Bioresorbable Polymers Market is Expected to Grow at a CAGR of 10.2% by 2030 | Research by SNS insider
Bioresorbable Polymers Market Segmentation By Type (PLA, PGA, PLGA, PCL, Others), By Application (Orthopedic devices, Drug delivery, Others), by Regions & Global Forecast 2023-2030
Pune, March 17, 2023 (GLOBE NEWSWIRE) -- SNS Insider has reported that the global Bioresorbable Polymers Market was valued at USD 1.32 billion in 2022 and is anticipated to reach USD 3.16 billion by 2030, with a projected CAGR of 10.2% during the forecast period spanning 2023 to 2030. The global bioresorbable polymers market is experiencing significant growth, primarily driven by its widespread adoption in the healthcare industry for surgical implants. Moreover, the development of efficient drug delivery systems is another major factor driving the growth of the market. The growth is also being fueled by increasing awareness about sustainability and the need for environmentally friendly materials.
Report Attributes | Details |
Market Size in 2022 | US$ 1.32 Billion |
Market Size by 2030 | US$ 3.16 Billion |
CAGR 2023-2030 | 10.2% |
Key Segments | • By Type (Polylactic acid (PLA), Polyglycolic acid (PGA), Poly(lactic-co-glycolic acid) (PLGA), Polycaprolactone(PCL), Others) |
Regional Coverage | North America |
Company Profiles | Putnam Plastics, Evonik Industries AG, Ashland, DURECT CORPORATION, REVA Medical, Inc., Poly-Med Inc., Merck KGaA, KLS Martin, Corbion NV, Koninklijke DSM N.V, Foster Corporation., Groupe PCAS, and other players. |
Drivers | • Growing demand in biocompatible medical devices |
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Major Trends Observed for Bioresorbable Polymers Market
The bio-polymers type segment is currently dominating the global market and is expected to continue its growth trajectory in the coming years. This growth can be attributed to several factors, including the enhanced quality and resistance against bad environmental conditions offered by bio-polymers.
The orthopedic application segment is currently dominating the global market and is expected to continue its growth trajectory in the coming years. This growth can be attributed to several factors, including the growing number of orthopedic patients and the increasing elderly population.
North America has been at the forefront of research and development in the field of bioresorbable polymers, with many of the leading manufacturers and suppliers of these materials being based in the region.
Impact of recession on Bioresorbable Polymers Market
One of the main impacts of the recession on the market has been a reduction in investment in research and development (R&D) and innovation. Despite these challenges, there are also some opportunities for growth in the market during the recession. For example, there is increasing demand for sustainable materials in a range of applications, including packaging, agriculture, and automotive.
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Key Developments Related to Bioresorbable Polymers Market
Ashland, a global leader in specialty chemicals and technologies, has recently unveiled its plans for expanding its Viatel™ bioresorbable polymer manufacturing and research and development site in Mullingar, Ireland. The expansion is considered to be a strategically significant move for the company, as it seeks to strengthen its position in the market.
Deep Polymers, a leading player in the polymer industry, has joined hands with IIT Guwahati to develop sustainable and eco-friendly solutions for the plastics industry. The Memorandum of Understanding (MoU) signed between the two entities aims to develop biodegradable plastics that will replace traditional plastics, which are a major cause of environmental pollution.
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