Bioresorbable Medical Material Global Market Report 2024

Bioresorbable medical materials are substances specifically engineered to be absorbed or broken down by the body over time. These materials find applications in various medical scenarios, including surgical implants and tissue engineering scaffolds. They offer several advantages compared to permanent implants, as they eliminate the need for surgical removal once they have fulfilled their intended function.

The primary types of bioresorbable medical materials include polylactic acid (PLA), polyglycolic acid (PGA), polysaccharides, polycaprolactone (PCL), and polylactic-co-glycolic acid (PLGA). Polylactic acid (PLA) is a biodegradable and bioresorbable polymer derived from renewable sources such as corn starch or sugarcane. PLA is commonly utilized in the production of bioresorbable medical materials, such as sutures, screws, and bone fixation devices. These materials serve diverse applications, including drug delivery and orthopedics, and are utilized by various end-users such as hospitals, clinics, ambulatory surgical centers, and research institutes.

The bioresorbable medical material research report is one of a series of new reports from The Business Research Company that provides bioresorbable medical material market statistics, including the bioresorbable medical material industry's global market size, regional shares, competitors with a bioresorbable medical material market share, detailed bioresorbable medical material market segments, market trends and opportunities, and any further data you may need to thrive in the bioresorbable medical material industry. This bioresorbable medical material market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The bioresorbable medical material market size has grown rapidly in recent years. It will grow from $1.4 billion in 2023 to $1.55 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth observed during the historical period can be attributed to several factors, including the limitations of traditional non-resorbable materials, advancements in polymer science leading to the development of bioresorbable materials, a surge in cardiovascular interventions utilizing these materials, the growth of the aging population, and the expansion of minimally invasive surgical procedures. These factors collectively contributed to the increased adoption of bioresorbable medical materials as a viable and advantageous alternative in various medical applications.

The bioresorbable medical material market size is expected to see strong growth in the next few years. It will grow to $2.24 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The anticipated growth in the forecast period can be attributed to several key factors, including the increasing demand for bioresorbable scaffolds, widespread adoption of bioresorbable materials across various medical applications, a rise in cardiovascular and orthopedic procedures utilizing these materials, a growing focus on patient comfort and faster recovery, and expanding applications in tissue engineering. Major trends expected in the forecast period include the customization of bioresorbable materials to suit specific medical applications, the integration of bioresorbable materials in drug delivery systems, the growth of 3D printing in the manufacturing of bioresorbable medical devices, the development of combination products featuring bioresorbable elements, and a heightened emphasis on sustainable and environmentally friendly medical materials. These trends signify the ongoing evolution of bioresorbable medical materials to meet diverse medical needs while aligning with the broader trends of customization, technological advancements, and sustainability in the healthcare industry.

The surge in surgical procedures is anticipated to significantly boost the bioresorbable medical material market's expansion. Surgical interventions involve incisions and specialized tools to treat diseases within the body. Bioresorbable polymers find extensive usage in molded medical equipment, notably in neurology, orthopedics, and cosmetic surgery. These materials are instrumental in producing items such as sutures, anchors, and screws. As an illustration, in 2022, as per the British Heart Foundation's report, the UK witnessed an increase in transcatheter aortic valve replacement (TAVR) or transcatheter aortic valve implantation (TAVI) surgeries, rising from 5,676 in 2019/20 to 6,328 in 2020/21. Hence, the escalating number of surgeries acts as a driving force for the bioresorbable medical material market.

The burgeoning aging population is poised to drive the growth of the bioresorbable medical material market significantly. An aging population signifies a demographic shift marked by a higher percentage of individuals aged 65 and above within a society. The increased demand for medical interventions among the elderly, coupled with a preference for advanced bioresorbable solutions that alleviate the necessity for subsequent surgeries to remove implants, fuels the expansion of the bioresorbable medical materials market. For instance, in 2022, according to visual capitalist, a Canadian company specializing in visual content on contemporary trends, the global population aged 65+ years totaled 771 million, accounting for nearly 10% of the world's populace. Therefore, the growing aging demographic is a key driver behind the growth of the bioresorbable medical material market.

