Bioresorbable Polymers Market 2019: Demand and Sales, Regional Analysis, Key Players Analysis and Prospects Forecast till 2023
Bioresorbable Polymers Market stands at over USD 677,500 thousand and is expected to reach a valuation of USD 1,643,006.3 thousand by 2023-end. Quick acceptance of leading-edge medical implants is reflecting favorably on the market
Pune, India – June 25, 2019 /MarketersMedia/ —
Bioresorbable Polymers Market Overview:
Bioresorbable polymers are the materials that can be dissolved or absorbed in the body. As per the report published by Market Research Future (MRFR), the global bioresorbable polymers market is anticipated to expand significantly at a CAGR of 13.60% during the forecast period of 2017-2023 and reach the valuation of 1,643,006.3 thousand by the end of 2023.
Market Segmentation:
The global bioresorbable polymers market has been segmented on the basis of application and type. Based on application, the bioresorbable polymers market has been segmented into drug delivery, orthopedic, and others. The orthopedic segment is leading the global bioresorbable polymers market during the forecast period with a major market share of around 50.9% and is anticipated to expand at a CAGR of 13.49% during the forecast period.
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Based on type, the bioresorbable polymers market has been segmented into polycaprolactone (PCL), polyglycolic acid (PGA), polylactic acid (PLA) & derivatives, proteins, polydioxanone (PDS), polysaccharides, and others. The polylactic acid (PLA) & derivatives segment is anticipated to expand at a CAGR of 13.92% during the forecast period owing to the benefits that are offered by it such as it naturally changes into lactic acid in the body at low concentration.
Market Drivers and Restraints:
The ability of bioresorbable polymers to break down easily inside the body has created large number of opportunities for their biomedical applications. Increasing demand for temporary implants that do not require secondary surgery for their removal and can be dissolved or absorbed inside the body is one of the major drivers that are propelling the growth of the global bioresorbable polymers market. The bioresorbable polymers can be manufactured in a wide range of consistencies, from gels to tough elastomeric thermosets. The increasing application of bioresorbable polymers in the form of dissolvable stitches, stents, scaffolds and others are inducing high demand for these polymers in the healthcare sector, resulting in the expansion of the global bioresorbable polymers market. Rapid development in 3D technology is also impacting positively on the expansion of the global bioresorbable polymers market during the forecast period.
Regional Analysis:
Geographically, the global bioresorbable polymers market has been segmented into five major regions such as North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The North America region accounts for the major share in the global bioresorbable polymer market and is expanding at a CAGR of 13.57 during the forecast period. Rapid development of the healthcare sector and increased research and development activities for introducing alternative treatment equipment are some of the major factors that are propelling the growth of the bioresorbable polymers market in this region.
The North America region is followed by the Europe region with respect to market size. The bioresorbable polymers market in Europe region is majorly driven by the presence of leading manufacturers in the global bioresorbable polymers market. The Asia Pacific region is anticipated to expand at the fastest rate at a CAGR of 13.9% during the forecast period. Availability of cheap labor and low cost of land along with foreign direct investment in the emerging economies are propelling the growth of the bioresorbable polymers market in the Asia Pacific region.
Industry Updates:
In September 2018, a study has been published according to two years data from the BIOFLOW V trials which states that the patients with CAD who underwent PCI with bioresorbable polymer sirolimus-eluting stent had reduced risk for target lesion failure and target vessel MI as compared to the patients assigned with durable polymer everolimus-eluting stent.
In February 2018, REVA Medical, Inc., a leading company focusing of bioresorbable polymer technologies for vascular applications, has announced the CE mark of 2.5-millimeter diameter size and the first successful implant of the Fantom® Encore bioresorbable scaffold.
Key Players:
The leading players that are profiled by MRFR in the report on the global bioresorbable polymers market are KLS Martin Group, Corbion NV, Poly-Med Inc, PCAS Group, Foster Corporation, Evonik Industries AG, DURECT Corporation, Merck KGaA, and Royal DSM NV.
Research Methodology
Market Research Future (MRFR) employs a robust research methodology to ensure collection of data that is highly credible and accurate. The multi-level research process ensures that the quality of the report is maintained to optimum standards. Our infinite industry expertise enable us to uncover and highlight relevant and crucial trends that can alter the backdrop of the market significantly.
The use of primary and secondary research methods ensures superior quality of the end-product in terms of data presentation, visualization and comprehension. The use of top-down and bottom-up approaches provides further credibility to the reports prepared by our analysts. A number of regions are covered in our market outlooks so as to allow our clients to identify the key growth pockets. The analytical tools used by our research analysts confirms a high degree of accuracy, delivering enhanced data and insights.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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