Bioresorbable Polymers Market Forecasts to 2030 – Global Analysis By Product Type (Polysaccharides, Polylactic acid, Polyglycolic acid, Polycaprolactone and Other Product Types), Application (Orthopedic devices, Drug delivery and Other Applications), and

Bioresorbable Polymers Market Forecasts to 2030 – Global Analysis By Product Type (Polysaccharides, Polylactic acid, Polyglycolic acid, Polycaprolactone and Other Product Types), Application (Orthopedic devices, Drug delivery and Other Applications), and By Geography

According to Stratistics MRC, the Global Bioresorbable Polymers Market is accounted for $1.52 billion in 2023 and is expected to reach $4.23 billion by 2030 growing at a CAGR of 15.7% during the forecast period. Bioresorbable polymers are substance that is frequently utilised in the healthcare industry because it may be safely absorbed by the body. When these polymers are planted on the body, they do not need to be dethatched. Moreover, the utilization of the Bioresorbable polymers in the healthcare industry breaks down bioresorbable polymers such polylactide (PLA), polyglycolide (PGA), and copolymers of PLA/PGA. For the non-structural drug delivery to resorbable screws and anchors, these materials may be customised to match mechanical performance and resorption rates which drive the growth of the market.

Market Dynamics

Driver

Favourable reimbursement

One of the main factors propelling the expansion of the bioresorbable polymers market is the favourable reimbursement status for a number of surgical procedures. For instance, the US CMS offers the worldwide surgical package, which aims to cover payments for all surgical treatments which includes preoperative, intraoperative, and postoperative carried out by surgeons for US citizens. As a result, the market for bioresorbable polymers is anticipated to develop over the next few years as a result of the rising number of surgical operations brought on by better insurance coverage.

Restraint

Lack of skilled personnels

Due to developments in this area, the technical landscape and applications for medical goods based on bioresorbable materials are developing quickly. This urges doctors and other healthcare professionals to have the skills necessary to manage medicinal goods made of bioresorbable materials. As a result, sophisticated bioresorbable medical items are not used for wound closure by medical surgeons or doctors from healthcare services.

Opportunity

Increasing demand for bioresorbable polymers for drug delivery applications

By permitting cyclic dosing, controlled release of therapeutic agents in constant amounts throughout time, and different releases of both hydrophilic and hydrophobic medications, polymers have considerably improved drug delivery technology. Since its early days of using ordinary materials, the field has substantially grown. Modern breakthroughs in drug delivery are now built on the rational design of polymers intended to exert unique biological activities and tailored for a particular cargo. Bioresorbable polymers have the capacity to change surfaces with ligands for privacy and targeted drug administration in the human body. They also allow regulated release to the desired place, stability to unbalanced molecules (such as proteins), and stability to imbalanced molecules.

Threat

High cost when compared to traditional plastics

The market for bioresorbable polymers is severely constrained by the higher cost of bioresorbable polymers compared to degradable and other polymers. Although the market anticipates a faster pace of development, it is still smaller than the market for traditional polymers. As a result, the manufacturing of traditional polymers benefits from economies of scale, whereas the production of bioresorbable polymers is small-scale. As a result, the cost of production is greater, boosting demand for the finished product. Bioresorbable polymers, however, provide a one-time fix and improved services overall. Long-term, this can lessen the impact of these polymers' greater cost.

Covid-19 Impact

The epidemic has had an impact on almost every facet of civilization. The market for bioresorbable polymers has seen a downturn as a result of the interruptions in the global supply chain and the delays in planned processes. The medical industry's declining demand was the root of this problem. Raw resources were scarce, and it took longer for goods to get where they were going. But when the demand for bioresorbable polymers was raised in the medical and pharmaceutical sectors, the market for them began to rebound. The medical sector continued to function during the epidemic, supporting the world market. Following the start of the widespread vaccination campaign in 2021, additional developing countries expanded the manufacture of bioresorbable polymers.

The polylactic acid segment is expected to be the largest during the forecast period

The polylactic acid segment is estimated to have a lucrative growth, due to its excellent process ability and mechanical strength, PLA is one of the most commercially viable biopolymers. PLA is non-toxic, biodegradable, recyclable, compostable, and is metabolised by living things. It is superior to conventional polymers in a number of ways, including improved thermal processability and the ability to be processed through a variety of moulding processes. The two primary subtypes of PLA are PLLA and PDLLA.

The orthopedic devices segment is expected to have the highest CAGR during the forecast period

The orthopedic devices segment is anticipated to witness the highest CAGR growth during the forecast period, due to the major use of resorbable polymers is in orthopaedics. The high growth in this application is attributed to a number of factors, including an increase in the prevalence of orthopaedic disorders, an improvement in standard of living brought on by rising per capita income, rising healthcare spending, a rise in the demand for higher quality medical care, and increased awareness of bioresorbable stents in numerous nations around the world.

Region with largest share

Asia Pacific is projected to hold the largest market share during the forecast period owing to the rapid economic expansion of developing nations and rising per capita disposable income. The presence of high-growth economies like India, China, and Japan, as well as the quick ageing of the population, the rising number of hospitals, supportive reimbursement policies, the implementation of helpful government initiatives, rising per capita income, significant investments in the healthcare sector, demand for cutting-edge surgery products, and the expansion of private hospitals into rural areas are additional factors driving the market in APAC.

Region with highest CAGR

North America is projected to have the highest CAGR over the forecast period, owing to rising product use in orthopaedics and medication delivery applications. The bioresorbable polymers market in North America is further fueled by the U.S., which serves as a significant centre for research and development in the healthcare sector. Additionally, it is anticipated that the expanding need for polymers in orthopaedics and drug delivery applications, together with rising healthcare spending, would drive up demand for the product in the area the expanding need for polymers in orthopaedics and drug delivery applications, as well as more healthcare spending, are all expected to drive up product demand in this region.

Key players in the market

Some of the key players profiled in the Bioresorbable Polymers Market include Evonik Industries AG, Foster Corporation, Ashland Global Holdings Inc., REVA Medical, LLC, Bezwada Biomedical, LLC, BMG Incorporated, Foryou Medical Devices Co., Ltd, Musashino Chemical Laboratory, Ltd., Henan Xinghan Biotechnology Co. Ltd., KLS Martin Group, DSM Biomedical, Corbion N.V., Zeus Industrial Products, Abbott, 3D Biotek LLC, Sunstar Suisse S.A. and Futerro

Key Developments

In June 2023, Evonik launches new TEGO® Rad 2550 slip and defoamer additive for radiation-curing inks and coatings, The new TEGO® Rad 2550 is a clear, low viscosity liquid that effectively reduces static and dynamic surface tension in both conventional UV- and LED-cured formulations.

In June 2023, Evonik expands global alkoxides business with new Singapore plant. In future, alkoxide catalysts will also play a bigger role in the circular economy through their use in the chemical recycling of PET plastics.

Product Types Covered
• Polysaccharides
• Polylactic acid
• Polyglycolic acid
• Polycaprolactone
• Poly(lactic-co-glycolic acid) (PLGA)
• Agro-Polymers
• Bio-Polyesters
• Other Product Types

Applications Covered
• Orthopedic devices
• Drug delivery
• Other Applications

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements