PLGA Market Size, Share, Growth, and Industry Analysis, By Type (PLGA 50:50, PLGA 65:35, PLGA 75:25, PLGA 85:15, Others), By Application (Suture, Fracture Fixation, Oral Implant, Drug Delivery Microsphere, Others), Regional Forecast To 2031

Updated On: 22 April 2024

PLGA Market Report Overview

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The global PLGA market size was USD 80 million in 2022 & the market is expected to reach USD 242 million in 2031, exhibiting a CAGR of 13.1% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with PLGA market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

PLGA stands for Poly lactic-co-glycolic acid. It is a biodegradable and biocompatible copolymer derived from the combination of two naturally occurring compounds: lactic acid and glycolic acid. These acids are commonly found in the body and have been extensively used in medical and pharmaceutical applications. It is widely used in the pharmaceutical and biomedical fields for drug delivery systems, tissue engineering, and other medical devices. Due to its biodegradable nature, it can be designed to degrade at a specific rate, making it an excellent material for controlled release drug delivery systems.

The PLGA market was expected to continue growing steadily as advancements in drug delivery technologies and increased demand for biodegradable materials drove its adoption. The pharmaceutical industry extensively uses PLGA-based formulations for drug delivery to enhance the therapeutic efficacy and reduce side effects of various medications.

COVID-19 Impact: Pandemic Hampered the Demand for Market

The pandemic led to disruptions in global supply chains, affecting the availability of raw materials and delaying production processes. This could have impacted the poly lactic-co-glycolic acid market, leading to fluctuations in supply and pricing. Many clinical trials were temporarily suspended or delayed due to safety concerns and travel restrictions during the pandemic. This could have affected the development and commercialization of PLGA-based products. Economic uncertainties caused by the pandemic might have impacted investment in research and development, potentially affecting the growth and innovation in the market. The focus of regulatory agencies worldwide shifted towards handling the pandemic, leading to potential delays in the approval processes for new PLGA-based products. The focus of many companies and industries shifted towards dealing with the immediate challenges of the pandemic. This might have impacted investments and priorities in the market.

Latest Trends

"Increasing Biodegradable Polymer Demand to Fuel Market Growth"

The market for biodegradable polymers, including PLGA, has been witnessing growth due to the rising environmental concerns and regulations on single-use plastics. As more industries and consumers become environmentally conscious, the demand for sustainable materials like poly lactic-co-glycolic acid is likely to increase. Poly lactic-co-glycolic acid has been widely used in drug delivery systems due to its biocompatibility and tunable degradation rate. As pharmaceutical companies continue to explore novel drug delivery methods for targeted therapies and long-term release of medications, the demand for poly lactic-co-glycolic acid formulations may have expanded. Poly lactic-co-glycolic acid nanoparticles and microspheres have shown promise in drug delivery, vaccine development, and tissue engineering applications. Ongoing research and innovations in these areas might have led to the development of more advanced PLGA-based nanotechnologies. The market may have experienced a surge in investments and partnerships between academic institutions, research organizations, and industry players. These collaborations aim to leverage the unique properties of Poly lactic-co-glycolic acid and explore its potential in various applications.

PLGA Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into PLGA 50:50, PLGA 65:35, PLGA 75:25, PLGA 85:15, Others.

• By Application Analysis

Based on application, the market can be divided into suture, fracture fixation, oral implant, drug delivery microsphere, others.

Driving Factors

"Increasing Demand for Controlled Drug Delivery to Drive Market Growth"

The demand for controlled drug delivery systems has been growing, as they offer advantages such as sustained release of drugs, improved therapeutic outcomes, and reduced side effects. Poly lactic-co-glycolic acid can be used to encapsulate drugs and release them gradually over an extended period. The increasing prevalence of chronic diseases, such as cancer, cardiovascular diseases, and neurological disorders, has fueled the demand for advanced drug delivery systems. PLGA-based nanoparticles and microparticles are being explored as carriers for targeted drug delivery to affected tissues.

"Growing Demand for Engineering Applications to Surge Market Growth "

 Tissue engineering and regenerative medicine have gained significant attention in recent years. PLGA's ability to act as a scaffold for tissue regeneration has led to its adoption in tissue engineering applications. The existence of patents and intellectual property rights related to poly lactic-co-glycolic acid formulations and applications can influence the market dynamics. Companies with significant patents in this field may have a competitive advantage. Many governments and research organizations have been investing in biomedical research and drug delivery technologies. Funding for research and development in the healthcare sector has played a significant role in driving the PLGA market growth.

Restraining Factors

"High Cost and Manufacturing Complexity to Restrict Market Growth "

PLGA is more expensive compared to some conventional materials used in drug delivery or medical devices. The higher cost of poly lactic-co-glycolic acid may limit its widespread adoption, especially in regions with limited healthcare budgets or cost-conscious markets. The production process of poly lactic-co-glycolic acid is more complex than traditional materials, which can result in higher manufacturing costs and potential supply chain challenges.

PLGA Market Regional Insights

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"Presence of Key Players in North America Anticipated to Drive Market Expansion "

North America holds leading position in PLGA market share. The United States and Canada have been at the forefront of poly lactic-co-glycolic acid research and development. The well-established healthcare infrastructure and ongoing investments in pharmaceutical and biomedical research have contributed to the growth of the market in this region.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Growth"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio.

The top key players in the market are Evonik, PCAS, Corbion, Mitsui Chemicals, SDSYXS, Jinan Daigang Biomaterial. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.

List of Market Players Profiled

• Evonik
• PCAS
• Corbion
• Mitsui Chemicals
• SDSYXS
• Jinan Daigang Biomaterial

Report Coverage

This report examines an understanding of the PLGA market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.