Market Overview
Over the recent years, the demand for bioresorbable polymers has witnessed rapid growth owing to advancement in healthcare sector which is encouraging the consumption of these polymers in medical treatments, preventive health measures and drug delivery operations. Bioresorbable materials are used in extensive varieties of medical applications including coronary and fringe vascular frameworks, tissue obsession screws, bone pins and grapples, and medicate conveyance. The materials used in the production of these polymers incorporate polymers, metals, glasses and materials of organic root, for example, normal collagen, which are widely considered during various types of medical treatments.
On the basis of type, the bioresorbable polymers market is categorized into agro-polymers and biopolymers. Agro-polymers are further classified into polysaccharides and proteins, whereas biopolyesters are further classified into polylactic acid, polyglycolic acid, polycaprolactone, and others. The market is dominated by biopolyesters because of their improved quality and high resistance against poor environmental situations. Biopolyesters is likewise anticipated to be exhibit higher growth rate over the coming years.
Based on application, the bioresorbable polymers market is categorized into orthopedics, drug delivery, and others. Orthopedics is further classified into hip, trauma, knee, spine, and others whereas drug delivery is further categorized into oral, parental, and others. The orthopedics application held the largest share in the bioresorbable polymers market during the historical period.
Drug delivery is expected to witness highest growth rate in the bioresorbable polymers market during the forecast period due to growing number of embed medical procedures in North America, Europe, and Asia-Pacific. The developing medicinal services industry in the U.S., the Middle East, and Asia-Pacific nations, for example, China, Japan, and India is also expected to boost the growth of the market.
Market Dynamics
Growth drivers
The major growth drivers identified in the bioresorbable polymers market are the increasing penetration of healthcare facilities and growing population in the developing world. With high spending on medical services in US and Western Europe, the demand for safe healthcare solutions will continue to rise. This ensures adoption of best practices in healthcare industry for the treatment of patients. Bioresorbable (Resorbable) polymers, being an advanced and safe technology offers bright prospects for growth in the medical industry.
Moreover, due to the significant rise in the population and emerging risk of health issues in the developing world such as dieses and epidemics, the bioresorbable polymers market is expected to rise over the coming years.
Restraints
The major restraint identified in the bioresorbable polymers market are high price of bioresorbable polymers and lack of quality control measures in developing countries. Owing to this, a large number of patients avoid using this technology thus limiting the growth prospects of the market. However, with the advancement in the production technology, the prices of these polymers are expected to decline over the coming years.
Opportunities
Major opportunities identified in the bioresorbable polymers market is the growing demand for these polymers from emerging economies such as China, India, Brazil, Indonesia and others. With the rising awareness and increasing penetration of healthcare services in these countries, the demand for advanced medical treatment products is also rising. Moreover, with the rapid increase in the income levels, people can now opt for advanced medical treatment procedures. Due to the above-mentioned factors, it can be attributed that emerging economies offers higher growth opportunities for the growth of bioresorbable polymers market.
Insights by geography
Asia-Pacific is expected to witness highest growth in the bioresorbable polymers market owing to its rising usage in orthopedics and drug delivery applications. Also, fast growing medical industry in countries such as China, India, and South Korea is expected to prove necessary thrust to the bioresorbable polymers market.
Competitive Landscape
Some of the major players operating in the global bioresorbable polymers market are Corbion NV, Evonik Industries AG, Foster Corporation, KLS martin Group, and Poly-Med Inc.
