The bioresorbable polymers market achieved a valuation of US$ 1.3 Billion in 2021 and is anticipated to expand to US$ 6.2 Billion by 2032, exhibiting a robust Compound Annual Growth Rate (CAGR) of 15.8% over the forecast period spanning from 2022 to 2032.
The bioresorbable polymers market has witnessed substantial growth in recent years, driven by advancements in medical technology, increasing demand for biocompatible materials, and a growing focus on sustainable and eco-friendly solutions. Bioresorbable polymers, also known as biodegradable or absorbable polymers, are materials that can be naturally broken down and absorbed by the body over time. These polymers have found diverse applications, particularly in the medical and pharmaceutical sectors.
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Market Dynamics:
The driving force behind the growth of the bioresorbable polymers market lies in the increasing demand for biocompatible materials in medical applications. Traditional non-resorbable materials often require additional surgeries for removal, leading to complications and increased healthcare costs. Bioresorbable polymers offer a more patient-friendly alternative, reducing the risk of infection and promoting faster recovery.
Furthermore, the rise in chronic diseases and the aging population has fueled the demand for advanced medical devices and drug delivery systems. Bioresorbable polymers find extensive applications in orthopedic implants, cardiovascular stents, sutures, and drug-eluting devices. The versatility of these polymers in different medical fields contributes to their widespread adoption.
Market Future Outlook:
The bioresorbable polymers market is poised for continued growth in the coming years. Ongoing research and development efforts focus on enhancing the mechanical properties and biocompatibility of these polymers, expanding their applications to new medical areas. The market is also witnessing collaborations between academic institutions, research organizations, and industry players to accelerate innovation and product development.
Moreover, stringent regulations promoting the use of biocompatible and environmentally friendly materials in healthcare contribute to the positive outlook of the bioresorbable polymers market. As healthcare providers and patients increasingly prioritize sustainability, the demand for bioresorbable polymers is expected to surge.
Market Insights:
In terms of applications, orthopedic implants represent a major segment in the bioresorbable polymers market. These polymers offer an ideal solution for bone fixation and support, gradually being replaced by natural bone tissue as the implant degrades. Cardiovascular applications, such as drug-eluting stents, are also gaining prominence due to the reduced risk of thrombosis and inflammation associated with non-resorbable materials.
Geographically, North America and Europe are leading the bioresorbable polymers market, driven by advanced healthcare infrastructure, favorable reimbursement policies, and increased awareness of sustainable medical solutions. However, Asia-Pacific is emerging as a significant market, propelled by growing healthcare investments, a rising patient population, and increasing awareness of bioresorbable technologies.
Key Players:
- Corbion N V
- Evonik Industries AG
- Poly-Med, Inc.
- KLS Martin Group
- Foster Corporation
- Ashland Global Holdings Inc.
- DSM Biomedical, Inc
- Zeus Industrial Products, Inc
- REVA Medical, LLC.
- Poly-Med Incorporated
- Bezwada Biomedical
- Nomisma Healthcare Pvt. Ltd.
Competitive Landscape:
In March 2021, Ashland Global Holdings Inc. undertook an expansion of its production plant for Viatel bioresorbable polymer and relocated its research and development (R&D) activities from Dublin to the National Science Park in Mullingar.
In September 2020, Corbion and Total jointly announced their intentions to establish a state-of-the-art polylactic acid bioplastics plant in Europe. This facility, which will be the first of its kind on a global scale in Europe, is projected to have a production capacity of 100 thousand tonnes per year. The new plant is scheduled to commence operations in 2024 and will be situated in France. This strategic investment in polylactic acid will expedite plans to augment lactic acid production and effectively address the growing demand for polymers.
Market Segmentation
- By Product Type :
- Biopolyesters
- Agro-polymers
- By Application :
- Orthopedics
- Drug Delivery
- Other Applications
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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