June 5, 2024

Bioresorbable Polymers Market Size to Rise USD 5.55 Bn By 2033

The global bioresorbable polymers market size was exhibited at USD 1.52 billion in 2023 and is predicted to rise to 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 significant growth driven by advancements in medical technology and increasing applications in healthcare. Bioresorbable polymers, also known as biodegradable polymers, are designed to degrade over time within the body, offering advantages such as reduced risk of long-term complications and eliminating the need for surgical removal of implants. This market encompasses a wide range of products used in medical devices, drug delivery systems, and tissue engineering applications.

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Growth Factors

The growth of the bioresorbable polymers market is propelled by several factors. First, there is a growing preference for bioresorbable materials over permanent implants due to their biocompatibility and ability to promote tissue regeneration. Second, increasing investments in research and development are driving innovation, leading to the development of new polymers with enhanced properties and functionalities. Third, rising healthcare expenditures globally, coupled with aging populations, are increasing the demand for advanced medical solutions, boosting the adoption of bioresorbable polymers in various medical applications.

Region Insights

Regionally, the market for bioresorbable polymers shows varying trends. North America and Europe dominate the market due to strong healthcare infrastructure, favorable reimbursement policies, and extensive research activities. Asia-Pacific is witnessing rapid growth fueled by expanding medical tourism, increasing healthcare spending, and a rising prevalence of chronic diseases. Emerging economies in Latin America and the Middle East are also showing potential for market expansion, driven by improving healthcare access and awareness.

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 of the bioresorbable polymers market include technological advancements in polymer chemistry, enabling the development of polymers with tailored degradation rates and mechanical properties. Moreover, regulatory approvals for bioresorbable medical devices and implants are facilitating market growth by providing a clear pathway for commercialization. Additionally, the shift towards minimally invasive surgeries and the demand for personalized medicine are creating opportunities for bioresorbable polymer applications in drug delivery and implantable devices.

Opportunities

The market offers promising opportunities for industry players. Collaboration between material scientists, medical researchers, and manufacturers can lead to the development of novel bioresorbable polymers with advanced functionalities. Expansion into emerging markets, especially in Asia-Pacific and Latin America, presents avenues for growth due to increasing healthcare investments and supportive government initiatives. Furthermore, the integration of bioresorbable polymers into 3D printing technologies holds potential for customized medical solutions.

Challenges

Despite its growth prospects, the bioresorbable polymers market faces challenges. Ensuring adequate mechanical strength and degradation properties remains a critical challenge in designing bioresorbable implants that can withstand physiological loads. Regulatory complexities related to safety and efficacy assessments of bioresorbable medical devices require substantial investment in clinical studies and compliance. Moreover, market competition from traditional materials and concerns over long-term performance and degradation behavior pose challenges for widespread adoption.

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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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I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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