Bioresorbable Polymers Market worth $1.6 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 19, 2021 /PRNewswire/ -- According to the report "Bioresorbable Polymers Market by Type(Polylactic Acid (PLA), Polyglycolic Acid (PGA), Poly(lactic-co-glycolic Acid) (PLGA), Polycaprolactone(PCL)), Application (Orthopedic Devices, Drug Delivery), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market is projected to reach USD 1.6 billion by 2026, at a CAGR of 10.0% from USD 1.0 billion in 2021.
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Bioresorbable polymers are materials that are absorbed in the body after performing the desired action such as to support an organ after surgery or to release controlled drugs inside the body. These polymers work on the concept of bioresorption, which means the complete elimination of the products without any side effects. Though the polymers have been known for a long time, it was not widely used due of its tendency to degrade in stable environmental conditions. Eventually, it was realized that its degradation is an advantage in designing bioresorbable implants and medicines. Bioresorbable polymers are of various types such as polylactic acid(poly (l-lactic) acid polymers, poly-d,l-lactic acid polymers), polyglycolic acid, poly(lactic-co-glycolic acid), polycaprolactone, and homopolyesters. These polymers are extensively used in the medical industry, in applications such as orthopedic devices, cardiovascular devices, drug delivery, dental implants, and wound management. polylactic acid had a larger share in terms of value in 2020 as compared to other counterparts.
Orthopedic devices is the largest application segment of the bioresorbable polymers market. North America was the largest market for bioresorbable polymers in 2020, in terms of value. Factors such as to increasing number of surgical interventions, growing demand for biocompatible medical devices, growing demand in the drug delivery application and favorable reimbursement scenario are the major drivers in this bioresorbable polymers market.
"PGLA is estimated to be the fastest-growing type in the bioresorbable polymers market for the forecast period"
PLGA is an elastomeric co-polymer, which is a blend of glycolic acid and lactic acid. PLGA is mainly used in the drug delivery application. Biodegradability, biocompatibility, mechanical properties and east of processing are key characteristics of PLGA. PLGA is also used in the applications like tissue engineering devices, and prosthetic devices. The mechanical properties and degradability of PLA is significantly improved by combing PGA. Hence it is highly preferred type of polymers in drug delivery. This will be the major driving factor for the PGLA in the bioresorbable polymers market.
"Drug delivery was the second major application for the bioresorbable polymers market in 2020 in the world"
The bioresorbable polymers market size for drug delivery applications accounted for the second-largest share of global bioresorbable polymers, in terms of value, in 2020 this was led by the demand from the pharmaceutical industry. The demand of bioresorbable polymers in drug delivery application is increasing. These polymers are used to make implantable matrices for controlled drug release inside the body. Many medicines covering, especially, capsules are made of resorbable polymers so that they get absorbed in the body without causing any harmful effects. They help in releasing the prescribed amount of drug in the body without having to undergo through the pain of needles and other procedures periodically. Once it completes its function of drug delivery, it gets absorbed in the body. Oral is the largest sub-application of bioresorbable polymers in drug delivery application as compared other counterparts, accounting for the largest share in 2020 in terms of value. The oral route of administration is among the most preferred, being one of the simplest, most convenient, and safest routes.
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"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 2020 followed by Europe and APAC. Factors such as the growing number of FDA approvals for advanced surgery products, presence of a well-developed healthcare system, increasing volume of surgical procedures, growing number of minimally invasive procedures across ASCs, and the presence of leading market players in the region are contributing to the large share of North America in the global biosurgery market.
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), 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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