PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477099
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477099
PLGA Market size was valued at USD 123.24 Million in 2023, expanding at a CAGR of 15.5% from 2024 to 2032.
The biodegradable polymer known as Poly(lactic-co-glycolic acid), or PLGA, is extensively employed in a range of biomedical applications. Both glycolic acid and lactic acid are naturally occurring substances that are copolymerized to create it. Because its mechanical strength, biocompatibility, and breakdown rate are all adjustable, PLGA is incredibly adaptable. Its biodegradability makes it appropriate for scaffolds used in tissue engineering, medical implants, and drug delivery systems, among other uses.
PLGA Market- Market Dynamics
Increasing demand for drug delivery applications drives market growth
The need for drug delivery applications is growing, which has prompted researchers to look for safer and more efficient techniques. The use of PLGA nanoparticles has shown promise as a remedy. Because they are safe for human use and biodegradable, they are an excellent choice for drug delivery. They have proven useful in getting different medications, such as anticancer medicines, to the right places in the body. The type of drug, the route of administration, and the intended area must all be taken into account due to the intricacy of drug delivery. Because of their adaptable characteristics, PLGA nanoparticles present a good option. Their ability to control drug release over time and to change their size to reach the appropriate site are important features for medications with short half-lives or for ensuring constant drug levels. As a result, during the forecast period, the global market is anticipated to increase significantly.
PLGA Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 15.5% over the forecast period (2024-2032)
Based on composition segmentation, the PLGA 50:50 segment is expected to capture the largest revenue share over the projected period
Based on application segmentation, the drug delivery segment is expected to dominate the market over the projected period
Based on region, North America is expected to dominate the market over the forecast period
The Global PLGA Market is segmented based on Composition, Application and Region.
Based on the composition, the PLGA market is bifurcated into PLGA 50:50, PLGA 55:45, PLGA 65:35, PLGA 75:25 and PLGA 85:15. The PLGA 50:50 segment is expected to capture the largest revenue share over the projected period. Medication administration and tissue engineering are two applications for PLGA 50:50. The market is growing because of the need for a standard PLGA composition that applies to multiple industries and strikes a balance between material performance and degradation kinetics.
Based on the application, the global PLGA market is segmented into Fracture Fixation, Medical Implants, Dentistry, Drug Delivery, Cosmetics and Dermatology and Miscellaneous. The Drug Delivery segment is expected to dominate the market over the projected period. Drug delivery systems based on polylactic acid gel (PLGA) find application in several therapeutic domains, including infectious diseases, central nervous system disorders, cardiovascular diseases, and oncology. They provide a variety of drug delivery options by being formed as films, nanoparticles, microspheres, or implants.
PLGA Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market over the forecast period. The rapidly growing healthcare sector in the region, significant government spending in healthcare development initiatives, and the concentration of large corporations in the region are the primary drivers of revenue growth in the North American market. In addition, the increase in the chemical industry would fuel the region's market revenue growth.
The key players operating in the market are Corbion NV, Evonik, Jinan Digang Bioengineering Co., Ltd., Mitsui Chemicals, Akina, Inc., Nomisma Healthcare Pvt. Ltd., Merck, Ashland, Bezwada Biomedical, LLC and CD Bioparticles. These players adopted various strategies to gain major market share in the industry including product launches, acquisitions, collaboration and others.
GLOBAL PLGA MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Corbion NV
Evonik
Jinan Digang Bioengineering Co., Ltd.
Mitsui Chemicals
Akina, Inc.
Nomisma Healthcare Pvt. Ltd.
Merck, Ashland
Bezwada Biomedical, LLC
CD Bioparticles