bioresorbable polymers Market

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 bioresorbable polymers market is expected to grow due to several key drivers. These include the increasing demand for biodegradable and bio-based materials, the rise in chronic diseases, the growing interest in sustainable and eco-friendly materials, and the increasing investment in research and development activities by key players in the market. Bioresorbable polymers are expected to be used in a variety of applications, including drug delivery systems, tissue engineering, and orthopedic implants, and are preferred over traditional materials such as metals and plastics due to their biocompatibility and biodegradability. The bioresorbable polymers market is experiencing growth due to the increasing demand for bioresorbable polymers in the production of medical implants. Various polymer materials, such as polylactic acid, polycaprolactone, and polydioxanone, are extensively used to manufacture a range of bioabsorbable medical implant devices, including pins, plates, rods, scaffolds, stents, sutures, and screws. These temporary implants gradually dissolve during the recovery phase and are entirely absorbed by the body after fulfilling their purpose, eliminating the need for a second surgical intervention to remove them. This has led to a rise in demand for bioresorbable polymer implants and subsequently driving the bioresorbable polymers market.  

Impact of COVID-19

The global bioresorbable polymers market have been impeded by COVID-19, leading to significant challenges for numerous businesses. The bioresorbable polymers market has also been affected to some degree due to difficulties in procuring raw materials and disruptions in the supply chain. Across the world, delays in medical surgeries have been observed during the pandemic, with most hospitals functioning at a considerably reduced capacity, resulting in a growing waitlist. While elective surgeries resumed in the UK and other countries in mid-2020, the delay in medical surgeries has led to a decline in demand for medical and orthopedic devices, thereby impacting the bioresorbable polymers market.  

Key Companies

The prominent players in the bioresorbable polymers market are Bezwada Biomedical, LLC, Evonik Industries AG, Foster Corporation, Ashland, Musashino Chemical Laboratory, Ltd., Huizhou Foryou Medical Devices Co., Ltd., Polysciences, Inc., BMG, Poly-Med Incorporated, and Reva Medical, LLC.

To determine the size of the global bioresorbable polymers market, a combination of primary and secondary sources has been used. Comprehensive secondary research has been carried out utilizing internal and external sources to gather both qualitative and quantitative data about the market. Additionally, numerous primary interviews have been conducted with industry participants to validate the information and obtain analytical insights into the subject. These participants include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants specializing in this market, including research analysts, valuation experts, and key opinion leaders.