Bioresorbable Polymers Market worth $688 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 30, 2023 /PRNewswire/ -- The report "Bioresorbable Polymers Market by Type (Polylactic acid (PLA), Polyglycolic acid (PGA), Polylactic-co-glycolic acid (PLGA), Polycaprolactone(PCL)), application (orthopedic devices, drug delivery), and Region - Global Forecast to 2027", is projected to reach USD 688 million by 2027, at a CAGR of 10.5% from USD 417 million in 2022.

Resorbable or bioresorbable polymers find application as medical implants in the body. Once the mission, such as supporting an organ, surgical sutures, or controlled drug release, is performed, the body absorbs these polymers. The growing demand for patient-friendly drugs, which do not cause ill health and are quickly resorbed inside the body, is increasing the demand for resorbable polymer. 20 to 50 million more people suffer from non-fatal injuries with many occurring disabilities requiring surgical intervention.

Browse in-depth TOC on "Bioresorbable Polymers Market".

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In terms of value, PLA continues to be the largest type segment in 2021. Orthopedic devices is the largest application segment of the bioresorbable polymers market. In terms of value, North America was the largest market for bioresorbable polymers in 2021. The threat of substitutes is moderate in the bioresorbable polymers market, as no other polymers can deliver the same performance characteristics as that of bioresorbable polymers. The threat of new entrants is low in the market, as this market is relatively capital-intensive and requires a skillful workforce.

"PGLA is estimated to be the fastest-growing type in the bioresorbable polymers market for the forecast period."

PLGA is the fastest-growing type of bioresorbable polymers and is expected to register a CAGR of 11.05%, in terms of value, during the forecast period. The high growth rate of PLGA-based bioresorbable polymers is mainly due to favorable reimbursement options, increasing awareness about novel medical devices, and the implementation of favorable government initiatives. According to an NCBI study, chronic diseases affect around 50% of the US population annually. It also estimated that chronic diseases accounted for ~86% of all healthcare costs in the US.

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"Drug delivery was the second major application for the bioresorbable polymers market in 2021 in the global market"

The bioresorbable polymers market size for drug delivery applications accounted for the second-largest share of global bioresorbable polymers, in terms of value, in 2021. Bioresorbable polymers are used in the making of implantable matrices for controlled drug release inside the body. As the elderly are more susceptible to chronic disorders and diseases than other age groups, growth in this population segment will serve to increase patient volumes and, in turn, drive the demand for drugs and delivery technologies.

"North America  is estimated to be the largest region in  bioresorbable polymers  market in 2020."

North America was the largest bioresorbable polymers market, in terms of value, in 2021. Globally, it has been leading the market in demand and product innovation in terms of quality and application development. The growing demand backs the growth of the bioresorbable polymers market in the region for these polymers in the medical industry. Intense competition among major players in the market has led to price stabilization in the past few years.

Market Players

Corbion N.V. (The Netherlands), Evonik Industries AG(Germany), Foster Corporation (US), KLS Martin Group (Germany), DSM Biomedical (US), Inc, Ashland Global Holdings Inc. (US), Zeus Industrial Products(US), Inc, Seqens Group (France), REVA Medical, LLC (US), Poly-Med Incorporated (US), Bezwada Biomedical, LLC (US), Nomisma Healthcare Pvt. Ltd. (India), BMG Incorporated (Japan), Polysciences, Inc. (US), Huizhou Foryou Medical Devices Co., Ltd. (China), Musashino Chemical Laboratory, Ltd. (Japan), and Henan Xinghan Biotechnology Co. Ltd.(China)

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