The Bioresorbable Polymers Market Value is projected to reach USD 3.15 billion by 2028, and a growth rate or CAGR of 14.1 % during the forecast period by 2030. In the last year, the market secured a value of USD 1.43 billion in 2021.
Bioresorbable polymers are known as biodegradable or bioresorbable polymer materials that can be safely absorbed into the body and used in the healthcare sector. These polymers can decompose easily through the hydrolysis process. Due to its safety measures towards the body and environment, the Bioresorbable Polymers Market is growing higher in demand.
The most used bioresorbable polymers are polyglycolic acid, polylactic acid, and polycaprolactone. It has shown huge application in orthopaedics, surgical implants, drug delivery, and other healthcare uses. These factors are boosting the Bioresorbable Polymers Market Size.
The healthcare industry is the key driver of the market due to its higher consumption of bioresorbable polymers. These polymers are preferred for several implants rather than other conventional methods, driving the Market Growth. Moreover, the rise in the number of orthopaedics cases has become a common health problem globally which is propelling the market’s demand.
The increased rate of the senior population above the 55 age group is thriving towards the growth of the Bioresorbable Polymers Market.
With the help of bioresorbable polymers, implants are made. It even eliminates the need for a second surgery and prevents other risks related to the second surgery. This factor has led to the demand for bioresorbable polymers in implant surgery without a second thought. These polymers are chiefly adopted for developing convenient and efficient drug delivery systems. Due to all these growth influencing factors, the Market is growing at a higherpace.
During the pandemic period, the Bioresorbable Polymers Market was badly affected due to the shutdown of industrial units. The manufacturing units remained closed for more than a year, which decreased the market’s demand and resulted in a huge economic loss. The supply of raw materials was restricted, and delivery of the products to the destination was also delayed.
But later, the Bioresorbable Polymers Market recovered from the loss when its demand was propelled in health industries. The medicals sectors remained open throughout the pandemic, which has driven the market globally.
Chief Factors Existing In The Market
Cumulative Evaluation Of The Market
The cumulative evaluation of the Bioresorbable Polymers Market shows that it will reach a good CAGR and significant value in the forecast period. The market dynamics show their effects, which directly impact the market’s growth rate. The growth-enhancing factors such as the drivers and opportunities accelerate the Bioresorbable Polymers Market Value.
The Bioresorbable Polymers Market is segmented into type and application.
Global Bioresorbable Polymers Market Share, by Region, 2018 (%)
Source: MRFR Analysis
The Bioresorbable Polymers Market shows its regional distribution in prominent regions such as North America, Europe, Latin America, Asia Pacific and the Middle East and Africa.
North America is considered the leading region. It accounts for the largest market share in recent years due to the increased demand for these polymers in biomedical industries driving the regional market. The US and Canada are the major regions of North America which are attributed to the market’s growth due to the presence of key industrial players. The rise in innovations and advanced technologies to improve novel biocompatible polymers for widening their physical and degradation characteristics is accelerating its regional market.
Asia-Pacific has secured substantial growth, and it will acquire the highest CAGR during the forecast period. The increase in demand for bioresorbable polymers in healthcare industries in various developing countries is driving the APAC market. The rise in consumer awareness in the region is expected to drive the market demand. China is the leading region, followed by India and Southeast Asian countries. These regions are showing a higher growth rate due to the increased rate of the medical and hospital industry.
The Bioresorbable Polymers Market in Europe is showing significant growth because of the higher usage of bioresorbable polymers in orthopaedics and drug delivery applications. Germany is considered the major contributor due to the presence of leading players.
Other regions of the world, such as Latin America and the Middle East & Africa, will show a steady growth rate in the forecast period due to the increased awareness among consumers and tremendous growth of healthcare industries.
Competitive Intensity Within The Industry
The industrial players take the responsibility to emerge the Bioresorbable Polymers Market Trends to propel its growth rate. The players monitor the company overview, valuation, annual revenue and others factors to monitor its smooth function. All the industrial activities will eventually drive the market’s performance. The players predict the sales rate and its further growth to maintain the market standard and business growth. The presence of players in prominent regions worldwide promotes regional market growth. The market players are concerned about the current trends and focus on developmental activities like launching products, collaboration, partnerships, mergers and acquisitions to drive the Bioresorbable Polymers Market Growth. Here is the list of prominent industrial players.
Recent Market Developments
The report overview of the Bioresorbable Polymers Market Analysis states the growth accelerating factors and even the restricting features. The report covers the complete market dynamics, such as the drivers, opportunities, challenges and restraints. The pandemic report was discussed in detail, including the loss and recovery. The segmentation analysis showcased the prominent segments and their growth estimation. Geographical data of the market covered the regions noticing higher regional growth and their influencing factors. The key player and their competitive intensity, along with their developmental activities, were mentioned in detail. Hence, the Bioresorbable Polymers Market Outlook will reach the estimated growth value in the review period.
