May 26, 2024

Bioresorbable Polymers Market Size to Reach USD 5.55 Bn By 2033

The global bioresorbable polymers market size was estimated at USD 1.52 billion in 2023 and is projected to reach 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 witnessing significant growth driven by increasing demand for biodegradable materials in various medical applications. Bioresorbable polymers are designed to degrade over time within the body, eliminating the need for surgical removal after their intended purpose is served. These polymers find extensive use in medical implants, drug delivery systems, and tissue engineering due to their biocompatibility and ability to be safely absorbed by the body.

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Growth Factors

The growth of the bioresorbable polymers market is fueled by advancements in polymer technology, leading to the development of novel materials with improved mechanical properties and controlled degradation rates. Rising awareness among healthcare professionals about the benefits of bioresorbable materials over traditional permanent implants is also driving market expansion. Additionally, increasing investments in healthcare infrastructure and research and development activities are accelerating the adoption of bioresorbable polymers globally.

Region Insights

Regionally, North America and Europe dominate the bioresorbable polymers market, attributed to well-established healthcare systems, strong R&D capabilities, and high adoption rates of innovative medical technologies. Asia-Pacific is emerging as a lucrative market, propelled by growing healthcare expenditure, expanding medical tourism, and supportive government initiatives promoting advanced healthcare solutions. Latin America and the Middle East are also witnessing steady growth in bioresorbable polymer adoption due to improving healthcare access and rising disposable incomes.

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

Drivers

Key drivers stimulating the bioresorbable polymers market include increasing prevalence of chronic diseases requiring implantable medical devices, such as cardiovascular diseases and orthopedic disorders. The demand for bioresorbable polymers in drug delivery systems is also rising, driven by the advantages of controlled drug release and reduced systemic toxicity. Moreover, environmental concerns related to plastic waste disposal are encouraging the use of bio-based and biodegradable polymers, fostering market growth.

Opportunities

The bioresorbable polymers market presents promising opportunities for innovation and strategic partnerships. Collaborations between medical device manufacturers and polymer suppliers can lead to the development of customized bioresorbable solutions tailored to specific medical needs. Expanding applications beyond traditional implantable devices into wound care, sutures, and tissue regeneration offers new avenues for market players to diversify their product portfolios and capture untapped segments.

Challenges

Despite its growth potential, the bioresorbable polymers market faces challenges related to achieving optimal material properties for different medical applications. Balancing degradation kinetics, mechanical strength, and biocompatibility remains a critical challenge for polymer engineers. Regulatory hurdles associated with the approval of bioresorbable medical devices also pose obstacles to market expansion, necessitating stringent compliance with safety and efficacy standards.

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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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