Bioresorbable Polymers Market Size, Share & Trends Analysis Report By Product (Proteins, PLA, Polysaccharides, Polyglycolic Acid, Polycaprolactone), By Application (Orthopedics, Drug Delivery), By Region, And Segment Forecasts, 2023 - 2030

Bioresorbable Polymers Market Size, Share & Trends Analysis Report By Product (Proteins, PLA, Polysaccharides, Polyglycolic Acid, Polycaprolactone), By Application (Orthopedics, Drug Delivery), By Region, And Segment Forecasts, 2023 - 2030

Bioresorbable Polymers Market Growth & Trends

The global bioresorbable polymers market size is anticipated to reach USD 3.63 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to propel at a CAGR of 13.8% over the forecast period. The increasing volume of surgical procedures, growing geriatric population, increasing prevalence of chronic diseases, technological advancements, evolved decontamination devices, and innovations in plastics are boosting the product demand. Bioresorbable polymers, including polylactic acid (PLA), polyglycolic acid, polysaccharides, and polycaprolactone, are produced using feedstock sourced from a range of natural materials. These materials encompass vegetable oils extracted from castor, soybean, rapeseed, residual heat by-products, sunflower, corn fiber, waste from food processing, plant stems, paper mill sludge, potatoes, corn, leaves, and livestock waste, among others.

The bio-based content within the polymer varies depending on the specific feedstock used in the manufacturing process. The increasing demand for these polymers in medical applications is due to the unwillingness of patients to take injections. To avoid the necessity for a second operation, the medication delivery matrix is implanted within the human body. The high demand for these polymers due to their simplicity in dissolving in bodily fluids without leaving any lasting negative effects and the increase in demand for medication delivery applications fuel the market's expansion. The improved healthcare sector in the U.S. has led to an increase in life expectancy and a rise in the geriatric population within the country. According to the World Health Organization (WHO), the rate of population aging is now faster than in previous years.

Currently, the population aged 60 years and over is approximately 1 billion, a number that is expected to double by 2050 (2.1 billion). As individuals age, the synovial fluid within orthopedic joints typically diminishes, resulting in an increased demand for orthopedic elective surgeries. This trend presents a positive growth opportunity for the industry. The market is highly fragmented with the presence of several major players. Mergers, acquisitions, strategic partnerships, capacity expansions, and the introduction of new products are the major strategies undertaken by key players to strengthen their industry presence. For instance, in June 2023, Solvay introduced a new line of biodegradable polymers known as Naternal, specifically tailored for hair and skincare solutions.

Bioresorbable Polymers Market Report Highlights

• The market was estimated at USD 1.30 billion in 2022 and is expected to reach USD 3.63 billion in 2030 at an estimated CAGR of 13.8% from 2023 to 2030 owing to the increasing healthcare expenditure, increasing prevalence of chronic diseases, and growing geriatric population. According to the U.S. Centers for Medicare & Medicaid Services, hospital expenditures grew by 4.4% to USD 1,323.9 billion in 2021
• The polylactic acid (PLA) segment dominated the market and accounted for a revenue share of 29.5% in 2022 due to the biocompatibility and biodegradability of PLA. Polylactic acid breaks down into lactic acid in the body and can be degraded and dissolved in the body. In addition, PLA can be used to create drug delivery systems, such as microspheres or nanoparticles, which can release medications at a controlled rate
• The polycaprolactone (PCL) segment is expected to grow at a CAGR of 13.4% during the forecast period. It is an excellent biomedical polymer and is extensively used in bone-tissue engineering owing to its properties, such as biocompatibility, high mechanical strength, and low cost compared to other polymers
• The orthopedics application segment dominated the market and accounted for a share of 43.6% in 2022 due to the growing geriatric population and increasing prevalence of orthopedic conditions like osteoporosis and arthritis, leading to an increased demand for polymers in orthopedic applications
• Hospitals and medical groups are collaborating to contribute to the rise in orthopedic surgeries, thus directly impacting the product demand. For instance, in February 2022, 87th Medical Group collaborated with the Keller Army Community Hospital to provide orthopedic care services to Joint Base McGuire-Dix-Lakehurst members

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