Bioresorbable Medical Material Market Growth Overview by 2031
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.
Bioresorbable Medical Material Market Analysis
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.
Bioresorbable Medical Material Market Overview
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.
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Bioresorbable Medical Material Market: Strategic Insights
Market Size Value in US$ 935.99 Million in 2019 Market Size Value by US$ 1,942.13 Million by 2027 Growth rate CAGR of 9.7% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Bioresorbable Medical Material Market: Strategic Insights
| Market Size Value in | US$ 935.99 Million in 2019 |
| Market Size Value by | US$ 1,942.13 Million by 2027 |
| Growth rate | CAGR of 9.7% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Bioresorbable Medical Material Market Drivers and Opportunities
Rising Geriatric Population Requiring Bioresorbable Medical Material Systems favors the Market
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.
The advent of 3D Printing Bioresorbable Medical Material– An Opportunity in Bioresorbable Medical Material Market
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.
Bioresorbable Medical Material Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Bioresorbable Medical Material Market analysis are product type and application.
- Based on product type, the Bioresorbable Medical Material market is segmented into Poly-L-lactide (PLLA), Poly-DL-lactide (PDLLA), (Polylactide (PLA), Polyglycolide (PGA), Polycaprolactone (PCL), and Others). (Polylactide (PLA) held a larger market share in 2023, however, poly-DL-lactide registered the fastest growth.
- Based on Application Bioresorbable Medical Material market is segmented into Drug Delivery, Medical Devices, Orthopaedics, and Others. The drug delivery segment held the largest share of the market in 2023.
Bioresorbable Medical Material Market Share Analysis by Geography
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.
Bioresorbable Medical Material Market Report Scope
Bioresorbable Medical Material Market News and Recent Developments
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:
- BD, a leading global medical technology company, acquired Tepha, Inc., a leading developer and manufacturer of proprietary resorbable polymer technology. (Source: BD, Press Release/Company Website/Newsletter, July 2021)
- Evonik has acquired German biotech company JeNaCell. The acquisition expands Evonik’s biomaterials portfolio to provide biotechnologically derived cellulose. The nature-identical material developed by JeNaCell is used in medical technology and dermatology for the treatment of wounds and burns as well as in hydroactive skin care (Source: Evonik, Press Release/Company Website/Newsletter, Aug 2021)
- Collagen Matrix, Inc. ("Collagen Matrix"), a global leader in regenerative medicine and a Linden Capital Partners ("Linden") portfolio company, today announced the acquisition of Polyganics, B.V ("Polyganics"). Polyganics is a medical technology company that develops and manufactures bioresorbable medical devices. The acquisition expands Collagen Matrix's portfolio of bioresorbable solutions and technology platforms for bone and tissue repair, unlocking new markets and clinical opportunities for the Company. (Source: Collagen Matrix, Inc., Press Release/Company Website/Newsletter, Oct 2022)
Bioresorbable Medical Material Market Report Coverage and Deliverables
The “Bioresorbable Medical Material Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type ; Application , and Geography
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, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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