Growing Demand for Bioresorbable Polymers in Biocompatible Medical Devices and Drug Delivery Applications Driving Growth

Jun 18, 2023

Global Bioresorbable Polymers Market

Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.

The report projects that the bioresorbable polymers market size will be USD 688 million by 2027, growing at a CAGR of 10.5% during the forecast period. The market is currently estimated at USD 417 million in 2022.

Market Drivers:

The major drivers of the bioresorbable polymers market are the growing demand for these polymers in biocompatible medical devices and drug delivery applications. The report highlights upcoming technologies like production through electrospinning and 3D printing, which offer significant growth opportunities for the market. The use of advanced processing methods to manufacture bioresorbable polymers with better qualities and improved strength also contributes to market growth.

Market Challenges:

However, the market faces challenges such as the high selling price of bioresorbable polymers compared to conventional polymers and the lack of quality control measures in developing countries. Stringent regulatory frameworks for medical devices and the requirement for skilled personnel to effectively use bioresorbable medical products are also among the challenges identified in the report.

Market Segmentation:

The report covers the bioresorbable polymers market based on types such as polylactic acid (PLA), polyglycolic acid (PGA), polylactic-co-glycolic acid (PLGA), and polycaprolactone (PCL). The application segments covered include orthopedic devices and drug delivery, along with others like tissue regeneration, dental devices, cardiovascular devices, sutures, and wound management systems.

Regional Insights:

The Asia Pacific (APAC) region is projected to be the fastest-growing bioresorbable polymers market during the forecast period. Favorable government initiatives, improved access to healthcare, availability of inpatient and outpatient care for chronic diseases, and the overall increase in surgical procedures contribute to the region's growth. Additionally, tax subsidies for foreign direct investment (FDI) offered by several countries create a favorable environment for market players to expand their services and ensure further growth in this emerging market.

Key Market Players:

The report profiles key market players including:

Ashland Global Holdings Inc.

Bezwada Biomedical, LLC

Bmg Incorporated

Corbion N.V.

Dsm Biomedical, Inc.

Evonik Industries Ag

Foster Corporation

Henan Xinghan Biotechnology Co. Ltd.

Huizhou Foryou Medical Devices Co. Ltd.

Kls Martin Group

Musashino Chemical Laboratory, Ltd.

Nomisma Healthcare Pvt. Ltd

Poly-Med Incorporated.

Polysciences, Inc.

Reva Medical, LLC

Seqens Group

Zeus Industrial Products, Inc.

Key Report Highlights:

Comprehensive information on bioresorbable polymers offered by top players in the global bioresorbable polymers market

Detailed insights on upcoming technologies, research & development activities in the bioresorbable polymers market

Comprehensive information about lucrative emerging markets

Exhaustive information about new products, untapped regions, and recent developments in the global bioresorbable polymers market

In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the bioresorbable polymers market

Key Attributes:

Report Attribute

Details

No. of Pages

215

Forecast Period

2022 - 2027

Estimated Market Value (USD) in 2022

$417 Million

Forecasted Market Value (USD) by 2027

$688 Million

Compound Annual Growth Rate

10.5%

Regions Covered

Global

For more information about this report visit https://www.researchandmarkets.com/r/q18bzo

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Global Bioresorbable Polymers Market