Resorbable Polymers Market - Forecast(2023 - 2028)

Resorbable Polymers Market Overview

Resorbable Polymers Market size is expected to be valued at $3.1 billion by the end of the year 2026 and the resorbable polymers industry is set to grow at a CAGR of 6.9% during the forecast period from 2021-2026. The increasing application of resorbable polymers such as polylactic acid and polyglycolic acid in the healthcare industry and drug delivery is one of the main factors driving the demand and growth of the resorbable polymers market. Resorbable polymers are widely used in applications of 3D printing devices in medical industry. Furthermore, the increase in use and demand of bio- polyesters in the orthopaedical industry and as sports medicine is majorly increasing the demand for resorbable polymers. Furthermore, the increase in the number of surgeries, growing demand for drugs and medicines and other factors are also contributing to the demand for resorbable polymers market.   

COVID-19 impact

Amid the Covid-19 pandemic, the resorbable polymers market saw a considerable amount of growth due to the increase in the demand for bio polyesters owing to the increase in the incidence of surgeries and other accident-related procedures around the globe. Resorbable polymers saw an increased application in the medical field during the covid-19 pandemic, which lead to the growth of the resorbable polymers market. The growth of resorbable polymers however decreased compared to the usual sales during the year 2020. Resorbable polymers market is also estimated to gradually increase during the year 2021.

Report Coverage

The report: “Resorbable Polymers Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Resorbable Polymers Industry.
By Type: Agro-Polymers (Proteins, Polysaccharides) and Bio-Polyesters (Polyglycolic Acid, Polylactic Acid, Polycaprolactone, Polydioxanone and Others).
By Application: Orthopedics (Trauma, Spin, Sports Medicine, Combined Magnetic Field (CMF), Knee. Hips and Others), Drug Delivery (Oral and Parental) and Medical Applications (Cardiac Implant, Dental Implant and Others).
By End-Use Industry: Packaging Industry, Healthcare and Medical Industry, Textile Industry and Others.
By Geography: North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa). 

Key Takeaways

• Asia-Pacific market held the largest share in the resorbable polymers market owing to the growth in the orthopaedics industry in developing countries like India, China and Japan.
• The increase in the demand from the medical industry, especially during the Covid-19 pandemic has led to the hike in the production and sales of resorbable polymers.
• The increase in use of resorbable polymers in various applications such as packaging, medical devices and equipment is driving the resorbable polymers market.

FIGURE: Resorbable polymers Market Revenue, 2020-2026 (US$ Billion)

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Resorbable Polymers Market Segment Analysis – By Type

Bio polyesters segment held the largest share in the resorbable polymers market in the year 2020 with a growing CAGR of 7% during the forecast period 2021-2026. Bio polyesters like polycaprolactone, polylactic acid and polyglycolic acid has various advantages like flexibility, toughness, compression, set and tear strength. Therefore, it is highly preferred in the healthcare industry for application in surgeries, sports medicine and fixing implants. There have been growing cases in minor surgeries and implant surgeries which is driving the demand for resorbable polymers market. Additionally, there has been an increase in the incidents of minor accidents that cause ligament and tissue tear, which is also giving rise to the demand for resorbable polymers market.

Resorbable Polymers Market Segment Analysis – By Application

Orthopedics segment held the largest share in the resorbable polymers market in the year 2020. Orthopedics stream of medicine studies is related to the study of bones and muscles in the human body. The ever-changing developments in the lifestyle and habits of people in the recent times has led to the increase in demand for a healthy lifestyle, which is further increasing the demand for medical streams such as drug delivery, orthopedics and physiotherapy. Resorbable polymers are widely used in orthopedics for implants, casting and bandaging. This is majorly increasing the demand for resorbable polymers in the orthopedics industry.

Resorbable Polymers Market Segment Analysis – By End-Use Industry

Healthcare and medical industry held the largest share in the resorbable polymers market in the year 2020 with a growing CAGR of 7.2% during the forecast period 2021-2026. The increase in demand for resorbable polymers from the medical industry for surgeries, implants, transplants and other drug delivery is increasing the demand for resorbable polymers from the medical and healthcare industry. Resorbable polymers are also used in heart implants. According to World Health Organization (WHO), 16% of the total deaths were caused due to ischaemic heart disease across the world. There were reported cases of 8.9 million deaths due to heart related conditions in the year 2020. This will further increase the demand for resorbable polymers from heart implants.

Resorbable polymers Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 30% in the resorbable polymers market in the year 2020. The growing orthopedic industry in countries like India, China and Japan is driving the resorbable polymers market in the region. The increase in minor accidents and other small event of mishap has increased the demand for implants, sports medicine, transplants and casts in the region which is driving the demand for resorbable polymers in the region. According to Hospaccx Healthcare Business Consultancy, the estimated size of the orthopedics devices market in India during the year 2020 was valued at US$375 million, and is expected to grow at 20% every year for the next one decade. This is driving the demand for resorbable polymers in the Asia Pacific region.

Resorbable polymers Market Drivers          

Increase in the incidence of minor accidents

The increase in the incidence of minor accidents is increasing the demand for resorbable polymers as it is used in sports medicine and other devices such as implants, casts and transplants. Minor injuries like tissue tear and ligament tear requires the use of cast, metal plate implants, transplants and other medical devices which is made from resorbable polymers. According to International Labour Organization (ILO), an estimate of 2.3 million men and women across the world succumb to work related accidents every year. This is increasing the demand for resorbable polymers as they are widely used in minor surgeries and implants. 

Advancing medical industry across the globe

The global medical industry has been advancing at a fast phase during the recent times across the globe. This is majorly increasing the scope for various opportunities in the healthcare industry and medical field. For instance, medical implants like heart pacemakers have been introduced to the world of medical industry for many decades now. This has also been increasing the scope for such implants and innovation, which has been driving the demand for resorbable polymers. Heart pacemakers are mainly made of titanium and polymers such as Polyether urethane urea and Polysulfones. This is driving the demand for resorbable polymers from the medical industry.

Resorbable polymers Market Challenges

Lack of quality control measures in medical industry

The lack of quality control measures especially in developing countries like India, Indonesia, Sri Lanka, Pakistan, Thailand and South Korea is one of the major challenges to the resorbable polymers. The medical industries in most of the developing countries are not so developed and therefore does not follow proper sanitation. This can cause the medical implants to rot or degrade over time. This could also further cause cases of complications inside the patients’ organs. Additionally, the price of such implants and casts are also expensive. Therefore, this is one of the major challenges restricting the growth of the resorbable polymers.  

Resorbable polymers Market Industry Outlook

Acquisitions, facility expansion, production expansion, collaborations, partnerships, investments and mergers are some of the key strategies adopted by players in the Resorbable polymers Market. Major players in the Resorbable polymers Market are

1. Foster Corporation
2. Corbion N.V.
3. The KLS Martin Group
4. Poly-Med Inc.
5. KLS Martin
6. Evonik Industries AG
7. Becton
8. Dickinson and Company (BD)
9. Ashland

Acquisitions/Technology Launches

• In July 2021, Becton, Dickinson and Company (BD) acquired Tepha, an resorbable polymer technology developer. Tepha’s poly 4- hydroxybutyric acid (P4HB) or resorbable polymer technology is set to help Becton, Dickinson and Company (BD) in further innovating its surgical mesh portfolio. 

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