Bioresorbable Polymers Market is expected to reach US$ 6,463.07 million by 2028
The scope of our recent study, titled "Bioresorbable Polymers Market to 2028 - Covid-19 Impact and Global Analysis by Type [Polylactic Acid (PLA), Polyglycolic Acid (PGA), Polydioxanone, Polycaprolactone (PCL), and Others] and Application (Orthopedic Devices, Drug Delivery, and Others)
The bioresorbable polymers market was valued at US$ 3,260.07 million in 2021 and is projected to reach US$ 6,463.07 million by 2028. It is expected to grow at a CAGR of 10.3% from 2021 to 2028.
Market Dynamics
The growth of healthcare infrastructure in developing economies is driving the bioresorbable polymers market. medical devices across the globe. The expansion of healthcare infrastructure in developing economies is contributing to the growth of the bioresorbable polymers market because it creates a greater demand for medical devices and implants that utilize these materials. As more hospitals, clinics, and other healthcare facilities are built in developing countries, there is a corresponding increase in the need for medical supplies and equipment. Bioresorbable polymers are used in a variety of medical applications, including drug delivery systems, sutures, orthopedic implants, and tissue engineering. These materials are particularly useful in developing countries where there may be limited access to medical facilities and where there is a need for more affordable and accessible medical solutions. Bioresorbable polymers can be designed to degrade over time and be absorbed by the body, reducing the need for additional surgeries to remove implanted devices. As the demand for medical devices and implants made from bioresorbable polymers increases, manufacturers are investing more resources into the research and development of new and innovative materials. This creates a positive feedback loop where the expansion of healthcare infrastructure drives demand for bioresorbable polymers, which in turn drives further innovation and growth in the market. Opportunities are emerging in countries such as China, India, and Brazil, where an increase in the geriatric population and per capita income is creating a favorable market for the healthcare industry.
Market Segmentation
The report "Analysis of the Bioresorbable Polymers Market until 2028" is a comprehensive and specialized examination of the chemical and material industry, which concentrates on analyzing global market trends. Its objective is to present a comprehensive overview of the bioresorbable polymers market, including a thorough segmentation analysis based on the type, application, and geographical region. In the global bioresorbable polymers market, the type segment is divided into several categories, including polylactic acid (PLA), polyglycolic acid (PGA), polydioxanone, polycaprolactone (PCL), and others. In 2020, the polyglycolic acid (PGA) segment was the leading category, generating the highest revenue share in the bioresorbable polymers market. Based on the application, the bioresorbable polymers market is segmented into orthopedic devices, drug delivery, and others.
Regional Overview
The bioresorbable polymers market is being positively impacted by the growing healthcare sector in developing economies, as highlighted in the Omnia Health report. China, for instance, spent approximately US$ 928 billion on healthcare services in 2019 and constructed over 35,000 hospitals between 2016 and 2020. The country also has the largest geriatric population, with around 250 million individuals over the age of 60 in 2019. The expansion of health infrastructure in developing economies and the rising geriatric population are creating favorable conditions for the growth of the bioresorbable polymers market.
Impact of COVID-19
The COVID-19 pandemic has had a significant impact on many businesses worldwide by imposing restrictions on manufacturing and supply chains. The bioresorbable polymers market is one such industry that has been severely affected by the pandemic, with disruptions in the raw material supply chain in the chemicals and materials industry. Nevertheless, as several countries have started easing lockdown restrictions, manufacturing units have reopened, and there has been a rise in surgeries, leading to an increased demand for and production of medical devices. This development is expected to have a positive impact on the bioresorbable polymers market in the coming years.
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