Bioresorbable Medical Material Market to Grow at a CAGR of 9.7% to reach US$ 1,942.13 Mn from 2019 to 2027

Bioresorbable Medical Material Market to 2027 - Global Analysis and Forecasts by Product Type (Polylactide (PLA), Poly-L-lactide (PLLA), Poly-DL-lactide (PDLLA), Polyglycolide (PGA), Polycaprolactone (PCL), and Others); Application (Drug Delivery, Medical Devices, Orthopedics, Others), and Geography

Publication Month : Mar 2020

  • Report Code : TIPRE00008231
  • Category : Pharmaceuticals
  • Status : Published
  • No. of Pages : 156
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The Bioresorbable Medical Material in healthcare market was valued at US$ 935.99 million in 2019 and it is projected to reach US$ 1,942.13 million by 2027; it is expected to grow at a CAGR of 9.7% from 2020 to 2027.

Bioresorbable polymers are also known as biodegradable polymers. These are frequently used in implant, drug delivery and other applications. These offer various benefits in medical applications and can be adjusted to degrade at a specified rate, useful for temporary support. The growth of the Bioresorbable Medical Material in healthcare market is attributed to the increasing number of orthopedic surgeries, growing geriatric population and rising adoption of bioresorbable polymers for medical use. However, challenges associated with the use of bioresorbable materials for medical use and bassinet on global business due to coronavirus pandemic are expected to restraint the growth of the market during the forecast years.

The Bioresorbable Medical Material in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.

Lucrative Regions for Bioresorbable Medical Material in Healthcare Market

Lucrative Regions for Bioresorbable Medical Material in Healthcare Market
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Market Insights

Growing Applications of Bioresorbable Medical Material in Healthcare to Drive Bioresorbable Medical Material in Healthcare Market Growth

The rise in ageing population is consequently leading to increase in the total number of orthopedic procedures performed worldwide. In addition, significant advancements in the field of orthopedic science have also helped conduct better and efficient surgical procedures, which is leading to boosting their adoption. With this, the use of biodegradable polymers in the production of bioresorbable implants has also increased. According to a report by Becker’s Hospital (US), the total number of orthopedic surgeries performed in the US is expected to reach 6.6 million in 2020 compared to 5.3 million surgeries performed in 2010. Moreover, according to the American Society of Orthopedic Surgeons (AAOS), a full-time practicing orthopedic surgeon performs ~32 surgeries every month, which averages to more than one surgery performed per day. 

The planned orthopedic surgeries also have seen rise in recent years. According to the a review by the Blue Cross Blue Shield Association, medical claims data from 2010 to 2017, showed that the knee and hip replacement surgeries in the US have also increased by 17% and 33%, respectively, from 2010 to 2017. The incorporation of biodegradable implants is also well established in treatment of various sports injuries. As per a survey performed by the American Orthopedic Society for Sports Medicine in 2016, the US reports ~150,000 anterior crucial ligament (ACL) injuries every year, accounting for more than US$ 500 million in the US healthcare costs. Also, the American Academy of Orthopedic Surgeons stated that 126.6 million Americans are suffering with one or more musculoskeletal conditions. Therefore, increasing orthopedic surgeries, coupled with the benefits of bioresorbable medical material in the treatments to musculoskeletal diseases and orthopedic injuries, is likely to boost the demand for bioresorbable medical materials during the forecast period.

According to a study published by the WHO, the world population of people with age 60 and above is expected rise to 2 billion by 2050 to from 900 million in 2015. Moreover, according to the estimates, 80.0% of this population would be residing in emerging countries by 2050. This substantial growth in geriatric population generates demand for highly developed healthcare infrastructure with improved abilities and advanced treatment systems. According to a report of the United Nations (2017), the size of elderly population is also expected to grow significantly in Africa, followed by North America, Latin America and the Caribbean, and Asia Pacific (APAC) by 2050.

