Bioresorbable Medical Material Market Size, Share, Growth, and Industry Analysis by Type (Polylactic Acid (PLA), Polyglycolic Acid (PGA), Polysaccharides, Polycaprolactone (PCL), and PLGA) By Application (Drug Delivery, Orthopedics, and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Bioresorbable Medical Material Market Report Overview

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The global bioresorbable medical material market size was USD 1410.1 million in 2021 and is projected to touch USD 3456.06 million by 2031, at a CAGR of 9.3% during the forecast period.

A bioresorbable medical material is often used in surgery to help repair organs or tissues. The material can easily break down by the body, and it is used to regenerate tissues or help to repay. The material used in medical applications and drug delivery.

The global bioresorbable medical material market growth is attributed to increased demand for minimally invasive surgeries. Increased investment by private &public players for commercialization, favorable government policies, rise in R&D activities, and increased preference for the material in medical applications. These factors are anticipated to fuel market growth in the forthcoming years. Increased demand for bioresorbable implants coupled with the increasing geriatric population is predicated to surge market growth. Increased development in the healthcare sector is projected to surge market progress in the forthcoming years. On the contrary, the high production cost is anticipated to limit market progress. The need for skilled labor to operate is projected to restrict the market growth in the upcoming years.

COVID-19 Impact: Increased Dependency for Virtual Consultations to Propel Market Growth 

The global COVID-19 pandemic has been unprecedented and staggering, with a bioresorbable medical material in higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The Healthcare industry witnessed a sudden spike due to the outbreak of COVID-19. High demand for safety and hygienic coupled with painless surgeries methods surge market growth. Further, travel ban and shutdown of multiple businesses minimize market growth. Increased adoption of technology and growing digitalization boosted the healthcare industry. During the pandemic, virtual consultations by doctors and increased telehealth transforming care progress fuel the demand for the material. Increased need for invitro diagnostic products and rapid development healthcare sector to surge market growth.

However, drop in sales of medical technologies due to lower rate of surgeries performed during the pandemic.

LATEST TRENDS

"Several Medical Applications of the Material to Surge Market Growth "

The material is used in several medical applications, such as tissue regeneration, wound dressings, surgical sutures, nanotechnology, medical implants, tissue engineering scaffold, and gene delivery. It has a great impact on the advancement of modern medicine and ensures improved functionality. It provides sensitivity toward the natural body stimuli. These features are extensively used in the medical sector. Increased R&D activities and demand for bioresorbable implants coupled with the increasing geriatric population are predicated to surge market growth in the forthcoming years. Rapid development in the healthcare sector is anticipated to foster market growth. Adoption of the material can be attributed to the healthcare sector's mechanical, physiochemical, and chemical properties.

Bioresorbable Medical Material Market Segmentation

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• By Type

Based on type, the market is divided into polylactic Acid (PLA), polyglycolic Acid (PGA), polysaccharides, polycaprolactone (PCL), and PLGA.

polylactic Acid (PLA) is expected to be the top part of the segmentation type.

• By Application

Based on the application, the market is divided into drug delivery, orthopedics, and others.

Drug delivery is expected to be the top part of application segmentation.

DRIVING FACTORS

"Increased Orthopedic Surgeries and Growing Number of Musculoskeletal Illness to Drive Market Growth "

An increased number of orthopedic surgeries and high demand for the material in operation theater is anticipated to surge market growth. The material helps to avoid risks connected with a second procedure, such as bioresorbable membranes and anesthetic bone. Increased orthopedic injuries coupled with the material's advantages in treating the surgeries and growing number of musculoskeletal illnesses is anticipated to boost market growth throughout the projected period. Increased material manufacture and development in R&D activities are anticipated to surge market growth. According to the U.S. hospital (Becker's Hospital), the number of orthopedic surgeries is anticipated to reach 6.6 million in 2020 as compared to 2010 5.3 million surgeries were performed in that year. Such growing number of orthopedic surgeries is expected to surge market growth. 

"Rise in Aging Population and Improved Healthcare Infrastructure to Accelerate Market Growth  "

The increasing aging population across worldwide and substantial growth in the geriatric population is anticipated to surge market growth. The material will be considered green in the future and is used in a diverse range of medical applications, such as drug delivery systems, tissue regeneration, surgical sutures, and medical implants. These factors are anticipated to surge market growth. The material is often used in mechanical, physiochemical, ad chemical properties for improving functionality and sensitivity toward natural body stimuli. Such properties are anticipated to surge market growth. Expanding older population and increased need for surgical devices & supplies are anticipated to propel bioresorbable medical material market growth.

RESTRAINING FACTORS

"High cost associated with the Material to Hamper Market Growth"

The high cost of the material is anticipated to limit market progress. The need for skilled labor to operate is projected to restrict the market growth in the upcoming years.

Bioresorbable Medical Material Market Regional Insights

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"Increased Advancement in Orthopedic Surgery in North America to Drive Market Share "

North America is anticipated to develop a bioresorbable medical material market due to advancements in orthopedic surgery procedures. Presence of manufacturing units and expanding R&D activities are projected to drive market growth. Increased demand for bioresorbable implants coupled with the increasing geriatric population is predicated on surging market growth. Increased development in the healthcare sector is projected to surge market progress in the forthcoming years.

Europe is predicted to surge market growth owing to increased demand for minimally invasive surgeries. Increased investment by private &public players for commercialization, favorable government policies, rise in R&D activities, and increased preference for the material in medical applications. These factors are anticipated to fuel market growth in the forthcoming years.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Evonik (Germany)
• Corbion (Netherlands)
• DSM (Netherlands)
• Mitsui Chemicals (Japan)
• PCAS (France)
• Poly-Med (India)
• KLS Martin (U.S.)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.