Bioresorbable Polymers Market

Bioresorbable Polymers Market Outlook (2023 to 2033)

The global Market for Bioresorbable Polymers is anticipated to exhibit remarkable growth, with projections indicating that it surpasses the value of USD 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 USD 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.

Data Points	Key Statistics
Bioresorbable Polymers Market Value 2023	USD 1,399.4 million
Bioresorbable Polymers Market Projected Value (2033)	USD 3,937.8 million
Bioresorbable Polymers Market CAGR (2023 to 2033)	10.9%

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 USD 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.

Country-wise Insights

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.

How the Market Growth in the United Kingdom is Expected to Unfold?

As per the recent analysis of Future Market Insights, the United Kingdom is considered an imperative market for bioresorbable polymers owing to its significant development in the orthopedics segment.

From 2023 to 2033, the United Kingdom likely advances at 8.2% CAGR owing to the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, orthopedic disorders, and neurological disorders.

The country's robust industrial base, technological advancements, and supportive regulatory framework contribute to a favorable business environment.

Key sectors such as healthcare, automotive, aerospace, and packaging are expected to drive the demand for polymers. Additionally, the emphasis on sustainability and eco-friendly solutions aligns with the growing adoption of bio-based and biodegradable polymers.

How is India Bolstering the Demand for Bioresorbable Polymers?

India is actively bolstering the demand for bioresorbable polymers through various initiatives and factors. The country's rapidly growing healthcare industry, coupled with increasing investments in medical infrastructure, is driving the demand for advanced medical devices and implants.

Bioresorbable polymers offer significant advantages in terms of reduced post-surgical complications, improved patient outcomes, and reduced need for subsequent interventions.

Government support and initiatives are also playing a crucial role in bolstering the demand for bioresorbable polymers.

Policies promoting domestic manufacturing, research and development, and collaborations between industry and academia are encouraging the adoption and development of bioresorbable polymer technologies.

India's large patient population and increasing healthcare expenditure provide a significant market for bioresorbable polymers, where the market in the country is projected to move ahead with a growth rate of 12.7% from 2023 to 2033.

Category-wise Insights

By Application, Which Bioresorbable Polymers Category is to Remain Prominent?

As per the FMI study, the drug delivery sub-segment is expected to hold 37.0% of value share by 2023 and is to remain prominent due to several key factors.

Firstly, advancements in pharmaceutical research and development have led to the development of a wide range of therapeutic drugs that require effective and targeted delivery systems.

Drug delivery technologies play a crucial role in ensuring the safe and efficient administration of these medications.

The drug delivery category addresses various challenges in conventional drug administration, such as maintaining optimal drug levels in the body, controlling release rates, improving bioavailability, and minimizing side effects, auguring well for the segment’s value share.

By utilizing innovative drug delivery systems, such as bioresorbable polymers, controlled-release implants, microspheres, or nanoparticles, pharmaceutical companies can enhance therapeutic outcomes, improve patient compliance, and reduce the frequency of drug administrations.

The drug delivery category offers advantages in personalized medicine, allowing for customized drug release profiles tailored to individual patient needs. This approach enhances treatment efficacy and patient comfort, leading to improved patient outcomes, in turn fostering the market on the whole.

The continuous development of novel drug molecules and increasing demand for targeted therapies further drive the prominence of the drug delivery category.

By making use of bioresorbable polymers as carriers or encapsulating agents, drug delivery systems can provide controlled and sustained release of medications at the desired site of action, optimizing therapeutic effects while minimizing systemic side effects.

The Start-Up Ecosystem: How Key Players are Opening Frontiers for Future Growth?

The start-up ecosystem is playing a pivotal role in opening frontiers for future growth through various key players and initiatives.

Start-ups are bringing innovative ideas and disruptive technologies to the market, addressing unmet needs, and creating new opportunities across industries. These ventures often operate with agility and flexibility, enabling them to adapt quickly to evolving market demands and trends.

• In July 2020, Avantium, a Netherlands-based firm announced its subsidiary Avantium polymers. The facility uses a novel technology that converts plant sugars into a wide range of sustainable chemicals, such as next-generation plastic PEF (Polyethylene furonoate).
• In May 2022, UBQ Materials, an Israel-based company partnered with Polymer-Metallization Specialist Polymertal to create lightweight, sustainable material for complex assemblies with metallic functionalities.

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
• KLS Martin Group
• 3D Biotek LLC.
• Sunstar Suisse S.A.
• DSM
• Futerro

Developments in the Market:

• In June 2021, NatureWorks LLC invested USD 600 million for a PLA facility in Thailand. The company is focusing on increasing its annual PLA production capacity to 75,000 tons for Ingeo PLA grade.
• In January 2021, Evonik closed its previously announced acquisition of the LACTEL® Absorbable Polymers product line from DURECT Corporation. The acquisition of the LACTEL® business strengthened the company’s innovation growth field in Healthcare Solutions and Evonik’s position as a globally leading integrated CDMO for drug delivery solutions.
• In February 2022, 3D Biotek Introduced a new 3D InsertTM PCL scaffolds for large-scale 3D cell expansion. As Compared with traditional 2D culture, 3D InsertTM PCL technology more closely resembles an in vivo In September 2020, DSM announced a partnership with PBC Biomed, an Ireland-based medical device design and development company. This partnership focuses initially on the development of regenerative bone adhesives for safe and cost-effective surgical procedures.

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
• 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
  • 5.1. Polysaccharides
  • 5.2. Proteins Bioresorbable
  • 5.3. Polylactic Acid
  • 5.4. Polyglycolic Acid
  • 5.5. Polycaprolactone
  • 5.6. Others
• 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
  • 6.1. Drug Delivery
  • 6.2. Orthopedics
  • 6.3. Others
• 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
  • 7.1. North America
  • 7.2. Latin America
  • 7.3. Western Europe
  • 7.4. Eastern Europe
  • 7.5. South Asia and Pacific
  • 7.6. East Asia
  • 7.7. Middle East and Africa
• 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 15. Key Countries Market Analysis
• 16. Market Structure Analysis
• 17. Competition Analysis
  • 17.1. Corbion NV
  • 17.2. Evonik Industries AG
  • 17.3. Poly-Med Inc.
  • 17.4. Foster Corp.
  • 17.5. Abbott
  • 17.6. KLS Martin Group
  • 17.7. 3D Biotek LLC.
  • 17.8. Sunstar Suisse S.A.
  • 17.9. DSM
  • 17.10. Futerro
• 18. Assumptions & Acronyms Used
• 19. Research Methodology