Bioresorbable Polymers Market - Forecast(2023 - 2028)

Bioresorbable Polymer Market Overview

Bioresorbable Polymer market size is forecast to reach US$1.8 billion by 2027 after growing at a CAGR of 9.2% during 2022-2027. The Bioresorbable Polymer Industry is a major innovation in the world of polymer design, which is also referred to as Bioresorbable or degradable polymers. These kinds of polymer materials are safely absorbed by the body, so that the materials from which construction is made disappear over time, without causing any side effects to the patient. The most common form of the bioresorbable polymer is polylactic acid (PLA), which is also referred to as polylactide, and is formed from a lactide monomer. PLA is considered the main building block for the bioresorbable polymer market. The most common derivatives of the PLA in the market are poly-L-lactide (PLLA), poly-D-lactide (PDLA), and poly-DL-lactide (PDLLA). When within the body, the PLA degrades into lactic acid, a non-toxic chemical that occurs naturally within the body. Other major types include Polyglycolic acid, Polysaccharides, and Polycaprolactone. These types of Bioresorbable polymers are utilized mainly in orthopedic implants and oral drug delivery as it is cost-effective and patient-friendly. Furthermore, the Surge in the demand for Bioresorbable Polymers from hospitals and healthcare facilities are some of the major factors driving the Bioresorbable Polymer market growth during the forecast period.

COVID-19 Impact

The recent outbreak of COVID-19 indicates that several developing and developed economies were not well-equipped to prevent the disease from spreading. Several countries lack suitable healthcare infrastructure to face the COVID-19 pandemic. As of May 2020, nearly 3.8 million population around the world has been affected by coronavirus with a nearly 17% fatality rate. These aforementioned COVID impacts are expected to burden the revenue trajectory of the global Bioresorbable Polymer market over the forecast timeline. Also, due to supply chain disruptions such as raw material delays or non-arrival, disrupted financial flows, and rising absenteeism among production line staff, OEMs have been forced to function at zero or partial capacity, resulting in lower demand and consumption for Bioresorbable polymers in 2020-2021. But the governments of various countries are expected to increase their healthcare spending over the coming years to fight similar situations in the future. This is expected to ensure a positive demand for various healthcare infrastructure products, including Bioresorbable Polymer during the forecast period.

Report Coverage

The report: “Bioresorbable Polymer Market – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Bioresorbable Polymer Market.

Key Takeaways

• North America mainly dominates the Bioresorbable Polymer market, owing to the expanding application scope in the Healthcare and pharmaceuticals. The United States is expected to be the largest market in the North American region.
• Asia-Pacific has a rising demand for bioresorbable polymers in growing healthcare industries in emerging economies allied with increasing consumer awareness in the region is likely to boost demand for the market in these regions.
• The acceptance of advanced medical implant devices by patients globally is acting as a major driver for the Bioresorbable Polymer market.
• However, these devices remain as high-cost spending for the various middle class and lower class people to afford, which, hence being a growth restraint for the Bioresorbable market. 

 Figure: North America Bioresorbable Polymer Market Revenue, 2021-2027 (US$ Billion)

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Bioresorbable Polymer Market Segment Analysis – By Type

The Polylactic acid (PLA) / Polylactide segment held the largest share of 38% in the Bioresorbable Polymer market in 2021. The most common form of bioresorbable polymer used is polylactic acid (PLA), which is also referred to as polylactide and is formed from a lactide monomer. PLA is considered the main building block for the bioresorbable polymer market. The most commonly used derivatives of PLA are poly-L-lactide (PLLA), poly-D-lactide (PDLA), and poly-DL-lactide (PDLLA). When within the body, PLA degrades into lactic acid, a non-toxic chemical that occurs naturally within the body. Polyglycolic acid (PGA), or polyglycolide (PG), is another sort of bioresorbable polymer usually used for bioresorbable sutures and fracture plates. The material can be copolymerized with lactic acid to form polylactic-co-glycolic acid (PLGA), with e-caprolactone to form polyglycolide-co-caprolactone (PGCL), and with tri-methylene carbonate to form polyglycolide-co-tri-methylene carbonate (PGA-co-TMC). PGA degrades to form glycolic acid. The degradation time and mechanical properties of the bioresorbable polymer can be modified accordingly to the selected application by adjusting the relative molecular weight, crystallinity, and hydrophilicity of the polymer. This is specifically, achieved by varying the percentage of polylactide D or L forms, and polyglycolide. Due to such advantages, the Bioresorbable polymer is widely accepted by doctors and patients globally. According to the report of the European Bioplastics conference held in 2020, it is stated “The demand is rising, and with more sophisticated applications and products emerging, the market for bioplastics is continuously growing and diversifying. Global bioplastics production capacity is set to increase from around 2.11 million tons in 2020 to approximately 2.87 million tons in 2025.” It has also more specifically added that the polylactic acid (PLA), production capacities will continue to increase and diversify within the next 5 years. As a result, the demand for Bioresorbable polymers can be seen in the big core industry like healthcare, pharmaceuticals, and medical devices, which contributes to increased business growth. 