Key Industrial Segments
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Corbion NV (The Netherlands), Evonik Industries AG (Germany), Foster Corporation.(US), Poly-Med Inc. (US), DURECT CORPORATION (US), Merck KGaA (Germany), Koninklijke DSM N.V (The Netherlands), KLS Martin (US), Ashland (US), Putnam Plastics (US) and Groupe PCAS (France), REVA Medical, Inc.(US).|
|Key Market Opportunities||The increasing use of bioresorbable polymers as scaffolds for cells in tissue engineering, sutures, biodegradable stents, tissue fixation|
|Key Market Drivers||Drive the global market in biomedical sector.|
The global bioresorbable polymers market is predicted to touch USD 3.15 billion by 2028.
The bioresorbable polymers market is predicted to grow at a 14.1% CAGR between 2021-2028.
North America is predicted to lead the bioresorbable polymers market during the forecast period.
Key competitors in the bioresorbable polymers market include REVA Medical, Inc. (US), Groupe PCAS (France), Putnam Plastics (US), Ashland (US), KLS Martin (US), Koninklijke DSM N.V (The Netherlands), Merck KGaA (Germany), DURECT CORPORATION (US), Poly-Med Inc. (US), Foster Corporation.(US), Evonik Industries AG (Germany), and Corbion NV (The Netherlands).
Growing healthcare sector, increasing use in the controlled drug delivery matrix, and growing accident rate are boosting the market growth.
Global Bioresorbable Polymers Market: Competitive Landscape
Majors players covered in the global bioresorbable polymers market report are KLS Martin Group, Poly-Med, Inc., DURECT Corporation, Corbion NV, Evonik Industries AG, Foster Corporation, PCAS Group, Merck KGaA, and Royal DSM NV.
Among the aforementioned companies, the top five players namely Corbion NV, Evonik Industries AG, Foster Corporation, Merck KGaA, and Royal DSM NV are collectively dominating the global market. Some of the major industry players are adopting collective approaches to hold the major share of this market. Moreover, key operating producers have adopted various strategies such as capacity expansion, patent filing, acquisition, and product launch as their major business tactics.
Corbion NV develops, manufactures, sale, and distributes ingredients in food and biochemical. The company operates through two business segment namely food and biochemical. The food segment offers bio-based ingredients to the food industry. Corbion strategy is to create sustainable growth in the food and biochemical. The company is building new business platforms in biotechnology based on their fermentation expertise. In November 2016, Total and Corbion established a joint venture to manufacture and sell polylactic (PLA) polymers. The company was planned to construct a PLA polymerization plant with an annual capacity of 75,000 tons at Corbion’s site in Thailand.
Evonik Industries AG, a leading chemical company, is involved in the specialty chemicals business across the globe. The company operates through four business segments namely nutrition & care, resource efficiency, performance materials, and services. The company has its presence in Western Europe, Eastern Europe, North America, Central and South America, Asia Pacific, and the Middle East & Africa. Evonik Industries launched a new range of RESOMER composites to increase the performance of bone fixation device. This product launch would help the company to strengthen their position among the Bioresorbable polymer manufacturers.
Foster Corporation is involved in developing and manufacturing biomedical polymers for the medical device industry. The company contributes and sells medical grade Pebax MED block co-polyamides and medical grade Rilsan MED polyamides for the medical market. Foster Corporation has a manufacturing unit in Las Vegas, Putnam CT, and Nevada. Foster Corporation operates as a subsidiary of PolyMedex Discovery Group, Inc. In February 2017, Foster Corporation and ProMed Pharma established an agreement to offer contract services for pharmaceutical and combination device applications. This agreement would help the company to increase the marketing, business development, and technical services for a broad range of drug delivery materials and processing technologies.
Merck KGaA is involved in the manufacturing of chemical products and pharmaceutical. The company operates through three business segment namely healthcare, life science, and performance materials. The company manufactures medical devices under the healthcare business segment. The company has a strong presence in Europe, North America, and Asia Pacific. In July 2016, Merck kGaA and PCAS signed an agreement to expand Merck’s excipients portfolio. Under this agreement, Merck will distribute the Expansion line of biocompatible and biodegradable polymers across the globe. The product portfolio comprises polymers for small molecules and peptide injectables.
Royal DSM NV is involved in the manufacturing and sales of nutritional, pharmaceutical ingredients, and industrial chemicals. The company operates through four business segments namely nutrition, materials, innovation center, and corporate activities. The company has a significant presence across the globe and is a key manufacturer of bioresorbable polymers.