Poly (Lactic-Co-Glycolic Acid) (PLGA) Market Size to Grow by USD 106.84 Million at a CAGR of 8.12% from 2022 to 2027 - The rising demand for drug delivery applications to drive the market growth - Technavio

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Dec 06, 2023, 01:35 ET

NEW YORK, Dec. 6, 2023 /PRNewswire/ -- The poly (lactic-co-glycolic acid) (PLGA) market is projected to increase at a CAGR of 8.12% during the forecast period – 2022 to 2027 by Technavio data analysts and research experts. This market research report also suggests statistics about the market size that will grow by USD 106.84 million. The rising demand for drug delivery applications, the growing number of surgical advancements, and the rising number of traumatic injuries caused by the increasing road accidents are projected as the key factors leading to the poly (lactic-co-glycolic acid) (PLGA) market share growth.

Technavio has announced its latest market research report titled Global Poly(Lactic-Co-Glycolic Acid) (PLGA) Market 2023-2027

For more such market analysis updates, historic (2017 to 2021), and forecast market size (2023 to 2027), request for the sample PDF report.

New Business Opportunities - Market Segments and Key Regions Analysis

As per Technavio's analysis, there are several market segments classified including personal care and dermatology, suture, fracture fixation, and others in the poly (Lactic-Co-Glycolic Acid) (PLGA) market.

Among all these market segments, the personal care and dermatology segment is projected to record the highest market share growth during the forecast period. It was valued at USD 68.81 million in 2017 and continued to grow significantly by 2021.

Considering the geographical regions for market share growth, North America is projected at top of the list. 35% of the total market share growth will originate from North America by 2027.

Technavio further suggests, cost-effectiveness and the unique functional properties of PLGA and regulatory approval for several PLGA products by government agencies and international regulations support the poly lactic-co-glycolic acid market growth in North America during the forecast period.

For more detailed segment analysis and geographical business distribution, historic (2017 to 2021), and forecast market size (2023 to 2027), get the exclusive sample PDF report.

Key Market Driver, Trend, and Challenge

The rising demand for drug delivery applications is significantly driving the Poly (Lactic-Co-Glycolic Acid) (PLGA) market growth.

Technavio also suggests, growing demand for electrospinning and 3D printing technologies will emerge as a primary market trend for growth in the Poly (Lactic-Co-Glycolic Acid) (PLGA) market from 2022 to 2027.

As an emerging market challenge, high prices of the PLGA may impede market growth as per Technavio's report.

What`s New?

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Global competitiveness and key competitor positions

Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the full report.

Key Market Vendors

There are a few key vendors operating in the market, mentioned in the report such as:

Akina Inc.
Foster Corp.
Ashland Inc.
Huizhou Foryou Medical Devices Co. Ltd.
CD Bioparticles
Corbion NV
Creative PEGWorks
Alfa Chemistry
Evonik Industries AG

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Key Data Covered in this Poly (Lactic-Co-Glycolic Acid) (PLGA) Market Report

Projected CAGR of the market during 2023-2027
Detailed statistical information on the major market drivers of the Poly (Lactic-Co-Glycolic Acid) (PLGA) market during 2023-2027
Market size analysis of the Poly (Lactic-Co-Glycolic Acid) (PLGA) market size and its association with the parent market
Relevant predictions about upcoming market trends and detailed consumer behavior analysis
Market share growth analysis across North America, APAC, Europe, South America, and the Middle East and Africa
Detailed market's competitive landscape and key information about market vendors
Comprehensive analysis of various market challenges

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SOURCE Technavio