Bioresorbable Polymers Market

Bioresorbable Polymers Market Growth Outlook (2022-2032)

The bioresorbable polymers market size was valued at US$ 1.3 Billion in 2021, and is projected to reach US$ 6.2 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 15.8% during the forecast period from 2022 to 2032.

Global market is segmented into product type, including biopolyesters, agro-polymers. Among all the types, the Biopolyesters is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 16.5% during 2022–2032.

Report Attributes	Details
Growth Rate During 2022-2032	15.8%
Market Size in 2022	US$ 1.5 Billion
Market Forecast Value in 2032	US$ 6.2 Billion
U.S. Bioresorbable Polymers Market CAGR (2022 – 2032)	17.3%
Key Companies Covered	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.

Revenue of Bioresorbable Polymers Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

As per the Global Bioresorbable Polymers Market research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Bioresorbable Polymers Market increased at around 12.4% CAGR.

The key revenue drivers, which affected the Bioresorbable Polymers Market, are an increase in surgical interventions, growing demand for drug delivery applications, and biocompatible medical devices.

Numerous medical applications, such as coronary and peripheral vascular frameworks, tissue obsession screws, bone pins, grapples, and medication delivery, utilize bioresorbable materials. Materials such as polymers, metals, glassware, and organic roots, such as regular collagen, are employed in the creation of these polymers and are frequently used in a variety of medical procedures.

What Factors are Propelling Bioresorbable Polymers Demand?

Bioresorbable polymers are commonly utilized in medical applications to create stents, sutures, and scaffolds that are put inside the human body during surgery to maintain the organ.

They are also employed inside the human body as controlled drug-release implants. Once the patient's organ begins to recover, bioresorbable polymers progressively dissolve and are totally absorbed in the body when their role is completed.

Because these products are absorbed by the body, the patient does not require a second surgical procedure to remove them. As a result, the entire operation is both cost-effective and patient-friendly. Bioresorbable polymers are utilized during maxillofacial surgery to aid in the healing process and are broken down when no longer required.

Consumers today are more health concerned, as they do not want to be subjected to unneeded drugs and medical treatments that have a variety of negative health impacts and ultimately damage the body. Therefore, the demand for Bioresorbable Polymers is rising in surgeries.

Additive manufacturing and electrospinning technology have enhanced drug delivery, implant design, and tissue engineering. Electrospinning is a technology for producing nanoscale fibers from polymer solutions for the construction of structures and materials that closely resemble the cellular matrix within biological tissues, making them valuable in the repair and regeneration of damaged tissue applications.

The biodegradability of bioresorbable polymers makes them an ideal choice for electrospinning and additive manufacturing, thus boosting the demand over the forecast period.

Another key factor influencing the global bioresorbable polymers market is the rising demand for bioresorbable polymers for medication administration. Bioresorbable polymers are ideal for medication delivery due to their chemical neutrality and safe in-body breakdown. This factor fuels the market expansion for Bioresorbable Polymers.

Which factors can restrain the Growth of the Bioresorbable Polymers Market in the Future?

As bioresorbable polymers are primarily used to create sutures, which are used in traditional surgeries, therefore the reduction in demand for traditional surgeries has a direct impact on the demand for bioresorbable polymers.

It costs significantly to develop new bioresorbable medical equipment, and it often takes new goods more than 7-8 years to receive commercial approval. For instance, the FDA in the United States has mandated that producers of bioresorbable medical devices acquire premarket approval (PMA) before releasing their goods onto the market.

To prove this, the product must provide accurate clinical trial data, which must be presented with the premarket approval application. For a product to enter the clinical trial stage and then pass the clinical trials, the time and expense requirements are quite high, and the likelihood that the product will be approved is very low.

Additionally, it has been crucial for such devices to have the ability to provide clinically important data demonstrating clinical trial clearance. Due to the fact that bioresorbable medical devices fall under the classification of Class III items, significant regulatory compliance is required.

This is a significant barrier to the commercialization of innovative bioresorbable polymers.

A significant restraint in the anticipated time will be the cost of bioresorbable polymers, which is greater than the cost of traditional medical polymers. Considering that bioresorbable polymers can cost more than US$ 2,200 per kilogram. All these factors are reducing the demand for bioresorbable polymers and acting as a restrain for the Bioresorbable Polymers market.

