ID: MRFR/CnM/0463-HCR | February 2021 | Region: Global | 140 pages
The Global Bioresorbable Polymers Market is projected to grow at 13.9% CAGR during the forecast period. The Global Market in 2018 was valued USD 867.51 Million and is expected to reach USD 1.98 Billion by the end of 2025.
Bioresorbable polymers are biocompatible polymers that can be easily dissolved in the body fluids without causing any residual side effects. These polymers are eliminated from the body via dissolution, assimilation or excretion through metabolic pathways. For instance, polylactic acid derivates such as poly(L-lactic acid) (PLLA), poly(D-lactic acid) (PDLA) and poly(DL-lactic acid) (PDLLA) are widely used materials to synthesize bioresorbable devices, these on degradation eliminates the products via renal excretion or citric acid cycle from the body. Bioresorbable polymers on the account of their high performance and biocompatibility are commonly used in biomedical applications such as prostheses, replacing damaged joints, stents, heart valves and others.
Bioresorbable polymers avoid post-healing surgical interventions for device removal and eliminates the post-surgery risk to the patients. This is likely to drive the global market in biomedical sector. Owing to their material composition, high performance and microstructure bioresorbable polymers are widely used in orthopedic devices. In addition, on the account of biodegradability the increased use of bioresorbable polymers in the form of capsules in drug delivery applications is fueling the market demand globally.
Furthermore, the increasing use of bioresorbable polymers as scaffolds for cells in tissue engineering, sutures, biodegradable stents, tissue fixation and implantable medical devices as a replacement for metallic devices is further creating lucrative opportunities for the key players operating in bioresorbable polymers market.
However, despite of innumerable benefits, the high cost of bioresorbable polymers when compared to conventional polymers is likely limit the growth worldwide.
Global Bioresorbable Polymers Market Share, by Region, 2018 (%)
Source: MRFR Analysis
The Global Bioresorbable Polymers Market is analyzed for five major regions, namely– North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
The market in North America dominates the global bioresorbable polymers market and accounted for the largest market share in 2018. This is primarily attributed to the increased demand of these polymers in developed biomedical industries in the region. The US, followed by Canada, is the leading country owing to the presence of major key players such as Foster, Ashland, Durect and DSM in the region. Additionally, the increasing innovations for the development of novel biocompatible polymers with a broad range of physical and degradation characteristics is further propelling the regional market demand. For instance, in November 2017, Rutgers University researcher in biomaterial category received “2017 Edison Patent Award” from the Research & Development Council of New Jersey for the development of the world’s first fully resorbable and x-ray visible coronary stent, which is a widely used medical implant to keep the blood vessel open after angioplasty.
Asia-Pacific accounted for a substantial market share in 2018 and is expected to grow at the highest CAGR during the forecast period. The increasing demand for bioresorbable polymers in expanding healthcare industries in developing economies coupled with rising consumer awareness in the region is expected to drive the market demand. China is the leading country followed by India and other Southeast Asian countries on the account of increasing medical and hospital industry in the region. For instance, according to India Brand Equity Foundation (IBEF), the Indian hospital industry is projected to register a healthy CAGR of 16-17% and is expected to reach USD 132.84 Billion by 2022 from 61.79 billion in 2017. Thus, driving the demand for bioresorbable polymers in medical industry.
Europe is also expected to register significant growth during the forecast period due to the extensive use of bioresorbable polymers in orthopedics and drug delivery applications. Germany is the major contributor in the regional market on account of the presence of leading players such as Evonik and Merck in the region.
Latin America and the Middle East & Africa are expected to show substantial growth during the forecast period owing to the rising awareness among the consumers and expanding healthcare industries.
The Global Bioresorbable Polymers Market has been segmented based on type, end-use, and region.
Based on type, the global market is classified into type agro-polymers [proteins and polysaccharides] and bio-polyesters [polyglycolic acid, polylactic acid, polycaprolactone, polydioxanone and others].
Based on application, the global market has been classified orthopedics, drug delivery and others
By region, the market has been categorized as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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).
Frequently Asked Questions (FAQ) :
The global bioresorbable polymers market is predicted to touch USD 1.98 billion by 2025.
The bioresorbable polymers market is predicted to grow at a 13.9% CAGR between 2018-2025.
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.
