PUBLISHER: Grand View Research | PRODUCT CODE: 1376132
PUBLISHER: Grand View Research | PRODUCT CODE: 1376132
The global bioresorbable polymers market size is anticipated to reach USD 3.63 billion by 2030, according to a new report by Grand View Research, Inc.. It is projected to propel at a CAGR of 13.8% over the forecast period. The increasing volume of surgical procedures, growing geriatric population, increasing prevalence of chronic diseases, technological advancements, evolved decontamination devices, and innovations in plastics are boosting the product demand. Bioresorbable polymers, including polylactic acid (PLA), polyglycolic acid, polysaccharides, and polycaprolactone, are produced using feedstock sourced from a range of natural materials. These materials encompass vegetable oils extracted from castor, soybean, rapeseed, residual heat by-products, sunflower, corn fiber, waste from food processing, plant stems, paper mill sludge, potatoes, corn, leaves, and livestock waste, among others.
The bio-based content within the polymer varies depending on the specific feedstock used in the manufacturing process. The increasing demand for these polymers in medical applications is due to the unwillingness of patients to take injections. To avoid the necessity for a second operation, the medication delivery matrix is implanted within the human body. The high demand for these polymers due to their simplicity in dissolving in bodily fluids without leaving any lasting negative effects and the increase in demand for medication delivery applications fuel the market's expansion. The improved healthcare sector in the U.S. has led to an increase in life expectancy and a rise in the geriatric population within the country. According to the World Health Organization (WHO), the rate of population aging is now faster than in previous years.
Currently, the population aged 60 years and over is approximately 1 billion, a number that is expected to double by 2050 (2.1 billion). As individuals age, the synovial fluid within orthopedic joints typically diminishes, resulting in an increased demand for orthopedic elective surgeries. This trend presents a positive growth opportunity for the industry. The market is highly fragmented with the presence of several major players. Mergers, acquisitions, strategic partnerships, capacity expansions, and the introduction of new products are the major strategies undertaken by key players to strengthen their industry presence. For instance, in June 2023, Solvay introduced a new line of biodegradable polymers known as Naternal, specifically tailored for hair and skincare solutions.