Bioresorbable Polymer Market Segment Analysis – By Application

The Healthcare and Medical Devices segment held the largest share in the Bioresorbable Polymer market in 2021 and is growing at a CAGR of 6.3% during 2022-2027. According to the Indian Brand Equity Foundation (IBEF), “India is among the top 20 markets for medical devices worldwide. India’s medical devices market stood at US$ 11 billion in 2020 and is expected to reach US$ 65 billion in 2024.”, Hence the Healthcare and Medical devices being the dominant segment here. Polylactic acid-based product types in the industry have the advantage of getting naturally converted into lactic acid within the body at low concentrations and that can be safely removed by the body’s excretory system in a natural process. Polyglycolic acid (PGA) is another most popular type of product category in the Bioresorbable polymer market which is widely used in surgical sutures in medical applications. The polyglycolic acid copolymer (PLGA) is also a well-known alternative for PLA in orthopedic applications, which is anticipated to increase the PGA-based product demand. The Polylactic acid type is a biomedical polymer that is also used in bone tissue engineering, known as orthopedic implants. Owing to its comparatively low cost, biocompatibility, and high mechanical strength to other existing polymers has led to significant product demand in the healthcare and medical devices industry during the forecast period. 

Bioresorbable Polymer Market Segment Analysis – By Geography

North America region held the largest share in the Bioresorbable Polymer market in 2021 up to 43% and remains the epicenter of development prospects in the global Bioresorbable Polymer market. The presence of prominent manufacturers such as Ashland, Poly-Med Inc., and others, further inflates the market scope and continues the market growth in the North American region. According to Plastics Industry Association, U.S. Bioplastics are one of the fastest-growing sectors of the plastics industry, with an anticipated 20-30% annual growth. North America region accounts for the largest market share for bioresorbable polymers due to the rising demand for bioresorbable implants and owing to the increasing incidences of orthopedic implants and dental ailments. The high adoption rate of bioresorbable implants in North America probably will help the region to retain the position of the leading region in the forecast years. With the extensive awareness about the bioresorbable polymer implants in North America compared to any other region, these areas are most likely to be potential markets for bioresorbable implants, during the forecast period.

Bioresorbable Polymer Market Drivers

Flourishing Health Care Industry

The surge in demand for Bioresorbable Polymers from hospitals and healthcare facilities to avoid the spread of bacterial and fungal infections and over bleeding of the patients during injuries and surgeries, and growing concerns about other infectious diseases, are the factors driving the growth of the Bioresorbable Polymer market. Bioresorbable Polymer offers a shield against pathogens and helps in averting several fatal diseases by the closure of wounds with sutures anchors. For instance, According to the Indian brand equity Foundation (IBEF), the Healthcare market in India is expected to reach US $372 billion by 2022, driven by rising income, better health awareness, lifestyle diseases, and increasing access to insurance. This, in tandem with the rising awareness concerning the importance of retaining sanitation and hygiene in healthcare clinics and centers, is markedly fuelling the market growth. 

Convenience in patient’s comfort

One of the major drivers for the growth of the bioresorbable polymer market is the rise in patient comfort. Traditionally, after surgery, the materials left in the body needed another small surgery to take materials out, which might cause risk to the patient. Bioresorbable polymers remove both of these factors because of their property of disintegrating into the body over the years. The rising demand for bioresorbable polymers for drug delivery also is causing bioresorbable polymers' market growth as it is much convenient for the patient. The rising adoption of drug delivery is expected to be a very important parameter driving the market growth.

Bioresorbable Polymer Market Challenges

Higher price associated with the Bioresorbable Polymer

The high cost associated with the Bioresorbable Polymer, low awareness among consumers in the undeveloped countries together with low market penetration plays spoilsport in the rapidly growing Bioresorbable Polymer market over the forecast period. On average, in comparison to the traditionally used methods, the Bioresorbable Polymer is usually 10-20% higher in price, hindering the purchases by the consumer. A strict environmental regulation with regards to the production of Bioresorbable polymers is one of the prominent constraining factors. Such factors have become the major challenge of Bioresorbable Polymer in terms of consumption, which constrains the growth of the market.

Bioresorbable Polymer Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in this market. Bioresorbable Polymer top 10 companies include:

1. Putnam Plastics (US)
2. Groupe PCAS (France)
3. Koninklijke DSM N.V (The Netherlands)
4. DURECT CORPORATION (US)
5. Merck KGaA (Germany)
6. Poly-Med Inc. (US)
7. Foster Corporation. (US)
8. REVA Medical, Inc.(US).
9. Evonik Industries AG (Germany)
10. Ashland (US) 

Acquisitions/Technology Launches

• On October 2021, Evonik launched LIPEX extruder for fast and effective liposomal drug manufacturing. LIPEX® Flow, which is available worldwide from November 2021, offers drug developers and manufacturers a superior device for bringing liposomal drug products to market. The new device meets the market need for more efficient next-generation high-pressure extruders to produce drug products requiring conventional liposomal drug delivery. These include active ingredients that find application in oncology, antifungal, antibacterial, vaccine, and many other applications. 
• On April 2019, Ashland Introduces New Tablet Technology. According to them, Pharmaceutical manufacturers continue to search for solutions that save costs and ensure formulation predictability, reliability, and robustness. According to the company, Klucel EXF Ultra HPC exhibits binder efficiency, compressibility, and plasticity with enhanced tablet strength and low friability at usage levels as low as one to two percent. Klucel EXF Ultra HPC aims to tackle this concern, providing lower use levels that enable manufacturers to create smaller, easier-to-swallow tablets.

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