Bioresorbable Medical Material Market: Increasing number of orthopedic surgeries
The bioresorbable medical material market is expected to reach US$ 1,942.13 Mn in 2027 from US$ 935.99 Mn in 2019. The market is estimated to grow with a CAGR of 9.7% from 2020-2027.
Bioresorbable polymers are also known as biodegradable polymers. These are frequently used in implant, drug delivery and other applications. These offer various benefits in medical applications and can be adjusted to degrade at a specified rate, useful for temporary support. The growth of the market is attributed to the some key driving factors such as increasing number of orthopedic surgeries, growing geriatric population and rising adoption of bioresorbable polymers for medical use. However, challenges associated with the use of bioresorbable materials for medical use and bassinet on global business due to coronavirus pandemic are expected to restraint the growth of the Bioresorbable Medical Material market during the forecast years.
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Key Findings from The bioresorbable medical material Market
The bioresorbable medical material market, by product type, is segmented into Polylactide (PLA), Poly-L-lactide (PLLA), Poly-DL-lactide (PDLLA), Polyglycolide (PGA), and Copolymers of PLA and PGA (PGLA).
The polylactide (PLA) segment held the largest share of the market in 2019 however the poly-DL-lactide (PDLLA) segment is anticipated to register the highest CAGR in the market during the forecast period.Due to the excellent mechanical properties and biocompatibility, PLA is used in various medical fields such as drug delivery systems and medical implants. PLA is also widely used in tissue engineering, and it finds a wide spectrum of applications in the medical field.
On the basis of application, the bioresorbable medical material market has been segmented into drug delivery, medical devices, orthopedics and others. The drug delivery segment held the largest share of the market in 2019, whereas the medical devices segment is estimated to register the highest CAGR in the market during the forecast period.
The market players operating in the bioresorbable medical materialmarketadopt the strategy ofexpansion to enlarge customer base across the world, which also permits the players to maintain their brand name globally. For instance, in June 2019, Foster Corporation, a leader in polymer material solutions for the medical and pharmaceutical markets inaugurated it’s a new state-of-the-artmanufacturing facility that is adjacent to its headquarters in Putnam, CT. Thisnew expansion comes only a few years after Foster opened a newpharmaceutical building for its “Delivery Science” business.
Leading companies operating in the bioresorbable medical material market are Evonik. Foster Corporation, Poly-Med Corporation, Zeus Industrial Products, Inc., Ashland, Durect Corporation, Groupe PCAS, DSM,Corbion, and Putnam Plastics among others. The companies are focused towards adoption of organic strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in August 2019, Meril Life Sciences received CE marking for 100-micron bioresorbable scaffold that was indigenously designed, developed and manufactured inIndia.
Increasing number of orthopedic surgeries
The rise in ageing population is consequently leading to increase in the total number of orthopedic procedures performed worldwide. In addition, the significant advancements in the field of orthopedic science have also helped in conduction of better and efficient surgical procedures leading to their increasing adoption. The uses of biodegradable polymers that are used to produce bioresorbable implants have also witnessed a rise in their adoption. According to a report by Becker’s Hospital, the total number of orthopedic surgeries performed in the US is expected to reach 6.6 million in 2020 as compared to 5.3 performed in 2010. Moreover, according to the American Society of Orthopedic Surgeons (AAOS), a full-time practicing orthopedic surgeon performs approximately 32 surgeries each month, which averages to more than one surgery performed per day.
Also, The American Academy of Orthopedic Surgeons stated that 126.6 million Americans have a musculoskeletal condition. Therefore, increasing orthopedic surgeries coupled with benefits of bioresorbable medical material to treat the musculoskeletal diseases and orthopedic injuries is likely to boost the demand for bioresorbable medical material during the forecast period.
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