Polyglycolic Acid Market Size

Polyglycolic Acid Market Size

Polyglycolic Acid Market size was over USD 6 billion in 2016 and will witness growth over 4.7% through 2024. Rising demand for absorbable suture and other advanced surgical tools has been the significant trend in medical industry propelling the PGA market.

The U.S. healthcare expenditure was USD 3.3 trillion or USD 10,348 per person in 2016. Additionally, healthcare investment accounted for close to 18% of the total of GDP in 2016. The product has a range of applications in medical sector including, absorbable sutures, biodegradable bone graft polymers, in regeneration of organs, dental surgeries, scaffolds in cell culture & transplantation and in drug delivery vehicles. The use of absorbable sutures circumvents the need for re-surgery for suture removal, which is likely to be a key factor propelling the polyglycolic acid market by 2024.

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The product has been gaining acceptance amongst other synthetic suture materials such as: polyglactin, poliglecaprone, polydioxanone, polydioxanone. Several factors such as: upward obesity rates, expanding incidence of hypertension and growing percentage of geriatric population have led to strong potential for PGA in the cardiovascular surgeries.

Modern trends in the packaging sector will also drive polyglycolic acid (PGA) market share in the coming years. The product has been approved as a biodegradable plastic by the U.S., Europe and Japan governments. The non-degradable packaging wastes including, films, bags and bottles have led to evident pollution in the recent decades. Furthermore, non-degradable plastic bags have been restricted or taxed in Ireland, Germany, South Africa and Taiwan owing to the concerns over their disposal. Such trends present brighter aspects for polyglycolide demand for packaging by 2024, on account of its bio-degradable characteristics.

Polyglycolic acid features high hydrolytic instability, which result in very quick degradation. This has been a limiting factor to its applicability in several medical innovations. For increasing the hydrolytic stability, various co-monomers have been experimented; however, the resultant materials exhibit inferior properties compared to the PGA homopolymers. Lack of cost effective & high-volume manufacturing techniques have led to relatively small-scale production feasibility for the product in recent years.