The global market for bioresorbable polymers is anticipated to exhibit remarkable growth, with projections indicating that it surpasses the value of US$ 1,399.4 million by the year 2023.
The upward trajectory is expected to continue, as the market is forecasted to achieve a significant CAGR of 10.9% through the year 2033, ultimately reaching an estimated value of US$ 3,937.8 million.
The bioresorbable polymers market offers a groundbreaking solution as these polymers have the ability to biodegrade within the human body, eliminating the necessity for subsequent surgical procedures to remove temporary implants.
This advancement significantly reduces post-surgery risks for patients while posing no harm to their bodies.
Bioresorbable Polymers Demand Analysis (2018 to 2022) Vs Market Outlook (2023 to 2033)
The global demand for bioresorbable polymers is projected to surge at a CAGR of 10.9% from 2023 to 2033, reaching a total of US$ 3,937.8 million in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 8.4%.
As per the recent analysis, the occurrence of the global pandemic impacted almost every sector across the globe. The bioresorbable polymers market also demonstrated a moderate gain in recent years owing to the disruptions in the supply chain and delays in scheduled surgeries.
In the past one to two years, however, the medical industry has recovered to a significant level which has offered a positive perspective to the manufacturers of bioresorbable polymers, especially in the regions like North America and Europe.
The growing number of patients with orthopedic impairment is enhancing the demand for bioresorbable polymers as they are widely used in orthopedic devices.
Over the coming decade, the market is prospective to be driven by the snowballing volumes of surgical procedures.
Market players are concentrating on R&D and expansion, which is anticipated to contribute to the bioresorbable polymers market growth throughout the conjecture period.
Which Drivers Underpin Bioresorbable Polymers Industry Expansion?
Extensively utilized in healthcare applications, bioresorbable polymers play a vital role in the production of stents, sutures, and scaffolds that are implanted inside the human body post-surgery, aiding in organ recovery.
The increasing utilization of bioresorbable polymers as controlled drug release implants within the body is driving global demand, providing sustained drug delivery during the patient’s recovery phase.
These polymers serve as dissolving implants, eliminating the need for additional surgical interventions for their removal, resulting in a cost-effective and patient-friendly procedure.
In maxillofacial surgery, bioresorbable polymers are employed to support the healing process and are naturally broken down once their purpose is fulfilled.
With growing consumer health concerns, patients prefer to avoid unnecessary medications and health procedures that may have detrimental effects on their well-being and overall body condition.
The versatility of bioresorbable polymers allows for customization and tailoring of their properties, such as degradation rate and mechanical strength, to suit specific medical applications.
Owing to their biocompatibility and biodegradability, bioresorbable polymers minimize the risk of allergic reactions or inflammatory responses commonly associated with traditional implant materials.
The growing focus on sustainability and environmental impact in the healthcare industry has increased the demand for bioresorbable polymers, as they are derived from bio-based raw materials and offer a more eco-friendly alternative to non-bioresorbable materials.
Which Factors Are Limiting the Growth of the Bioresorbable Polymers Market?
The development of innovative bioresorbable medical devices necessitates substantial investments, with new products typically requiring more than 7-8 years to obtain market approval.
In the United States, the FDA has mandated that manufacturers of bioresorbable medical devices must obtain Premarket Approval (PMA) before introducing their products to the market.
To obtain PMA, manufacturers must provide appropriate clinical trial data, which needs to be submitted alongside the PMA application. The costs and time involved in conducting laboratory trials and obtaining clearance through clinical trials are significant, with low chances of product approval.
The acquisition of clinically significant data and the successful clearance of clinical trials are crucial for the acceptance of such devices.
Bioresorbable medical devices are categorized as Class III products, which necessitate strict adherence to regulatory guidelines. This factor acts as a significant barrier to the expansion of novel bioresorbable polymers in the market.
The stringent regulatory requirements and lengthy approval process for bioresorbable medical devices pose challenges for manufacturers in terms of time, resources, and overall product development timelines.
The complexity of conducting clinical trials for bioresorbable medical devices adds to the cost and time investment, as ensuring patient safety and efficacy data is crucial for regulatory compliance.
The high financial risks associated with the development of bioresorbable medical devices, coupled with uncertain market acceptance, deter some investors and companies from entering the market.
How Likely is the United States of America to Hold a Significant Position in the Global Bioresorbable Polymers Market?
Based on market contribution, the United States of America captures the governing share in the bioresorbable polymers market, accounting for about 27.8% share in 2023. The country is estimated to maintain its tremendous growth rate over the forecast period, states Future Market Insights.
This market growth is attributed to the swelling product consumption in drug delivery and orthopedics applications in the region. The United States is the epicenter for research & development in the healthcare industry, further propelling the bioresorbable polymers sector in North America.
The rising demand for orthopedics and drug delivery applications also backs this region’s bioresorbable polymers demand.
The rising number of FDA approvals for innovative surgery products, the existence of a well-developed healthcare system, the growing volume of surgical procedures, the spiking number of minimally invasive procedures across ASCs, and the presence of prominent market players in the country are considered the principal market drivers of the market.
Competitive Landscape: What are the Leading Players in the Bioresorbable Polymers Market Up to?
The leading players in the bioresorbable polymers market are actively involved in various initiatives and strategies to maintain their competitive edge and drive market growth.
Companies are actively involved in product development, strategic collaborations, mergers and acquisitions, and expanding their global presence to gain a competitive advantage.
Key Players:
- Corbion NV
- Evonik Industries AG
- Poly-Med Inc.
- Foster Corp.
- Abbott