The emergence of innovative biomaterials stands out as a prominent trend gaining traction within the bioresorbable medical material market. Key industry players are placing emphasis on the development of pioneering biomaterials specifically designed for 3D printing applications, aiming to fortify their market standing. An exemplary instance involves Evonik Industries AG, a German-based specialty chemicals company renowned for its expertise in bioresorbable materials. In June 2021, Evonik introduced a novel 3D-printable PEEK biomaterial named VESTAKEEP Care M40 3DF, catering to medical technology. This polyether ether ketone filament enables body contact for up to 30 days and is compatible with prevalent extrusion-based 3D printing technologies such as fused filament fabrication (FFF) or fused deposition modeling (FDM). This product launch marks Evonik's venture into broadening treatment options for patients through additive manufacturing techniques.

Prominent enterprises operating within the bioresorbable medical material sector are actively engaging in strategic alliances to fortify their market positions. Strategic collaborations empower these companies to unite with other firms possessing specialized expertise, enabling the transformation of conceptual ideas into tangible solutions. For instance, in December 2021, Boston Micro Fabrication (BMF), a pioneering US-based entity specializing in microscale 3D printing systems, formed a strategic partnership with 4D Biomaterials, a UK-based company focused on 3D printing materials. This collaboration aimed to utilize 4D Biomaterials' 4Degra bioresorbable materials in the micro-scale printing domain, achieving a significant milestone in printing bioresorbable materials using micro 3D printing technology. This innovation is poised to revolutionize the manufacturing landscape for implantable medical devices, showcasing the potential to address design intricacies and biocompatibility concerns encountered by medical device manufacturers. The amalgamation of BMF's innovative projection micro stereolithography (PµSL) approach with 4D Biomaterials' 4Degra resin inks signifies a breakthrough that holds promise in enhancing opportunities for implantable devices, ultimately advancing patient care standards.

In July 2021, BD (Becton, Dickinson, and Company), a leading US-based medical technology company, successfully acquired Tepha Inc. for an undisclosed amount. This strategic acquisition is aimed at accelerating the expansion of BD's surgical mesh portfolio and positioning the company to explore potential new markets in soft tissue repair, reconstruction, and regeneration. Tepha Inc., based in the United States, is recognized for its expertise in producing medical devices and bioresorbable scaffolds designed for applications in soft tissue repair. The acquisition underscores BD's commitment to advancing its capabilities and offerings in the field of medical technology, particularly in the rapidly evolving segment of bioresorbable materials for surgical applications.

Major companies operating in the bioresorbable medical material market report are Johnson & Johnson, Abbott Laboratories, Medtronic PLC, Kureha Corporation, Evonik Industries AG, Stryker Corporation, Toray Industries Inc., Mitsui Chemicals Inc., Arkema S.A., Royal DSM N.V., Zimmer Biomet Holdings Inc., COFCO Biotechnology Co. Ltd., Ashland Global Holdings Inc., Corbion N.V., Zeus Industrial Products Inc., Unitika Ltd., Danimer Scientific, Synbra Technology, KLS Martin Group, Durect Corporation, Putnam Plastics Corporation, Zhejiang Haizheng Biomaterials Co. Ltd., Shenzhen eSUN Industrial Co. Ltd., NatureWorks LLC, Foster Corporation, Poly-Med Inc., Futerro S.A., TotalEnergies Corbion B.V.

North America was the largest region in the bioresorbable medical material market in 2023. Asia-Pacific is expected to be the fastest-growing region in the bioresorbable medical material market report during the forecast period. The regions covered in the bioresorbable medical material market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the bioresorbable medical material market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The bioresorbable medical materials market consists of sales of chitosan, collagen, and calcium phosphates. Values in this market are 'factory gat' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Bioresorbable Medical Material Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on bioresorbable medical material market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for bioresorbable medical material ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bioresorbable medical material market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Polylactic Acid (PLA); Polyglycolic Acid (PGA); Polysaccharides; Polycaprolactone (PCL); Poly Lactic-Co-Glycolic Acid (PLGA)
• 2) By Application: Drug Delivery; Orthopedics; Other Applications
• 3) By End-User: Hospitals And Clinics; Ambulatory Surgical Centers; Research Institutes; Other End-Users
• Companies Mentioned: Johnson & Johnson; Abbott Laboratories; Medtronic PLC; Kureha Corporation; Evonik Industries AG
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.