Growing Demand for Bioresorbable Medical Implants to Drive Bioresorbable Polymers Market between 2021 and 2028
According to our latest market study, titled “Bioresorbable Polymers Market to 2028- Covid-19 Impact and Global Analysis by Type [Polylactic Acid (PLA), Polyglycolic Acid (PGA), Polydioxanone, Polycaprolactone (PCL), and Others] and Application (Orthopedic Devices, Drug Delivery, and Others),’’ The bioresorbable polymers market was valued at US$ 3,260.07 million in 2021 and is projected to reach US$ 6,463.07 million by 2028. It is expected to grow at a CAGR of 10.3% from 2021 to 2028.
Bioresorbable polymers are absorbable materials used in implanted medical devices to offer a physical structure to aid healing. They function as a drug delivery mechanism. Various types of bioresorbable polymers include polyglycolic acid (PGA), poly (L-lactic acid) (PLA), and polydioxanone. The growing volumes of surgical procedures, rising need for biocompatible medical devices, increasing demand for bioresorbable polymers in the drug delivery application, and favorable reimbursement scenarios are some of the key factors driving the growth of this market. Moreover, the surge in the application of bioresorbable polymer-based medical implants and wound dressing covers are supporting this market as well.
Bezwada Biomedical, LLC; Evonik Industries AG; Foster Corporation; Ashland; Musashino Chemical Laboratory, Ltd.; Huizhou Foryou Medical Devices Co., Ltd.; Polysciences, Inc.; BMG; Poly-Med Incorporated; And Reva Medical, LLC., are the key bioresorbable polymer manufacturers across the world.
Impact of COVID-19 Pandemic on Bioresorbable Polymers Market
The impact of lockdown on bioresorbable polymers market has been severe and the chemicals and materials industry faced unprecedented challenges due to the shortage in raw material supply, labor shortage, and other operational difficulties under pandemic safety protocols. The shutdown of manufacturing units, difficulty in procuring raw materials, and restriction on logistics have negatively affected the global bioresorbable polymer market. Labor shortages negatively impact the manufacturing of medical implants and orthopedic devices, leading to decreased demand for bioresorbable polymers, hampering the market.
Apart from this, South Asian countries, such as India, Bangladesh, and Sri Lanka, and Central Asian countries faced a reduction in medical implants, affecting the demand for bioresorbable polymers in the region, eventually restraining the growth of the global market.
The report segments the bioresorbable polymers market as follows:
Based on the type, the global bioresorbable polymers market is segmented into polylactic acid (PLA), polyglycolic acid (PGA), polydioxanone, polycaprolactone (PCL), and others. Based on the application, the market is segmented into orthopedic devices, drug delivery, and others.
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