Bioresorbable Polymers Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4261
Bioresorbable Polymers Market size is rapidly growing due to increasing number of orthopedic patients across the globe. It can be attributed to increasing musculoskeletal issues, rising ageing population, etc. Bioresorbable polymer, which is also known as bio-degradable polymer, is a part of dissolvable material category, which are easily absorbable by the body. Bio-resorption of these polymers either occur enzymatically or hydrolytically. This characteristic of bioresorbable polymer allows physicians to decrease the post-surgery risk to the patient and also eliminates the requirement of removal of temporary implants through second surgery. These polymers have excellent physical properties like higher degradation rates, strength and flexibility, which makes them appropriate for many end-use applications such as drug delivery, orthopedic, and others.
In the U.S., one in seven individuals is suffering from an orthopedic impairment and more than six million people are hospitalized for the same. Since 2010, spending on orthopedic surgery has witnessed a growth of over 40%. Knee and hip replacement surgeries experienced a growth of more than 15% and 30 % respectively. Planned orthopedic surgeries cost over USD 20 billion in 2017 in the U.S. Global population of people aged 60 years or above was more than 950 million in 2017, which has grown over 230% since 1980 and is likely to cross 2 billion in the next three decades. Increasing global aging population, rising number of orthopedic injury to the sportspersons are few factors driving the orthopedic healthcare industry. Bioresorbable polymers are widely used for chlorhexidine chip, sutures, etc. in orthopedics field and its demand will continue to grow in the future.
Rapidly growing bioresorbable polymer demand for drug delivery application is another chief factor that will boost the growth of the market. These polymers are chemically neutral in nature and are harmless when it decomposes in the body, making them perfect for drug delivery applications. However, higher cost of bioresorbable polymers as compared to conventional medical polymers might hinder the bioresorbable polymers market share in the coming years. Less awareness in developing economies about the benefits of bioresorbable polymers might also hamper the industry growth in the future.
Based on product type, global bioresorbable polymers market size is classified into PLA (polylactic acid), PGA (polyglycolic acid), PCL (polycaprolactone), proteins, polysaccharides, and others which includes polydioxanone, polyhydroxy-butyrate, etc. Polylactic acid product type will have high growth rate due to the benefits associated with the product type like durability, flexibility, ability to make changes in concentration of lactic acid in body, etc. Polyglycolic acid will have significant market share owing to the extensive use of product type in surgical sutures. Based on application, global bioresorbable polymers market is categorized into drug delivery, orthopedics and others which includes pediatrics, tissue engineering, etc. Orthopedic application segment is likely to have substantial share of the market due to extensive product demand in orthopedics, coupled with increasing number of orthopedic patients. Drug delivery application segment will have high growth rate due to increasing focus on physical fitness among populace, regular health tracking trend, etc.
North America region will have significant market share. It can be attributed to mature healthcare industry, research and development activities in the field of orthopedics, etc. In 2016, The U.S. Food and Drug Administration approved the utility of the first fully absorbable stent in order to treat coronary artery diseases, which will further boost the growth of the regional market. Asia Pacific region will have high growth rate in global bioresorbable polymers market due to rising population with orthopedic issues, increasing investment in medical industry, etc.
Key players in global bioresorbable polymers market share includes Evonik Industries AG, Corbion, Foster Corporation, Poly-Med, Royal DSM NV, KLS Martin, DURECT Corporation, Merck KGaA, Zeus, and Ashland.
Bioresorbable Polymers Market, By Type, 2014-2025
- Polylactic acid (PLA)
- Polyglycolic acid (PGA)
- Polycaprolactone (PCL)
Bioresorbable Polymers Market, By Application, 2014-2025
- Drug Delivery
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- Evonik Industries AG
- Foster Corporation
- Poly-Med Inc.
- Royal DSM NV
- KLS Martin
- DURECT Corporation
- Merck KGaA
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