Global Bioresorbable Polymers Market
As stated in our extensive report; the Global Bioresorbable Polymers Market accounted for USD 429.5 Billion in 2022 and is forecast to reach USD 874.9 Billion by 2030 at a CAGR of 10.7%.
The main factor propelling the growth of the Bioresorbable Polymerss market is the attractive reimbursement environment for a number of surgical procedures. For instance, the US and CMS’s global surgical package aims to compensate surgeons for all surgical treatments carried out on its citizens. As a result of better insurance coverage, more surgical procedures are anticipated to be conducted, which is predicted to fuel the market for Bioresorbable Polymerss.
When these Bioresorbable Polymerss are used for making implants they remove the need for a second surgery to get the implants out and eliminate the risks related to the second surgery, this has increased the adoption of Bioresorbable Polymerss in implant surgeries. Bioresorbable Polymerss are also being highly adopted for the development of efficient drug delivery systems. These are a few of the main elements influencing the demand in the market for Bioresorbable Polymerss worldwide. The enormous demand for the product in biomedical contexts, including prostheses and treating injured joints, among other uses, and the favorable government reimbursement are anticipated to drive the global Bioresorbable Polymers market.
Depending on the type of feedstock utilized during production, the polymer has a different bio-based content. Over the course of the prediction, the U.S. is anticipated to dominate the sector as a whole. The rising product demand from the healthcare industry is what’s causing this rise.
COVID-19 imposed restrictions on the operations of the chemicals and materials sector, impeding numerous firms worldwide. The Bioresorbable Polymerss industry has been somewhat constrained by supply chain interruptions and difficulties in obtaining raw ingredients. Delays in surgical procedures have been reported all throughout the world during this outbreak.
Key factors influencing Bioresorbable Polymerss Market Growth
- The need for products is increasing as a result of technological developments, plastics improvements, and advanced decontamination tools, which is accelerating industry growth.
- The market for Bioresorbable Polymerss is expanding as a result of rising demand for the product across a range of healthcare applications.
- One of the most well-known Bioresorbable Polymerss is polylactic acid, polyglycolic acid, and polycaprolactone.
- One of the main factors propelling the growth of the market for Bioresorbable Polymerss is the rise in surgical procedures performed all over the world.
- The high demand for these polymers as they can be easily dissolved in the body fluids without causing any residual side effects, and the rise in the demand in drug delivery applications accelerate the market growth.
North America Region to Take Over the Market
North America dominated the global industry and accounted for the largest revenue share in 2021. This is due to the region’s growing use of the product in orthopaedics and drug delivery applications. In North America, the market for Bioresorbable Polymerss is expanding thanks to the U.S.’s prominence as a major hub for healthcare research and development. The need for Bioresorbable Polymerss in this area is also being boosted by the growing markets for orthopaedics and medication delivery systems. Asia Pacific is expected to experience the fastest growth between 2022 and 2030, both in terms of value and volume.
APAC is a lucrative market for Bioresorbable Polymerss due to the rapid economic growth of emerging nations and rising per capita disposable income. Additional factors driving the market in APAC include the existence of high-growth economies like India, China, and Japan, as well as the rapid population ageing, the rising number of hospitals, supportive reimbursement policies, the implementation of helpful government initiatives, rising per capita income, significant investments in the healthcare sector, the demand for cutting-edge surgery products, and the expansion of private hospitals into rural areas.
Additionally, it is anticipated that the region’s demand for the product will be fueled by rising demand for polymers in orthopaedics and drug delivery applications together with higher healthcare spending. The expanding demand for polymers in orthopaedics and drug delivery applications, as well as more healthcare spending, are expected to drive up product demand in APAC. The U.S. and India worked together to advance orthopaedic research and instruction, which is anticipated to increase demand for Bioresorbable Polymerss.
The increase in demand for numerous healthcare applications is escalating the growth of the Bioresorbable Polymerss Market.
Some of the key players in the Global Bioresorbable Polymerss market include- Corbion NV (Netherlands), Evonik Industries AG (Japan), Poly-Med Inc. (U.S.), Abbott (U.S.), KLS Martin Group (Germany), 3D Biotech LLC (U.S.), Sunstar Suisse S.A. (U.S.) and others.