The Bioresorbable Medical Material Market size is projected to reach US$ 2.84 billion by 2031 from US$ 1.23 billion in 2022. The market is expected to register a CAGR of 9.70 % in 2023–2031. The growing aging population prone to orthopaedic disorders, innovation in bioresorbable material expansion of minimally invasive procedures, and adoption of these materials for several medical applications are likely to remain key for bioresorbable medical material market trends.
Major factors such as the rising preference for minimally invasive procedures, the escalating number of patients suffering from orthopedic disorders, and the rising adoption of bioresorbable polymers for orthopedic procedures are fueling the market growth. These polymers are used in molded medical equipment for neurology, orthopedic, and cosmetic surgery.
North America is the largest market for Bioresorbable Medical Material market growth with the US holding the largest market share followed by Canada. Factors such as the increasing aging population, rising orthopedic disorders, development in orthopedic devices, and rising adoption of bioresorbable material for orthopedic implants are also key contributing factors to the North American Bioresorbable Medical Material market growth.
The increasing aging population globally is creating substantial growth in the market and is anticipated to surge market growth of bioresorbable medical material. The bioresorbable medical material holds several medical applications, such as tissue regeneration, drug delivery systems, surgical sutures, and medical implants. The bioresorbable material is being used for mechanical, physiochemical, and chemical properties for improving functionality and sensitivity toward natural body stimuli. Such properties are anticipated to surge market growth. According to the article published in the International Journal of Molecular Science in March 2022, between 2019 and 2050, the number of old age population 65 and above is projected to more than double. Hence, the expanding older population and increased need for surgical devices & supplies are anticipated to propel bioresorbable medical material market growth.
3D printing is shaping the bioresorbable medical material and gaining popularity in the bioresorbable medical material market. Companies in the bioresorbable material market are involved in manufacturing new 3D printing biomaterial for orthopedic devices. For instance, in October 2023, Evonik company introduced a new line of RESOMER Filaments to enable the 3D printing of personalized, high-resolution bioresorbable implants. The company offers a selection of Poly (L-lactide-co-glycolide) (PLGA), Poly(L-lactide), (PLLA), Poly(caprolactone) (PCL), and Polydioxanone (PDO) grades which are available as standard grades, with additional customization for customers. Similarly, in February 2020, the company also introduced another bioresorbable powder for Selective Laser Sintering (SLS) 3D printing equipment. Such advancements by the major players of the market are expected to provide new opportunities for market players.
Key segments that contributed to the derivation of the Bioresorbable Medical Material Market analysis are product type and application.
The geographic scope of the Bioresorbable Medical Material Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Bioresorbable Medical Material Market. The market growth can be attributed to the advancements in orthopedic surgery procedures, rising aging population, expanding R&D activities, and the strong presence of major manufacturers in the North American region. Moreover, advancements in bioresorbable material and companies involved in strategic key developments are anticipated to boost the market growth in the near future. For instance, in September 2023, Zeus, a global leader in advanced polymer solutions, developed Absorv XSE-oriented tubing, the newest bioabsorbable product. The product is available in variety of resins and expanded size ranges, Absorv XSE offers a highly customizable platform as an alternative to metallic products implanted permanently in the human body.
The regional trends and factors influencing the Bioresorbable Medical Material Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Bioresorbable Medical Material Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1.23 Billion |
| Market Size by 2031 | US$ 2.84 Billion |
| Global CAGR (2023 - 2031) | 9.70 % |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Bioresorbable Medical Material Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Bioresorbable Medical Material Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Bioresorbable Medical Material Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Bioresorbable Medical Material:
The “Bioresorbable Medical Material Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: