Bioresorbable polymer-based implants are being widely used for fracture fixation in orthopedic surgery. Orthopedic implants, such as interference screws, plates, pins, suture anchors, meniscal repair implants, and simple fracture fixation implants, are the most commonly used resorbable implants for anterior cruciate ligament reconstruction, shoulder surgery, meniscal repair, and fracture care. When these implants are added to the body, they perform the desired action, and once done, these implants get absorbed in the body by themselves. These resorbable polymer-based implants include sutures, screws, stents, plates, pins, and others used in various orthopedics sub-applications, such as trauma, hip, knee, spine, joint, and other injuries. These implants break down naturally after implantation, during the healing and supporting process. Thus, the rise in the road and on-site accidents are fueling the demand for orthopedic implants and, subsequently, driving the bioresorbable polymers market growth.
You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities
Bioresorbable Polymers Market: Strategic Insights
The ongoing COVID-19 pandemic is anticipated to cause considerable disruptions in the growth of various industries globally. However, the uncertainty regarding the future outbreak, especially in countries such as India and a few other Asian countries, has altered the status of several industrial sectors. The governments of various Asia Pacific countries have taken possible steps to restrict the spread of the virus by announcing a country-wide lockdown, which directly impacts the growth of industrial sectors. The shutdown of manufacturing units and the disruption in the supply chain has obstructed the market. In India, there has been a reduction in road accidents during the COVID pandemic. According to the Minister for Road Transport and Highways, there was s 26,48% reduction in road accidents. A reduction in road accidents has led to a reduced case for tissue engineering, which will reduce the demand for medical implants, thus negatively impacting the bioresorbable polymer market.
The increasing application of bioresorbable polymers to create organ-like structures using 3D scaffold printing for tissue engineering is gaining significant traction in the healthcare industry. Bioresorbable polymers contain excellent cell adhesion properties, making them suitable for tissue engineering applications, such as bone, tendon, cartilage, tooth, and spinal regeneration. These polymers are fabricated into scaffolds using various techniques, such as electrospinning and polymers printing, to create microstructures and nanomaterials that facilitate tissue development. 3D scaffold printing can produce highly complex designs with controllable features for efficient and smooth tissue engineering. The application of bioresorbable polymers for 3D scaffold printing is expected to be the future trend in tissue regenerating treatment and in this market over the forecast period.
Based on the type, the global bioresorbable polymers market is segmented into polylactic acid (PLA), polyglycolic acid (PGA), polydioxanone, polycaprolactone (PCL), others. The Polyglycolic Acid (PGA) segment led the bioresorbable polymers market with a largest revenue share of the market in 2020.
Based on the application, the global bioresorbable polymers market is segmented into orthopedic devices, drug delivery, and others. The orthopedic devices segment led the bioresorbable polymers market in 2020.
Bezwada Biomedical, LLC; Evonik Industries AG; Foster Corporation; Ashland; Musashino Chemical Laboratory, Ltd.; Huizhou Foryou Medical Devices Co., Ltd.; Polysciences, Inc.; BMG; Poly-Med Incorporated; And Reva Medical, LLC., are the key bioresorbable manufacturers across the world. These players are actively focusing on product innovation to develop more bioabsorbable materials that suit the human body without leaving any side effects.
The regional trends and factors influencing the Bioresorbable Polymers Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Bioresorbable Polymers 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 2021 | US$ 3.26 Billion |
Market Size by 2028 | US$ 6.46 Billion |
Global CAGR (2021 - 2028) | 10.3% |
Historical Data | 2019-2020 |
Forecast period | 2022-2028 |
Segments Covered |
By Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
The Bioresorbable Polymers 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 Polymers Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Asia Pacific is estimated to register the fastest CAGR in the market over the forecast period. The presence of high-growth markets such as India, China, and Japan due to the rapid increase in the geriatric population; increase in the number of hospitals; the implementation of favorable government initiatives; rise in investments in the healthcare industry; surge in demand for cutting-edge surgery products; and the expansion of private-sector hospitals in the rural areas are driving the market in the region. The increase in the elderly population across the region has led to a higher prevalence of osteoarthritis and other conditions, resulting in injuries requiring orthopedic devices.
The polylactic Acid (PLA) segment registered the fastest CAGR in the global bioresorbable polymers market. PLA is extensively used to manufacture medical implant devices and parts such as screws, pins, rods, and plates due to its biodegradable properties. The advantage of using PLA-based small parts in medical devices enables it to naturally convert into lactic acid in the body at low concentrations and can be safely removed by the body’s excretory system. Also, PLA is widely used in tissue engineering for bone tissue replacement purposes which is one of the most recent utilities of this polymer in medical science.
Orthopedic devices segment has led the bioresorbable polymers market in 2020, in terms of revenue. The orthopedic devices segment of the bioresorbable polymers market accounts for one of the largest revenue shares of the market. The growth of the segment can be attributed to the increasing sub-application of trauma, hip, knee, spine and bone surgery globally. The growing instances of accidents, sports injury, and the ageing population globally is surging the need for various joint and bone surgeries. Bioresorbable polymers are extensively used to make sutures, screws, stents, pins, rods, and plates in implant devices. After adding these devices to the body, they perform the desired action, and once done, these implants get absorbed in the body by themselves. Further, these implants break down naturally after implantation, during the healing and supporting process.
The polyglycolic acid segment of the bioresorbable polymers market is expected to grow at a notable rate in the forecast years. Polyglycolic acid is commonly used in scaffolds for various tissue engineering applications such as bone, tendon, cartilage, tooth, and spinal regeneration. Also, polyglycolic acid is a well-known alternative for PLA in orthopedic applications.
The major players operating in the bioresorbable polymers market are Bezwada Biomedical, LLC; Evonik Industries AG; Foster Corporation; Ashland; Musashino Chemical Laboratory, Ltd.; Huizhou Foryou Medical Devices Co., Ltd.; Polysciences, Inc.; BMG; Poly-Med Incorporated; and Reva Medical, LLC.
In 2020, North America held the largest revenue share of the global bioresorbable polymers market. The US and Canada mainly lead the demand for bioresorbable polymers in North America. Factors such as the growing number of FDA approvals for medical devices and the increasing presence of well-developed healthcare systems are driving the bioresorbable polymer market in the region. Further, the increased presence of orthopedic impairment patients in the region has led to a rise in demand for bioresorbable polymers.