Increasing use of bioresorbable polymers in medical sector, rising number of orthopedic surgeries performed across the globe, and advancements in orthopedic bioresorbable implants are some key factors driving market growth
Market Size – USD 1,030.52 Million in 2020, Market Growth – at a CAGR of 9.9%, Market Trends – Increasing benefits of bioresorbable medical material to treat orthopedic injuries
The global bioresorbable medical material market size is expected to reach USD 2,193.01 Million by 2028 at a CAGR of 9.9%, according to the latest report by Reports and Data. Increasing number of orthopedic surgeries performed in geriatric patients, cost-effective surgical procedures, and growing use of biodegradable materials in medical sector are key factors expected to drive market revenue growth over the forecast period. In addition, advancements in orthopedic science and implants are some other factors expected to support market growth going ahead.
Bioresorbable medical materials are absorbed and excreted by the body after they complete their temporary functions of mechanical, scaffolding, and biointegration. New generation of bioresorbable medical devices have been developed over the recent past to minimize the long-term side effects of corrosion-resistant implants. Bioresorbable medical materials or devices are made up of polymers that can be easily degraded over time. This has enabled the medical sector to overcome issues related to non-natural medical devices with regards to biological incompatibility that can lead to toxic side effects and immune rejection. This has increased interest of researchers and pharma companies in bioresorbable medical devices and is expected to continue to be prevalent going ahead.
Increasing use of bioresorbable polymers to develop bioresorbable implants and improved efficiency of surgical procedures have boosted demand for bioresorbable medical material and is expected to drive market growth over the forecast period. However, slow rate of adoption of bioresorbable material in marketable products, longer time taken to resorb and eliminate bioresorbables, and complexity of processing these materials are expected to hamper market growth to a certain extent over the forecast period.
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The report provides a panoramic view of the market and insights that will help formulate better business decisions. In addition to that, the study helps well-established companies and players gain a deeper understanding of the market and make informed decisions. The report also discusses in detail about the key factors influencing the market growth.
Key companies operating in the market include:
Evonik, Foster Corporation, Poly-Med Corporation, Zeus Industrial Products, Inc., Ashland, Durect Corporation, Groupe PCAS, DSM, Corbion, and Putnam Plastics.
The report covers an extensive analysis of the key market players in the market along with their business overview, expansion plans, and strategies. The report also focuses on recent strategic alliances in the market including mergers and acquisitions, joint ventures, partnerships, agreements, corporate and government deals, product launches, and brand promotions, among others.
On basis of product types and application offered by the Bioresorbable Medical Material industry, the market is segmented into:
Type Outlook (Revenue, USD Million; Volume in Tons, 2018–2028)
- Polylactic Acid (PLA)
- Polyglycolic Acid (PGA)
- Polycaprolactone (PCL)
Application Outlook (Revenue, USD Million; Volume in Tons, 2018–2028)
- Drug Delivery
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The report aims to provide a better understanding of the market dynamics and the workings of the industry on a global level. To gain a deeper understanding of the industry, the global Bioresorbable Medical Material market is further segmented on the basis of key geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The report also offers a country-wise analysis to provide crucial insights into market size, market growth, market revenue growth, and economic growth in each region.
The regional analysis covers:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Benefits of Bioresorbable Medical Material Market Report:
- Panoramic overview of the opportunities and risks in the Bioresorbable Medical Material sector
- Study of recent innovations and developments in the industry
- Comprehensive study of the growth pattern of the Bioresorbable Medical Material industry
- In-depth assessment of the competitive landscape of the key players of the Bioresorbable Medical Material industry
- Analysis of the Bioresorbable Medical Material market drivers, constraints, and opportunities
- Assessment of technological developments and latest trends of the industry
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