Market Research Report
Global Bioresorbable Polymers Market by Type, by Application, by Region and Forecast to 2023
|Published by||Market Research Future||Product code||761349|
|Published||Content info||204 Pages
Delivery time: 1-2 business days
|Global Bioresorbable Polymers Market by Type, by Application, by Region and Forecast to 2023|
|Published: July 3, 2018||Content info: 204 Pages||
Bioresorbable Polymers or bio-degradable, belongs to a class of dissolvable material, that can be easily absorbed by the body. The bioresorption of these polymers occur hydrolytically or enzymatically. These possess excellent physical properties such as flexibility, strength, and higher degradation rates which make them suitable for various end use application such as orthopedic, drug delivery, and others.
According to MRFR analysis, the global bioresorbable polymers market is projected to reach USD 1,643,006.3 thousand by 2023 at a CAGR of 13.60% during the forecast period. Among the type segment, polylactic acid (PLA) & derivatives accounted for the largest market share of USD 222,350.7 Thousand and is likely to expand with a significant CAGR of 13.92% over the assessment period owing to high adoption rate in the various end-use application. Polylactic acid (PLA) & derivatives is followed by polyglycolic acid owing to their flexibility and durability. On the basis of the application, orthopedic application segment accounted for the largest market share USD 389,537.4 Thousand in 2017 and is expected to retain its dominance during the estimated period. Moreover, the increased focus on physical fitness among people to enhance the living standard and the trend of tracking health progress are together estimated to drive the demand for bioresorbable polymers in biomedical application. Growing number of patients suffering from orthopedic issues, create the requirement of quality devices and treatments, which again attract the attention of market players to grab maximum share of the market of bioresorbable polymers. On account of technological sophistication, bioresorbable polymers cost more than conventional medical polymers, which prove as a major restraint for the market in the developing regions. North America has dominated as the dominant region in the global Bioresorbable Polymers market and holds the maximum market share, in terms of both volume and value. In the North American region, the U.S. has emerged as the largest market for bioresorbable polymers in 2017 and is expected to grow significantly in the region due to strong demand from the biomedical industry and continuous growth of the numerous end-use industries.
Geographically, the global bioresorbable polymers market is segmented into five regions namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America emerged as the leading market in bioresorbable polymers and accounted for a value of USD 275,176.0 in 2017. The region is estimated to expand with a significant CAGR of 13.57% in the near future on account of growing consumption in orthopedic and drug delivery application segment. In North America, U.S. was the leading country and hold for around USD 214,663.8 thousand in 2017 and is projected to reach USD 460,986.5 thousand by the end of 2023. Factors attributed to the growth are increasing geriatric population, technological advancement, and rising expenditure on healthcare devices.
Asia Pacific is predicted to hold healthy market share of the global bioresorbable polymers market and is predicted to expand with the highest CAGR of 13.57% over the assessment period. In the Asia Pacific region, numerous countries such as China, Japan, and India are among the leading contributor to the growth of the regional market owing to continuously increasing spending on healthcare . Factors attributed to the regional market growth are cheap labor and land cost combined with foreign direct investment in developing countries is predicted to fuel the regional market growth. Furthermore, growing foot prints of key manufacturers in this region is expected to drive the growth of the regional market.
Europe was the second largest bioresorbable polymers market across the globe in 2017, which is further trailed by Asia Pacific. In Europe, countries such as the Germany and UK are among the leading contributors to the regional market share owing to growing healthcare spending and increasing awareness regarding the benefits associated with the product.
MRFR in its report has offered a segmental analysis of the market by type, application, and region. Based on the type, bioresorbable polymers market is segmented into into Polylactic acid (PLA) & Derivatives, Polyglycolic acid (PGA), Polycaprolactone (PCL), Proteins, Polysaccharides, Polydioxanone (PDS), Others. Polylactic acid (PLA) & Derivatives is further divided into Poly-L-lactide (PLLA), Poly-D-lactide (PDLA), and Poly-DL-lactide (PDLLA). Based on the application, the bioresorbable polymers market is classified into orthopedic, drug delivery, and others. Orthopedic segment is further categorized into spine, knee, trauma, hip, cranio maxillofacial fixation, ankle, foot, and others. Drug Delivery is categorized into oral, parenteral, and other. Based on the region, the market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
Some of the key manufacturers operating in the global Bioresorbable Polymers market are Poly-Med, Inc., DURECT Corporation, PCAS Group, Merck KGaA, Royal DSM NV, Corbion NV, Evonik Industries AG, Foster Corporation, and KLS Martin Group.
The report covers brief analysis of geographical region such as:
As per MRFR analysis, global bioresorbable polymers market is projected to reach USD ~1,643,006.3 thousand by the end of the forecast period at a CAGR of 13.60% during the assessment period.
By the type, Polylactic acid (PLA) & derivatives Bioresorbable Polymers accounted for around 29.1% share of the global market in 2017 at the highest CAGR of 13.92%.
In terms of application, the orthopedic segment accounted for around 50% share of the global market, and it is projected to be the major revenue generating segment with a moderate CAGR of 13.49% over the forecast period.
The North America region accounted for about 35% share of the global market in 2017.