Bioresorbable Medical Material Market Size to Reach USD 2,193.01 Million in 2028, Says Reports and Data
Increasing use of bioresorbable polymers in medical sector, rising number of orthopedic surgeries performed across the globe, and advancements in orthopedic bioresorbable implants are some key factors driving market growth
Market Size – USD 1,030.52 Million in 2020, Market Growth – at a CAGR of 9.9%, Market Trends – Increasing benefits of bioresorbable medical material to treat orthopedic injuries
The global bioresorbable medical material market size is expected to reach USD 2,193.01 Million in 2028 at a CAGR of 9.9%, according to the latest report by Reports and Data. Increasing number of orthopedic surgeries performed in geriatric patients, cost-effective surgical procedures, and growing use of biodegradable materials in medical sector are key factors expected to drive market revenue growth over the forecast period. In addition, advancements in orthopedic science and implants are some other factors expected to support market growth going ahead.
Bioresorbable medical materials are absorbed and excreted by the body after they complete their temporary functions of mechanical, scaffolding, and biointegration. New generation of bioresorbable medical devices have been developed over the recent past to minimize the long-term side effects of corrosion-resistant implants. Bioresorbable medical materials or devices are made up of polymers that can be easily degraded over time. This has enabled the medical sector to overcome issues related to non-natural medical devices with regards to biological incompatibility that can lead to toxic side effects and immune rejection. This has increased interest of researchers and pharma companies in bioresorbable medical devices and is expected to continue to be prevalent going ahead.
Increasing use of bioresorbable polymers to develop bioresorbable implants and improved efficiency of surgical procedures have boosted demand for bioresorbable medical material and is expected to drive market growth over the forecast period. However, slow rate of adoption of bioresorbable material in marketable products, longer time taken to resorb and eliminate bioresorbables, and complexity of processing these materials are expected to hamper market growth to a certain extent over the forecast period.
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Some Key Highlights from the Report:
- Polylactide (PLA) segment is expected to account for largest revenue share in the global market over the forecast period owing to increasing use of PLA in long-term medical implants, high stability of the product, and is non-toxic.
- Orthopedics segment is expected to register considerable revenue growth over the forecast period owing to rising incidence of orthopedic injuries and increasing orthopedic surgical procedures performed across the globe. Bioresorbable materials are widely used to develop orthopedic implants and this is also expected to contribute to revenue growth of the segment over the forecast period.
- North America is expected to register robust revenue CAGR over the forecast period owing to increasing advancement in orthopedic surgical procedures, rising R&D activities, and robust presence of key players in the region.
- Key companies in the market include Evonik, Foster Corporation, Poly-Med Corporation, Zeus Industrial Products, Inc., Ashland, Durect Corporation, Groupe PCAS, DSM, Corbion, and Putnam Plastics.
- In June 2021, Evonik announced the development of a 3D printing PEEK biomaterial, VESTAKEEP Care M40 material, for medical applications with body contact till 30 days. The company believes the material can expand possibilities for personalized care and treatment and expects the material will be suitable for hearing aids, filigree prosthesis, and surgical drilling aids for dentistry.
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For the purpose of this report, Reports and Data has segmented the global bioresorbable medical material market on the basis of type, application, and region:
Type Outlook (Revenue, USD Million; Volume in Tons, 2018–2028)
- Polylactic Acid (PLA)
- Polyglycolic Acid (PGA)
- Polycaprolactone (PCL)
Application Outlook (Revenue, USD Million; Volume in Tons, 2018–2028)
- Drug Delivery
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Regional Outlook (Revenue, USD Million; Volume in Tons, 2018–2028)
- North America
- Rest of APAC
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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