Bioresorbable Polymers Industry size is expected to register 14.7% CAGR between 2024 and 2032 propelled by the growing pharmaceutical industry.
Selbyville, Delaware, Feb. 19, 2024 (GLOBE NEWSWIRE) — Bioresorbable polymers market size is predicted to reach USD 5.19 billion by 2032, as per a recent study by Global Market Insights Inc.
The market is driven by the increased environmental consciousness that has prompted a shift towards sustainable materials. Bioresorbable polymers, being biodegradable and eco-friendly, have gained prominence. The demand for medical implants and devices with reduced long-term environmental impact has surged, fostering R&D for the bioresorbable polymers.
Stringent regulations on conventional plastics and a growing emphasis on circular economies are encouraging industries to adopt bioresorbable alternatives. In 2023, the Indian government launched new rules for Plastic Waste Management to deal with plastic pollution. These drivers collectively contribute to the robust growth and development of the bioresorbable polymers market.
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Biodegradability of polyglycolic acid to promote its uptake
The polyglycolic acid (PGA) segment is anticipated to witness substantial growth through 2032 as it is a synthetic polymer with excellent biocompatibility and biodegradability. It has found widespread application in medical and healthcare sectors. The demand for PGA is particularly high in the production of absorbable sutures, owing to its superior tensile strength and predictable absorption rates. As R&D continue to enhance the properties of PGA, it will cater to the evolving needs of medical and pharmaceutical industries, augmenting the segment share.
Usage in pharmaceuticals for drug delivery systems
The bioresorbable polymers market share from pharmaceuticals segment is expected to record strong demand through 2032 owing to the growing focus on the development of drug delivery systems and implants. Bioresorbable help in drug delivery, ensuring controlled release and targeted administration. The inherent biocompatibility of these polymers reduces the risk of adverse reactions, making them particularly suitable for pharmaceutical applications. Moreover, the ability of bioresorbable polymers to break down into harmless byproducts within the body eliminates the need for additional surgeries for implant removal, enhancing patient convenience.
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Stringent regulations in Europe to push industry expansion
Europe bioresorbable polymers market size will expand significantly through 2032, driven by a combination of regulatory support, research initiatives, and a strong emphasis on sustainability. European countries are adopting stringent regulations aimed at reducing the environmental impact of plastics, fostering the demand for bioresorbable alternatives. Moreover, the presence of key players and research institutions dedicated to advancing technologies has created a conducive environment for innovation and development. The medical and pharmaceutical sectors in Europe are actively embracing bioresorbable polymers for various applications, contributing to the region’s leadership in the global market.
Some of the key players in the global bioresorbable polymers market are Evonik Industries AG, Poly-Med, Inc., Mitsui Chemicals, Inc., Foster Corporation, KLS Martin Group, Ashland Global Holdings, and Corbion N.V.
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