Dublin, Dec. 20, 2021 (GLOBE NEWSWIRE) -- The "Bioresorbable Polymers Market by Type (Polylactic Acid (PLA), Polyglycolic Acid (PGA), Poly Lactic-Co-Glycolic Acid (PLGA), Polycaprolactone (PCL)), Application (Orthopedic Devices, Drug Delivery), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The bioresorbable polymers market size is estimated to be USD 1.0 billion in 2021 and is expected to reach USD 1.6 billion by 2026, at a CAGR of 10.0% during the forecast period.
Factors such as to increasing number of surgical interventions, growing demand for biocompatible medical devices, growing demand in the drug delivery application and favorable reimbursement scenario are the major drivers in this bioresorbable market. Cost of bioresorbable polymers as compared to conventional polymers, preference of minimal invasive surgeries and lack of quality control in developing countries are the major restraints for the bioresorbable polymers.
A major opportunity in the resorbable polymers market is increasing the production of environmentally friendly products to meet the regulatory standards set by various environmental protection agencies. Stringent regulatory framework for medical devices and skilled personnel for the effective use of bioresorbable medical products remains the major challenges of this market.
Poly Lactic-co-glycolic acid (PLGA) is estimated to be the fastest-growing type in the bioresorbable polymers market between 2021 and 2026.
PLGA is an elastomeric co-polymers, which is a blend of glycolic acid and lactic acid. PLGA is mainly used in the drug delivery application. Biodegradability, biocompatibility, mechanical properties and east of processing are key characteristics of PLGA. PLGA is also used in the applications like tissue engineering devices, and prosthetic devices. The mechanical properties and degradability of PLA is significantly improved by combing PGA. Hence it is highly preferred type of polymers in drug delivery.
Drug delivery was the second-largest application for bioresorbable polymers market in 2020.
The bioresorbable polymers market size for drug delivery applications accounted for the second-largest share of global bioresorbable polymers, in terms of value, in 2020 this was led by the demand from the pharmaceutical industry. The demand of bioresorbable polymers in drug delivery application is increasing. These polymers are used to make implantable matrices for controlled drug release inside the body.
Many medicines covering, especially, capsules are made of resorbable polymers so that they get absorbed in the body without causing any harmful effects. They help in releasing the prescribed amount of drug in the body without having to undergo through the pain of needles and other procedures periodically. Once it completes its function of drug delivery, it gets absorbed in the body.
APAC is estimated to be the largest bioresorbable polymers market in 2020, in terms of volume.
North America was the largest bioresorbable polymers market, in terms of value, in 2020. Globally, it has been leading the market in demand as well as product innovation in terms of quality and application development.
Growth of the bioresorbable polymers market in the region is backed by the growing demand for these polymers in the medical industry. Intense competition among major players in the market has led to price stabilization in the past few years. Growth in the North American market is attributed to the increasing prevalence of chronic diseases in the region.
According to an NCBI study, chronic diseases affect around 50% of the total US population every year. It also estimated that chronic diseases accounted for ~86% of all healthcare costs in the US. Market growth in North America is also influenced by factors such as the availability of favorable reimbursement options, increasing awareness about novel medical devices, and the implementation of government initiatives.
The bioresorbable polymers market is dominated by key market players such as Corbion N.V. (The Netherlands), Evonik Industries AG (Germany), Foster Corporation (US), KLS Martin Group (Germany), DSM Biomedical (US), Inc., Ashland Global Holdings Inc. (US), Zeus Industrial Products(US), Inc., Seqens Group (France), REVA Medical, LLC (US), Poly-Med Incorporated (US), Bezwada Biomedical, LLC (US), Nomisma Healthcare Pvt. Ltd. (India), and BMG Incorporated (Japan) among others.
Premium Insights
- High Growth Expected in Emerging Economies During the Forecast Period
- North America to be the Largest Bioresorbable Polymers Market During the Forecast Period
- The US Accounted for the Largest Share of the Market in North America
- Orthopedic Devices to Dominate the Bioresorbable Polymers Market
- India to be the Fastest-Growing Bioresorbable Polymers Market During the Forecast Period
Market Dynamics
Drivers
- Increasing Number of Surgical Interventions
- Growing Demand in Biocompatible Medical Devices
- Growing Demand in Drug Delivery Application
- Favorable Reimbursement Scenario
Restraints
- Increasing Preference for Minimally Invasive Surgeries
- Higher Cost of Bioresorbable Polymers Than That of Conventional Polymers
- Lack of Quality Control Measures in Developing Countries
Opportunities
- Electrospinning and 3D Printing Technologies
Challenges
- Stringent Regulatory Framework for Medical Devices
- Requirement of Skilled Personnel for the Effective Use of Bioresorbable Medical Products
Patent Analysis
- Approach
- Document Type
- Granted Patents Account for 19% of All Patents Between 2010 and 2020
- Patents Registered for Bioresorbable Polymers, 2010-2020
- Patent Publication Trends for Bioresorbable Polymers, 2010-2020
- Insights
- Legal Status of Patents
- Legal Status of Bioresorbable Polymers Patents
- Jurisdiction Analysis
- Maximum Patents Filed by Companies in China
- Top Applicants
- Toray Industries, Inc. Registered the Highest Number of Patents Between 2010 and 2020
- Top 10 Patent Owners in the Us, 2010-2020
Case Studies
- Case Study on Resomer Bioresorbable Polymer Used in Breast Implant Technology
- Case Study on Expansorb Pla Orthopedic Screws
Companies Mentioned
- Ashland Global Holdings Inc.
- Bezwada Biomedical, LLC
- BMG Incorporated
- Corbion N.V.
- DSM Biomedical, Inc.
- Evonik Industries Ag
- Foster Corporation
- Henan Xinghan Biotechnology Co. Ltd.
- Huizhou Foryou Medical Devices Co., Ltd.
- KLS Martin Group
- Musashino Chemical Laboratory, Ltd.
- Nomisma Healthcare Pvt. Ltd
- Poly-Med Incorporated.
- Polysciences, Inc.
- Reva Medical, LLC
- Seqens Group
- Zeus Industrial Products, Inc.
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