The aging population is vastly vulnerable to various chronic conditions that may require medical interventions in multiple forms. For instance, according to a research conducted by the American Diabetes Association in 2017, the one-third of adult population in the US, aged over 65, had diabetes. Moreover, according to the study conducted by a team of researchers at the University of Catania, Italy, in 2019, in the world, the number of patients suffering with diabetes among patients above 60 years of age was 123 million in 2017, and it is expected to double by 2045. Diabetes in adults generates high demand for various regularly prescribed medicines that include tablets and capsules, whose outer covering is made up of bioresorbable materials. Further, according to the Centers for Disease Control and Prevention (CDC), in 2018, 10.1% of adults with age 18 and above were diagnosed with diabetes. A majority of these diabetic patients has been reported to consume oral medication for this condition, including capsules.

According to a new analysis published in the British Journal of Surgery (BJS) in May 2019, the number of people with age 75 and above undergoing orthopedic surgeries in England increased from 544,998 in 1999 to 1,012,517 in 2015. The increasing number of growing orthopedic surgeries implies the increase in the requirement of surgical supplies and devices, which indicate large consumption of bioresorbable materials. Thus, the growing geriatric population is projected to drive the demand for bioresorbable medical materials, which, in turn, would drive the growth of the market during 2020–2027.

Bioresorbable polymers are considered to be green materials of the future. These polymers are used in a diverse range of medical applications that include wound dressings, surgical sutures, drug delivery systems, tissue regeneration, gene delivery, tissue regeneration, tissue engineering scaffold, nanotechnology, and medical implants. The utilization of these polymers has greatly impacted the advancement of modern medicine owing to their ability to break down after serving the motive. The increasing adoption of these materials can also be attributed to their physiochemical, mechanical, and chemical properties that ensure improved functionality along with sensitivity toward the natural body stimuli.

The biodegradable plastics are also seen to be promising alternatives to commodity plastics. This has significantly boosted the production of biodegradable plastics in the recent years. According to the European BioplasticsFAO statistics, the current bioplastics production capacity has been reported to be 2.11 million tons worldwide. Such mass production in response to high demand is driving the growth of the bioresorbable medical material market.

Product Type-Based Insights

In terms of product type, the Bioresorbable Medical Material in healthcare market is segmented into polylactide (pla), poly-l-lactide (plla), poly-dl-lactide (pdlla), polyglycolide (pga), polycaprolactone (pcl) and others. the polylactide (pla) segment held the largest share of the market in 2019 however the poly-dl-lactide (pdlla) segment is anticipated to register the highest CAGR of 11.1% in the market during the forecast period.

Bioresorbable Medical Material in Healthcare Market, by Product Type – 2019 and 2027

Bioresorbable Medical Material in Healthcare Market, by Product Type – 2019 and 2027
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Application-Based Insights

Based on application, the Bioresorbable Medical Material in healthcare market is segmented into drug delivery, medical devices, orthopedics and others. The drug delivery segment held the largest share of the market in 2019, whereas the medical devices segment is estimated to register the highest CAGR of 10.5% in the market during the forecast period.

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Bioresorbable Medical Material Market: Strategic Insights

Market Size Value inUS$ 935.99 Million in 2019
Market Size Value byUS$ 1,942.13 Million by 2027
Growth rateCAGR of 9.7% from 2020-2027
Forecast Period2020-2027
Base Year2020
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The Bioresorbable Medical Material in healthcare market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.

Bioresorbable Medical Material in Healthcare Market – by Product Type

  • Polylactide (PLA)
  • Poly-L-lactide (PLLA)
  • Poly-DL-lactide (PDLLA)
  • Polyglycolide (PGA)
  • Polycaprolactone (PCL)
  • Others

Bioresorbable Medical Material in Healthcare Market – by Application

  • Drug Delivery
  • Medical Devices
  • Orthopedics
  • Others

Bioresorbable Medical Material in Healthcare Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East & Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America and Central America (SCAM)

    • Brazil
    • Argentina
    • Rest of SCAM

Company Profiles

  • Evonik
  • Foster Corporation
  • Poly-Med Corporation
  • Zeus Industrial Products, Inc.
  • Ashland
  • Durect Corporation
  • Groupe PCAS
  • DSM
  • Corbion
  • Putnam Plastics
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product Type ; Application , and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

The List of Companies – Global Bioresorbable Medical Material Market

  1. Evonik.
  2. Foster Corporation
  3. Poly-Med Corporation
  4. Zeus Industrial Products, Inc.
  5. Ashland
  6. Durect Corporation
  7. Groupe PCAS
  8. DSM
  9. Corbion
  10. Putnam Plastics

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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