The global Bioresorbable Polymers market is anticipated to garner US$ 5 Billion while expanding at a CAGR of 13% during the forecast period. The market is estimated at US$ 1.3 Billion in 2021 and US$ 1.47 Billion in 2022. Technological advancements, innovations in plastics, and evolved decontamination devices are boosting the product demand, thereby augmenting the industry's growth.
Bioresorbable polymers can biodegrade inside the human body, which permits physicians to eradicate the necessity for the following surgery to eliminate temporary implants. It also minimizes the post-surgery risk to the patient without causing a threat to the patient's body. Owing to these factors, the product is finding wide application in the healthcare industry for the manufacturing of stents and other implants.
In recent years, the demand for bioresorbable polymers has burgeoned at a significant rate, backed by the growing health concerns among consumers. Consumers do not want to take unnecessary medications and therapies which may cause adverse effects on the human body after surgery. In terms of product type, the demand for polylactic acid is rising at an impressive rate owing to the growing adoption by manufacturers as a raw material for the development of implants.
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Key Takeaways:
By Product type, the polylactic acid segment of the Bioresorbable Polymers segment expanded at a ~12% CAGR
Based on Application, the orthopedic segment of Bioresorbable Polymers is estimated to record an ~13% CAGR
North America region is likely to account for the majority share of nearly 32% during the forecast period
Europe region is estimated to gain significant traction in the market for Bioresorbable Polymers, Germany is likely to hold the majority share.
"With the growing adoption of the minimally invasive surgery, the prominent manufacturers are compelled to develop the biodegradable implants which in turn is likely to boost the demand for the bioresorbable polymers over the coming years".
Competitive Landscape
Key players in the global Bioresorbable Polymers market include Corbion NV, Evonik Industries AG, Poly-Med Inc., Foster Corp., Abbott, KLS Martin Group, 3D Biotek LLC., Sunstar Suisse S.A., DSM, Futerro, among others.
Recent key developments among players are:
In June 2021, NatureWorks LLC invested USD 600 million for a PLA facility in Thailand. The company is focusing on increasing its annual PLA production capacity to 75,000 tons for Ingeo PLA grade.
In Jan 2021, Evonik closed its previously announced acquisition of the LACTEL® Absorbable Polymers product line from DURECT Corporation. The acquisition of the LACTEL® business strengthened the company's innovation growth field in Healthcare Solutions and Evonik's position as a globally leading integrated CDMO for drug delivery solutions.
In Feb 2022, 3D Biotek Introduced a new 3D InsertTM PCL scaffolds for large-scale 3D cell expansion. As Compared with traditional 2D culture, 3D InsertTM PCL technology more closely resembles an in vivo In September 2020, DSM announced a partnership with PBC Biomed, an Ireland-based medical device design and development company. This partnership will focus initially on the development of regenerative bone adhesives for safe and cost-effective surgical procedures.
Key Segments Covered in the Bioresorbable Polymers Industry Analysis
Bioresorbable Polymers Market by Product:
Polysaccharides Bioresorbable Polymers
Proteins Bioresorbable Polymers
Polylactic Acid Bioresorbable Polymers
Polyglycolic Acid Bioresorbable Polymers
Polycaprolactone Bioresorbable Polymers
Others
Bioresorbable Polymers Market by Application:
Bioresorbable Polymers in Drug Delivery
Bioresorbable Polymers in Orthopedics
Others
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the bioresorbable polymers market presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032. The study reveals essential insights based on Product, by Application & Region (North America, Europe, East Asia, South Asia, Oceania, Middle East & Africa, and Latin America).