North America Bioresorbable Polymers Market is expected to reach US$ 2,499.56 Million by 2028

Published Date: 05 Apr 2022

Polyglycolic Acid (Pga) segment to dominate the North America Bioresorbable Polymers Market during 2020–2028

According to The Insight Partners market research study on “North America Bioresorbable Polymers Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 2,499.56 million by 2028 from US$ 1,189.92 million in 2021. The market is estimated to grow at a CAGR of 11.2% from 2021 to 2028. The report provides trends prevailing in the North America bioresorbable polymers market along with the drivers and restraints pertaining to the market growth. Increasing demand for bioresorbable-based medical implants and wound dressing covers, surging demand for orthopedic surgery due to the growing road and work-related accident, and heighten trend of 3d scaffold printing for tissue engineering are the major factor driving the growth of the North America bioresorbable polymers market. However, growing minimally invasive surgeries hinders the growth of North America bioresorbable polymers market.

The US has the highest number of confirmed COVID-19 cases among all key countries in North America. This has obstructed manufacturing processes, research, and development activities. The shutdown of manufacturing units hampered the bioresorbable polymer market. The halt in the production of medical devices and the delay in surgeries during the pandemic have also affected the market's growth. There has been an increase in the deferral of elective surgical care in the US. According to a study of orthopedic surgery volumes by the Journal of Bone and Joint Surgery in May 2020, even under the most optimistic scenario, the US may face a cumulative backlog of more than a million total joint and spine surgery cases by mid-2022, which is likely to limit the demand of medical implants, leading to a negative impact on the market in the coming years. However, the reopening of manufacturing facilities after the relaxation on lockdown is aiding the bioresorbable polymer market substantially.

The North America bioresorbable polymers market is segmented on the basis of type, application, and country. Based on type, the market is segmented into polylactic acid (Pla), polyglycolic acid (Pga), polydioxanone, polycaprolactone (Pcl), and others. In 2020, polyglycolic acid (Pga) segment held the largest share in the market, polylactic acid (Pla) is expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into orthopedic devices, drug delivery, and other application. In 2020, orthopedic devices segment held the largest share in the market, and drug delivery is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into the US, Canada, and Mexico. In 2020, the US held the largest share in the market, and it is also expected to be the fastest growing country during the forecast period.

Evonik Industries AG; Musashino Chemical Laboratory, Ltd.; Ashland Global Holdings Inc.; Poly-Med Incorporated; Foster Corporation; REVA Medical, LLC; Polysciences Inc.; and Bezwada Biomedical LLC are among the leading companies in the North America bioresorbable polymers market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Evonik launched a new line of RESOMER Composites.

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