Bioresorbable Polymers (Medical Industry) Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Bioresorbable Polymers (Medical Industry) Market grew at a CAGR of 10.8% between 2017-2021 and is estimated to be US$ 1,074.6 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 11.2% and is expected to reach a valuation of US$ 3,106.7 Mn by 2032 end.
Throughout the projected period, In the market, plastics are used to produce a wide range of products that serve as crucial instruments for various purposes. The industry has been growing steadily in recent years, with innovations in plastics and the widened adoption of decontamination devices fuelling its growth.
GROWING HEALTHCARE INDUSTRY
The demand for bioresorbable polymers has increased significantly from hospitals and healthcare facilities to prevent the spread of bacterial and fungal infections, excessive bleeding of patients during injuries and surgeries, and growing concerns about other infectious diseases. The increase in the cost-effectiveness of surgery has led to a rise in the number of surgeries conducted every year globally.
STRINGENT GOVERNMENT REGULATION HAMPERS THE MARKET GROWTH
One of the major challenges in developing the Bioresorbable Polymer market over the projected period is the stringent environmental regulations. To expand global production, strict environmental rules must be implemented. Also, The high cost associated with Bioresorbable Polymers, low awareness among consumers in undeveloped countries, and low market penetration play spoilsport in the rapidly growing Bioresorbable Polymer market over the forecast period.
THE RISE IN PATIENT CONVENIENCE WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
Shortly, one of the major drivers for the growth of the bioresorbable polymer market is expected to be the rising adoption of drug delivery. The increasing demand for bioresorbable polymers for drug delivery will also likely motivate this market growth. Employing bioresorbable polymers as drug delivery materials is advantageous as they are non-toxic, essentially decompose and dissolve in the body over time, and do not cause any infections.
The recently reported outbreak of COVID-19 has been a major cause of concern among the global Bioresorbable Polymers market participants. With several developing economies failing to prevent COVID-19 from spreading and not having adequate healthcare infrastructure, countries are expected to face revenue losses in 2020-2021. But attempts by governments to spend more money on healthcare will also lead to an increase in revenues for this market.
Market Segments Covered in Report
By Region and Country:
Why are Polylactic Acid (PLA)/Polylactide projected to ensure the most revenue during the forecast period?
In 2021, the Polylactic Acid (PLA)/Polylactide category accounted for 38.0% of the revenue market for Bioresorbable Polymers. Polylactic acid (PLA), also known as polylactide and made from a lactide monomer, is the most widely used type of bioresorbable polymer. The bioresorbable polymer market’s primary building block is thought to be PLA.
Why is the Orthopedic Implants segment expected to expand the fastest during the forecast period?
In 2021, The segment will be divided into drug delivery and orthopedics based on Application. Because of the numerous sutures, screws, stents, and pins it produces that are utilized in various medical operations, the Orthopaedics segment emerged as the top applicant category in 2021. They contributed more than 45.0% of the total revenue.
The segment expansion is fueled by the wide range of product applications in biomedical settings, including prostheses and mending broken joints. Resorbable polymer-based implants enhance clinical outcomes and patient care while requiring fewer additional surgeries and procedures overall. The Application for medicine delivery is expected to experience the fastest growth rate during the predicted period.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Major corporations are utilizing organic and inorganic development tactics to strengthen their position in the market by diversifying the products they provide. The huge demand for the product in biomedical settings, where it is used for prostheses and mending broken joints, among other things, and the potential government reimbursement are expected to drive up the market for bioresorbable polymers worldwide.
Some of the key developments that have taken place in the Bioresorbable Polymers (Medical Industry) Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 11.2%.
Since bioresorbable polymers are frequently employed in orthopedic devices, the rising number of patients with orthopedic disabilities is increasing the market for these materials.
Major global Bioresorbable Polymers (Medical Industry) Market players are Corbion NV, Evonik Industries AG, Poly-Med Inc., Foster Corp., Abbott, KLS Martin Group, 3D Biotek LLC., Sunstar Suisse S.A., DSM, Futerro
A product must pass clinical studies, which are exceedingly expensive and time-consuming, and there are very slim possibilities that it will be approved.is constrained by market growth.
The North American region is expected to account for the largest market revenue share in the Global Bioresorbable Polymers (Medical Industry) market.
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