Dynamics
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Increasing demand for targeted drug delivery systemsGrowing prevalence of chronic diseasesTechnological advancements in nanotechnologyRising adoption of minimally invasive medical proceduresStringent regulatory guidelines
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Frequently Asked Questions (FAQ) :
The PLGA market is estimated to be valued at approximately USD 4.51 billion in 2023.
The PLGA market is anticipated to exhibit a CAGR of around 14.78% during the forecast period of 2024-2032.
North America is expected to hold the largest market share in the PLGA market due to the presence of a large number of pharmaceutical and biotechnology companies.
PLGA is primarily used in the development of drug delivery systems, tissue engineering, and medical devices.
Some of the key competitors in the PLGA market include Evonik Industries, Corbion, and Purac.
The Asia-Pacific PLGA market is expected to witness a significant growth rate due to increasing demand from emerging economies such as China and India.
The PLGA market faces challenges related to regulatory compliance, manufacturing complexities, and competition from alternative materials.
Key trends include the development of biodegradable and biocompatible PLGA formulations, advancements in drug delivery technologies, and growing applications in regenerative medicine.
The PLGA market is estimated to reach approximately USD 15.6 billion by 2032.
The growth of the PLGA market is driven by factors such as increasing demand for targeted drug delivery, advancements in medical technology, and rising healthcare expenditure.