Region-wise Insights

Why North America is projected to offer a significant opportunity in the Bioresorbable Polymers Market?

During the projection period, North America is projected to be the leading market for Bioresorbable Polymers. The reason behind this is the technological advancement in the healthcare sector in the United States and Canada. In 2020 the research and development spending of Canada crossed US$ 25 Bn.

The United States is hub for research and development in the healthcare sector. By 2020, the United States had invested 245.1 billion dollars in medical research and development which is driving the Bioresorbable Polymers Market.

Additionally, the rising cases of arthritis in the United States is promoting the need for Bioresorbable Polymers. According to the report of the Centers for Diseases Control and Prevention by 2040, 78 million US people who are 18 years of age or older are expected to have arthritis. Thus, these factors are driving the growth of the Bioresorbable Polymers Market in North America.

Country-wise Analysis

U.S. Bioresorbable Polymers Market

The United States is expected to account for the highest market of US$ 2.2 Bn by the end of 2032. Also, the market in the country is projected to account for an absolute dollar growth of US$ 1.7 Bn. According to the report of the National Heart, Lung, and Blood Institute, over 370 thousand Americans die each year as a result of coronary heart disease.

Treatment for coronary artery disease frequently involves angioplasty or a metal stent to widen the artery. Within the stent, scar tissue could develop and cause the artery to re-narrow. Drug-eluting stents release medication for a few months after stent placement to prevent the growth of scar tissue. Therefore, the rising cases of coronary diseases are fuelling the demand for Bioresorbable Polymers in the United States.

U.K. Bioresorbable Polymers Market

The demand for bioresorbable polymers in the U.K. is expected to reach a valuation of US$ 245.5 Mn by 2032. The market in the country is likely to gross an absolute dollar opportunity of US$ 186.4 Mn, growing at a CAGR of 15.3% during 2022 – 2032.

Japan Bioresorbable Polymers Market

Bioresorbable polymers market in Japan is expected to garner an absolute dollar opportunity of US$ 218 Mn during 2022 – 2032. Growing at a CAGR of 15.9% during 2022 – 2032, the market is expected to reach US$ 283 Mn by 2032.

South Korea Bioresorbable Polymers Market

Bioresorbable polymers market in South Korea is expected to reach a market size of US$ 225.4 Mn by 2032. The market is projected to garner an absolute dollar opportunity of US$ 184.6 Mn during the forecast period, registering a CAGR of 19%.

Category-wise Insights

Why Biopolyesters is projected to Witness Fastest Growth among Bioresorbable Polymers Product Type?

Market revenue through Biopolyesters is forecasted to grow at a CAGR of over 16.5% during 2022-32. The value of the biopolyesters market increased at a CAGR of around 12.5% during 2017 –2021. There are several advantages of bioployesters that are helping the growth of the Bioresorbable Polymers Market.

Biopolyesters, which can be converted into films or molded into things, are mostly biodegradable and biocompatible and they have high strength, are produced from renewable sources to produce articles for use in industrial packaging or bioabsorbable medical devices. Biopolyesters are utilized in the surgical field for bone anastomosis implants. Biopolyesters owe its popularity to their good biocompatibility and ease of implant formation.

Competitive Analysis

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, and Nomisma Healthcare Pvt. Ltd.

Some of the recent developments of key Bioresorbable Polymers providers are as follows:

• In March 2021, Ashland Global Holdings Inc. expanded the production plant for its Viatel bioresorbable polymer and relocated its research and development (R&D) activities from Dublin to Mullingar's National Science Park.
• In September 2020, Corbion and Total announced plans to develop a new polylactic acid bioplastics plant in Europe. The plant, which will be Europe’s first global-scale Polylactic acid production facility, is estimated to have a capacity of 100 thousand tonnes per year. The new factory is scheduled to open in 2024 and will be located in France. This additional polylactic acid investment will hasten plans to increase lactic acid production and meet the increasing demand for polymers.

Similarly, recent developments related to companies in Bioresorbable Polymers Market have been tracked by the team at Fact.MR, which are available in the full report.

Market Segmentation

• By Product Type :

  • Biopolyesters
  • Agro-polymers

• By Application :

  • Orthopedics
  • Drug Delivery
  • Other Applications

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA