Bioresorbable Polymers Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Bioresorbable Polymers Market  is Segmeted By Type (Polylactic acid (PLA), Polyglycolic acid (PGA), Poly (lactic-co-glycolic acid) (PLGA), Polycaprolactone (PCL), Others), By Application (Orthopedic devices, Drug delivery, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031.

Bioresorbable Polymers Market Overview

The Global Bioresorbable Polymers Market reached USD 1.2 billion in 2022 and is expected to reach USD 3.3 billion by 2031 growing with a CAGR of 13.4% during the forecast period 2024-2031. The global bioresorbable polymers market is driven due to increases in demand for various sectors such as healthcare, aircraft, packaging and automotive.

The major growth in the bioresorbable polymer industry is from the healthcare sector. As there are advantages to using bioresorbable such as biocompatibility which reduces the risk of complications in surgeries which is a major growth factor where bioresorbable market demand increases. 

Asia-Pacific witnessed the highest growth in the bioresorbable polymers market. China, Japan and India witness major growth covering more than 65.4% regionally, as consumption of bioresorbable polymers increased in these countries. The government is also investing in boosting the product’s market demand by escalating biodegradable plastics' growth.

For instance, on 24 Feb 2023, a report by the Ministry of Science and Technology in which the government of India notified plastic waste management amendment rules.  By applying this rule there is a prohibition on using single-use plastic carry bags. The policy initiated by the government of India promotes the development of biodegradable plastic products.

Bioresorbable Polymers Market Scope

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Bioresorbable Polymers Market Dynamics

Growing Demand for Biocompatible Medical Devices

Biocompatible medical devices are a significant driver for the growth of bioresorbable polymers in the healthcare industry as this material is specifically designed for the human body and doesn’t have any side effects. The bioresorbable polymer is also called biodegradable or absorbable polymers. Bioresorbable medical devices eliminate long-term complications such as implant rejections and chronic inflammation.

The bioresorbable materials are used for implantable medical devices. Once the treatment procedure is completed the body absorbs the bioresorbable materials. These bioresorbable materials shorten the patient’s recovery time.  These bioresorbable materials provide safer, more efficient treatment options for patients. Due to this factor in the health sector, the growth of the bioresorbable market increased.

Environmental Concerns and Sustainable Packaging Demand 

Bioresorbable have lower mechanical strength and stiffness when compared to petroleum-based plastics. As compared to conventional plastics it has lower resistance for high temperatures. Bioresorbable polymers offer advantages such as reduced waste, lower carbon footprints and less reliance on fossil fuels. The application of bioresorbable products has increased significantly due to the rising sustainable packaging materials.

Companies are investing in boosting bioresorbable polymers application in the industry. For instance, on 25 Jan 2023, Cascades launches an eco-friendly packaging product which is for fresh fruits and vegetables. Instead of food packaging, they launch closed baskets made from recyclable cardboard. They use a circular approach and eco-design principle. Due to this, the demand for eco-friendly packaging increased.

High Production Cost

The high cost associated with bioresorbable polymer when compared to traditional conventional polymer. Bioresorbable requires special production pipelines and raw materials which lead to high manufacturing costs. Due to the rise in the cost of production of bioresorbable polymers, many industries don’t afford to manufacture them. Due to cost many factors are limited such as production scale, renewable feedstocks and specialized equipment.

Bioresorbable undergo various testing and certification process to ensure safety concerns. This testing process is time-consuming and costly to adapt. In the packaging industry cost-effectiveness are critical factors that hinder the growth of the market. However, the ongoing has led to reducing costs and provides efficiency in the bioresorbable market.

Bioresorbable Polymers Market Segment Analysis

The global bioresorbable polymers are segmented based on type, application and region. 

Applications of PLGA in Bioresorbable Polymers in the Medical Field

Poly (lactic-co-glycolic acid)is mostly used in bioresorbable polymers which have various applications in the medical field which has made to contribute nearly 1/3rd share of the market. poly (lactic-co-glycolic acid)is used for the development of drug delivery systems that offers engineering scaffolds and sutures. It offers several advantages which include versability, biocompatibility and controlled degradation.  The factors considered in poly (lactic-co-glycolic acid) are sterilization methods and acidic by-products.

Due to its tunable properties, the poly (lactic-co-glycolic acid) has a ratio of lactic acid to glycolic acid that allows for its mechanical and degradation properties. Furthermore, its flexibility enables the customization of poly (lactic-co-glycolic acid) to meet specific requirements. Poly (lactic-co-glycolic acid) is processed in various forms such as microspheres, fibers, film and scaffolds. It can be reframed into desired shape when required which has increased its popularity as compared to other types of products.

Global Bioresorbable Polymers Market Geographical Penetration

Asia-Pacific Expanding Medical and Healthcare Sector and Favorable Government Initiatives

Asia-Pacific has the largest growth covering nearly 49.1% globally due to expanding medical and healthcare sector, favorable government initiatives and the increasing demand for sustainable packaging solutions. Governments and regulatory bodies in the region are promoting the use of bioresorbable polymers due to their biocompatibility and potential to reduce the need for additional surgeries for device removal.

For instance, on 26 Jun 2022, as biodegradable material demand grows so in China Angel Yeast and Pha Builder plans to set up a manufacturing base for PHA (Polyhydroxyalkanoates polyester ) in China city named Yichang. Their joint venture was established to promote the utilization of synthetic biology in the biotechnology sector.

For instance, on 8 Feb 2022, Kaneka significantly plans to increase its production capacity for the biodegradable polymer green planet currently it has a 5,000MT production year and it plans to increase its production up to 15000MT. Japan has Act named Resource Circulation for Platics in this act single-use plastic bags were banned. It’s a green planet solution product that holds a prominent innovative solution which is against single-use plastics. Green Planet (PHBH) it’s a biopolymer product developed from plant oil. In which the compound breaks down into soil and water. 

Bioresorbable Polymers Market Companies

The major global players in the market include Ashland Global Holdings Inc,  Corbion N.V, Evonik Industries AG, Poly-Med Inc, KLS Martin Group, Foster Corporation, Zeus Industrial Products, Seqens Group, REVA Medical, LLC, Nomisma Healthcare Pvt. Ltd.

COVID-19 Impact on Bioresorbable Polymers Market

The demand for bioresorbable polymers increases during the pandemic because the demand for medical devices and implants increases which includes bioresorbable polymers. Bioresorbable materials have various applications such as surgical sutures and tissue scaffolds and are used in drug delivery systems. This medical product is used to treat COVID-19-affected patients and used for other medical procedures.

As compared with traditional materials bioresorbable polymers offer advantages for infection control. They have the ability to degrade over time which reduces the risk of infection. During the pandemic, there is an urgent requirement for effective medical solutions to reduce the spread of infection which led to focus on the development of materials and technologies which include bioresorbable polymers.

Russia-Ukraine War Impact

Due to Russia-Ukraine war impacted the supply chain management of raw materials. This led to delays in the availability of bioresorbable products. Geopolitical tensions, create economic uncertainty in many regions. Many bioresorbable businesses got affected due to war, there is a downfall of the market because many investors steps back with their investments.

Due to conflict many rules and regulations and trade policies changed which affected the growth of the bioresorbable market. Economic downfall and recessions affect the consumer demand for bioresorbable polymers. Companies phase new barriers, costs increased which impacted the market.

Key Developments

• For instance, on 21 Jun 2023, Solvay launches its new brand of biodegradable polymer -Naternal which is an eco-design hair and skin care solution. The product comes from guar a biodegradable beauty care polymer.
• For instance, on 24 Jun 2022, Novozymes signed a deal for developing biodegradable plastics, in which Novozymes collaborates with a French biotech company named Carbios which commercializes to develop biodegradable plastics.
• For instance, on 17 Jun 2020, A biodegradable plastic named Truly Green plastic was incorporated with cannabis waste where carbon is used as a source.  In a joint partnership with Lambton College and Ventures Inc. launched truly green plastic which is a bio-based polymer.

Why Purchase the Report?

• To visualize the global bioresorbable polymers market segmentation based segmented based on type, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of bioresorbable polymers market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Application mapping available as excel consisting of key application of all the major players.

The global bioresorbable polymers market report would provide approximately 53 tables, 49 figures and 195 Pages

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies