June 22, 2024

Bioresorbable Polymers Market Size to Touch USD 5.55 Bn By 2033

The global bioresorbable polymers market size accounted for USD 1.52 billion in 2023 and is projected to attain around USD 5.55 billion by 2033, growing at a CAGR of 13.83% from 2024 to 2033.

Key Points

  • The North America bioresorbable polymers market size accounted for USD 500 million in 2023 and is expected to rise around USD 1,830 million by 2033.
  • North America has held the largest share of 33% in 2023.
  • Asia Pacific is emerging as the fastest-growing region in the global market.
  • By product, the polylactic acid segment led the market with the biggest market share of 31% in 2023.
  • By product, the polyglycolic acid segment is expected to grow at a CAGR of 14.13% during the forecast period.
  • By application, the orthopedics segment has held the major market share of 45% in 2023.
  • By application, the drug delivery segment is expected to expand at the fastest CAGR of 15.72%  during the forecast period.

Bioresorbable Polymers Market Size 2024 to 2033

The global bioresorbable polymers market is experiencing robust growth driven by advancements in medical technology and increasing demand for biocompatible materials. Bioresorbable polymers, also known as biodegradable polymers, are designed to degrade over time within the body, eliminating the need for surgical removal. These polymers find extensive applications in medical implants, drug delivery systems, and tissue engineering. The market is characterized by innovation in polymer science, leading to the development of new materials with improved properties and performance.

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Growth Factors

The growth of the bioresorbable polymers market is primarily fueled by the rising prevalence of chronic diseases and the subsequent increase in surgical procedures globally. Bioresorbable polymers offer distinct advantages over permanent implants, such as reduced risk of infection, elimination of implant removal surgeries, and compatibility with imaging techniques. Moreover, growing environmental concerns and regulations promoting sustainable healthcare solutions are driving the adoption of bioresorbable materials across various medical applications.

Region Insights

Regionally, North America and Europe dominate the bioresorbable polymers market due to the presence of advanced healthcare infrastructure and a strong focus on research and development. Asia-Pacific is witnessing rapid growth attributed to expanding healthcare access, increasing investments in medical technologies, and rising awareness about biodegradable materials. Latin America and the Middle East are emerging markets with untapped potential, offering opportunities for market expansion in the coming years.

Bioresorbable Polymers Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 13.83%
Global Market Size in 2023 USD 1.52 Billion
Global Market Size in 2024 USD 1.73 Billion
Global Market Size by 2033 USD 5.55 Billion
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product, and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Bioresorbable Polymers Market Dynamics

Drivers

Key drivers accelerating the bioresorbable polymers market include technological advancements in polymer chemistry and manufacturing processes, leading to the production of polymers with tailored properties for specific applications. Additionally, growing demand for minimally invasive surgeries and the development of bioresorbable stents, sutures, and orthopedic implants are driving market growth. Favorable reimbursement policies and regulatory support for bioresorbable medical devices further contribute to market expansion.

Opportunities

The bioresorbable polymers market presents significant opportunities for market players to capitalize on expanding applications beyond traditional medical devices. Research and development efforts focusing on novel polymers for controlled drug delivery, wound healing, and tissue regeneration offer promising growth prospects. Collaborations between academic institutions, healthcare providers, and industry players can facilitate innovation and accelerate commercialization of bioresorbable polymer-based products.

Challenges

Despite the positive outlook, challenges such as high manufacturing costs and limited scalability of production processes pose barriers to market growth. Ensuring the mechanical strength and degradation kinetics of bioresorbable polymers to match specific medical requirements remains a technical challenge. Additionally, stringent regulatory requirements for medical devices and polymers necessitate comprehensive preclinical and clinical testing, which can extend product development timelines and increase overall costs for market participants.

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Bioresorbable Polymers Market Recent Developments

  • In April 2024, With the introduction of a new end-to-end licensed technology called CAPSULTM for the continuous manufacturing of polycaprolactone (PCL), a biodegradable polyester frequently used in the packaging, textile, agricultural, and horticultural industries, Swiss technology company Sulzer is broadening its line of bioplastics.
  • In November 2023, BASF’s most recent addition to its extensive line of chemicals for laundry detergent applications is BVERDE GP 790 L. This novel anti-redeposition polymer is easily biodegradable and was developed to satisfy consumer demand for products that prioritize sustainability without sacrificing functionality.

Bioresorbable Polymers Market Companies

  • Corbion N.V.
  • Evonik Industries AG
  • Foster Corporation
  • KLS Martin Group
  • DSM Biomedical
  • Ashland Global Holdings Inc.

Segment Covered in the Report

By Product

  • Proteins
  • Polylactic Acid
  • Polysaccharides
  • Polyglycolic Acid
  • Polycaprolactone

By Application

  • Orthopedics
  • Drug delivery
  • Others

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

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