Bioresorbable Polymers Market

Updated on : October 08, 2024

Bioresorbable Polymers Market

The global bioresorbable polymers market was valued at USD 417 million in 2022 and is projected to reach USD 688 million by 2027, growing at 10.5% cagr from 2022 to 2027. An opportunity in the resorbable polymers market is increasing use of electrospinning and 3-D printing technologies to create microstructures and nanomaterials that facilitate tissue development.  Factors like demand in the drug delivery application, increasing demand for biocompatible medical devices, shooting number of surgical interventions, and favorable reimbursement scenario are the major drivers in this bioresorbable market. Stringent rules for medical devices and requirement of skilled personnel for the use of bioresorbable medical products remains the major challenges of this market. North America is the largest market for bioresorbable polymers, globally, in terms of value. APAC is the fastest-growing region in the bioresorbable polymers market.

Attractive Opportunities in the Bioresorbable Polymers Market

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Bioresorbable Polymers Market Dynamics

Driver: Favourable reimbursement scenario

The favorable reimbursement scenario for several surgical procedures is a key factor driving the growth of the bioresorbable polymers market. The global surgical package, for example, is offered by the US CMS and is aimed at providing payments for allsurgical procedures (preoperative, intraoperative, and postoperative) performed by surgeons for US citizens. Thus, the increasing number of surgical procedures due to improving insurance coverage is expected to drive the growth of the bioresorbable polymers market in the coming years.

Restraints: Cost higher than that of conventional polymers

Bioresorbable polymers are costlier than degradable and other polymers, a significant restraint for the bioresorbable polymers market. The market projects a higher growth rate; however, the market size is smaller than that of conventional polymers. Therefore, the manufacturers of conventional polymers experience economies of scale for their production process, while bioresorbable polymers are produced in minimal quantities. Hence, the production cost is higher, increasing the final product demand. However, bioresorbable polymers offers one-time solution and thereby better quality services. This can reduce the effect of higher cost of these polymers in the long run.

Challenges: Need of proficient personnel for the effective use of bioresorbable medical products

The technology landscape and application of bioresorbable based medical products are progressing rapidly, owing to advancements in this field. This call for physicians and other healthcare service providers to gain the skills to handle bioresorbable based medical products. Therefore, medical surgeons and physicians from helathcare services are unwilling to use advanced bioresorbable medical products for wound closure.

Bioresorbable Polymers Market Ecosystem

“Polylactic Acid (PLA) is estimated to be the largest type in the bioresorbable polymers   market in 2021.”

PLA is one of the most commercially successful biopolymers, mainly due to its good processability and mechanical strength. PLA is biodegradable, recyclable, compostable, non-toxic, and metabolized by the organism itself. It has various advantages over other polymers, such as better thermal processability, and it can be processed through numerous molding procedures. PLLA and PDLLA are the key subtypes of PLA.

“Orthopedic devices was the largest application for bioresorbable polymers  market in 2021”

Orthopedics is the largest application for resorbable polymers. The high growth in this application is attributed to the increasing prevalence of orthopedic disorders; increasing per capita income leading to improving standard of living, increasing healthcare spending, growing demand for better quality medical care, and the rising awareness about bioresorbable stents in several countries, across the globe.

“North America is estimated to be the largest region in bioresorbable polymers market in 2021.”

North America was the largest bioresorbable polymers market, in terms of value, in 2021 followed by Europe and APAC. The strong presence of medical device manufacturers, along with high spending on healthcare, is driving the market in the region. The spending power of the population is another macro-economic factor for the rise in demand for bioresorbable polymer-based medical devices.

APAC is projected to be the fastest growing bioresorbable polymers market during the forecast period, in terms of value

The APAC market is projected to witness the highest CAGR during the forecast period. The high growth in this market is attributed to the increasing prevalence of chronic diseases; increasing per capita income leading to improving standard of living, increasing healthcare spending, growing demand for better quality medical care, and the rising awareness about bioresorbable products in several APAC countries.

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Bioresorbable Polymers Market Players

The key market players profiled in the report include Corbion N.V. (The Netherlands), Evonik Industries AG (Germany), Foster Corporation (US), KLS Martin Group (Germany), DSM Biomedical (US), Ashland Global Holdings Inc. (US), Zeus Industrial Products(US), 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).

Bioresorbable Polymers Market Report Scope

This report categorizes the global bioresorbable polymers market based on type, application, and region.

On the basis of type, the bioresorbable polymers market has been segmented as follows:

• Polylactic acid (PLA)
  • Poly (l-lactic) acid (PLLA)
  • Poly-d,l-lactic acid (PDLLA)
• Polyglycolic acid (PGA)
• Poly(lactic-co-glycolic acid) (PLGA)
• Polycaprolactone(PCL)
• Others

On the basis of application, the bioresorbable polymers market has been segmented as follows:

• Orthopedic devices
  • Trauma
  • Hip
  • Knee
  • Spine
  • Sports injury
  • Others
• Drug delivery
  • Parenteral
  • Oral
  • Others
• Others

On the basis of region, the bioresorbable polymers market has been segmented as follows:

• APAC
• North America
• Europe
• Middle East & Arica
• South America

Recent Developments

• In January 2018, Ashland had acquired Vornia Limited, a manufacturer of bioresorbable polymers, for USD 12 million. Vornia Limited manufactures microscale polylactic-co-glycolic acid (PLGA) copolymers formulated in a host of injectable excipients used for the treatment of cancer, diabetes and a wide range of autoimmune diseases.
• In September 2020, DSM announced a partnership with PBC Biomed, an Ireland-based medical device design and development company. This partnership will focus initially on the development of regenerative bone adhesives for safe and cost-effective surgical procedures.
• In December 2020, Evonik Industries AG has closed its acquisition of the LACTEL Absorbable Polymers product line from DURECT Corporation. This acquisition is considered to be a step in the growth agenda of Evonik’s life-science division Nutrition & Care.
• In September 2020, Corbion and Total announced to build a new PLA bioplastics plant in Europe through their Total Corbion PLA joint venture. The plant is expected to have a capacity of 100,000 tons per annum, being the first global-scale PLA production facility in Europe. The new plant is planned to be located in France and to be operational in 2024. This additional PLA investment will accelerate plans to further expand lactic acid production.

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