The global bioreabsorbable polymers market is projected to witness a consistently healthy CAGR of 13.60% during the forecast period of 2018 to 2023. The market valued USD 677,500 thousand in 2017 and is expected to reach an evaluation of USD 1,643,006.3 thousand by the end of 2023. The unique applications of this material include its use in medical devices to eliminate the need for unnecessary surgeries in cases where the patient needs temporary medical implants. Although the material has been around for over a decade, it is only recently that bioreabsorbable polymers are being adopted for use in marketable products as production efficiency and economies of scale have improved.
Use of medical implants has grown recently, and implants such as orthopedic rods, screws, and pins are commonly used to repair fractured boned. Patients are showing greater acceptance of medical implants, and this is reflected in the growing expenditure on such devices. For example, in the U.S the medical devices expenditure amounted to USD 170 billion in 2013 which was approximately 6% of the total national health expenditure. The growing acceptance of medical devices using such materials is evidenced further by the increasing demand from various end-use applications. Used predominantly in various biomedical applications such as in the development of bioresorbable vascular scaffolds, wound-healing, and intravenous drug delivery devices, bioreabsorbable polymers are finding novel applications in the delivery of therapeutics & cells for tissue engineering, cancer therapy, for imaging & diagnostics, and for delivery of vaccines. Global healthcare expenditures are rising, and the demand for advanced medical devices for improved treatment options are some other drivers of market growth during the assessment period.
Despite the various promising aspects of bioreabsorbable polymers, the high cost of the implant devices which use them is likely to pose a major challenge to market growth. These high costs are being driven by the incorporation of advanced technology into medical implants. However, the rising use of 3D printers is likely to prove more cost-effective and provide superior implants free from potentially toxic leachables. The use of 3D printing technology offers various advantages and is expected to create various opportunities for growth as market players, particularly start-ups are leveraging the technology. Additionally, emerging economies are expected to drive future growth for the market due to the high demand for advanced medical technology that is available in developed countries.
The global bioreabsorbable polymers market has been segmented on the basis of type, application, and region. By type, the market has been segmented into proteins, polysaccharides, polyglycolic acid (PGA), polylactic acid (PLA) & derivatives, polycaprolactone (PCL), polydioxanone (PDS), and others. Among these, the polylactic acid (PLA) & derivatives segment possess the majority share of the total market and are expected to register an optimistic 13.92% CAGR. PLA naturally converts into lactic acid in the body at a low concentration which is an important factor which is responsible for its increasing use in medical devices.
By application, the market has been segmented into orthopedic, drug delivery and others in the report with the orthopedic segment having the most significant share. The orthopedic segment is expected to grow with the highest CAGR of 13.49% during the review period due to the versatile applications of bioreabsorbable polymers in orthopedics.
By region, the global market, in this report, has been segmented into North America, Europe, the Asia Pacific, the Middle East & Africa and Latin America.
Led by the U.S, North America accounts for the largest share of the global bioreabsorbable polymers market. Presently, the region possesses over a third of the total market and is expected to grow at a significant pace during the assessment period. The rising geriatric population in the region has increased the patient population for cardiovascular and orthopedic treatments. Increasing incidences of orthopedic issues are spurring the demand for high-quality devices and advanced technology in treatments; this is encouraging market players to strategize for further expansion of the global market. The presence of start-ups, various global market players in the region and the ever-increasing healthcare spending, are also contributors to the region’s leading position in the global market.
Europe follows North America with countries such as Germany and the U.K leading growth for the region. The robust demand for bioreabsorbable polymers from medical device manufacturers and the presence of a large geriatric population with high demands for cardiovascular and orthopedic treatments are some drivers for the growth of this regional market segment.
Meanwhile, the Asia Pacific is expected to be the fastest growing regional segment due to the presence of countries such as China, India, Thailand, Japan, Malaysia, and Australia. These countries have supportive government policies and initiatives regarding private investments in advancing the healthcare sector. The massive patient population in the region is rapidly urbanizing and ever-growing to create a demand for advanced healthcare facilities in this region. The increasing presence of private healthcare providers has encouraged hospitals and clinics to specialize in treatments that use advanced technology which is easily available in developed countries. Additionally, India is emerging as a research hub as the operating costs in the region and the concentration of well-educated individuals.
Prominent market leaders in the global bioreabsorbable market include Evonik Industries AG, Foster Corporation KLS Martin Group, Poly-Med Inc, Corbion NV, Royal DSM NN, PCAS Group and Merck KGaA.
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.