Global Bioresorbable Polymers Market Highlights over 2020-2029
The global bioresorbable polymers market is estimated to garner a considerable CAGR over the forecast period, i.e., 2021–2029. The growth of the market can be attributed to the increasing medical application of bioresorbable polymers, as it is biodegradable. The bioresorbable polymers dissolve inside the body with time, which eliminates the need for a second surgery to remove the transplant. The growing cases of patients with orthopedic and musculoskeletal issues, along with the increasing global geriatric population, is estimated to boost the market growth. Moreover, the features like flexibility, strength, and affordability of these polymers are projected to boost the market growth.
The global bioresorbable polymers market is segmented by application into sutures, orthopedic fixation devices, dental implants, tissue staples, drug delivery devices, and others, out of which, the orthopedic fixation devices segment is anticipated to hold a notable share in the market during the forecast period on account of increasing use of these polymers in orthopedic surgeries, as it reduces post-surgery complications, especially in the older population. Additionally, the dental implants segment is estimated to garner significant share during the forecast period owing to the increasing dental ailments, including, tooth decay, caused by consumption of junk foods. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Bioresorbable Polymers Market Regional Synopsis
Regionally, the bioresorbable polymers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of advanced healthcare system and high personal disposable income. Moreover, consumer friendly reimbursement policies on healthcare expenditure are another major factor estimated to boost the growth of the regional market. The market in the Europe region is anticipated to hold a significant share in the forecast period, owing to the high geriatric population in the region. As per the data by the World Bank, 20.463% of the total population of the European Union is above 65 years of age, as of 2019. The EU includes 27 countries, including France, Belgium, Germany, and Luxemburg among others.
The global bioresorbable polymers market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Our in-depth analysis of the global bioresorbable polymers market includes the following segments:
- Orthopedic Fixation Devices
- Dental Implants
- Tissue Staples
- Drug Delivery Devices
- Growing Application of the Polymers in Healthcare Sector
- Increasing Geriatric Population
- Lack of Advanced Healthcare Sector in Developing Nations
Top Featured Companies Dominating the Market
Evonik Industries AG
- Company Overview
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- Corbion NV
- Ashland Global Holdings Inc.
- Foster Corporation
- Zeus Industrial Products, Inc.
- Merck Group
- Gebrüder Martin GmbH & Co. KG
- Polymedicure Ltd.
- Biogeneral, Inc.
- Koninklijke DSM N.V.