The Bioresorbable Polymers Market was valued at US$ 3,260.07 million in 2021 and is projected to reach US$ 6,463.07 million by 2028. It is expected to grow at a CAGR of 10.3% from 2021 to 2028.
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.
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Bioresorbable Polymers Market: Strategic Insights
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Bioresorbable Polymers Market: Strategic Insights
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Impact of COVID-19 Pandemic on Bioresorbable Polymers Market
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.
Market Insights
Increasing Application of 3D Scaffold Printing for Tissue Engineering
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.
Type Insights
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.
Application Insights
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.
Bioresorbable Polymers Market Regional Insights
Bioresorbable Polymers Market Regional Insights
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.
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Bioresorbable Polymers Market Market Report Scope
| 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 |
Market Players Density: Understanding Its Impact on Business Dynamics
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:
- BMG Incorporated
- Evonik Industries AG
- Foster Corporation
- Ashland Global Holdings Inc.
- Poly-Med Incorporated
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Bioresorbable Polymers Market top key players overview
Report Spotlights
- Progressive industry trends in the bioresorbable polymers market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the bioresorbable polymers Market from 2019 to 2028
- Estimation of global demand for bioresorbable polymers
- Porter's analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the bioresorbable polymers market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- The size of the bioresorbable polymers market size at various nodes
- Detailed overview and segmentation of the market, as well as the bioresorbable polymers industry dynamics
- Size of the bioresorbable polymers market in various regions with promising growth opportunities
Bioresorbable polymers Market – by type
- Polylactic Acid (PLA)
- Polyglycolic Acid (PGA)
- Polydioxanone, Polycaprolactone (PCL)
- Others
Bioresorbable polymers Market – by application
- Orthopedic Devices
- Drug Delivery
- Others
Company Profiles
- 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
- Reva Medical, LLC.
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
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The List of Companies - Bioresorbable Polymers Market
- BMG Incorporated
- Evonik Industries AG
- Foster Corporation
- Ashland Global Holdings Inc.
- Poly-Med Incorporated
- REVA Medical, LLC
- Musashino Chemical Laboratory, Ltd
- Huizhou Foryou Medical Devices Co., Ltd.
- Polysciences Inc
- Bezwada Biomedical LLC
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