For instance, on 1 October 2020, Medtronic PLC got FDA approval for its recently launched dual-antiplatelet therapy that is implanted with Resolute Onyx DES. Resolute Onyx DES’s bioresorbable polymer facilitates quick vessel healing and is a well-suited anti-clotting agent for high bleeding risk patients.
Market Research Future (MRFR) believes that the Bioresorbable Polymers Market 2020 could progress at a rate of 13.9% over the forecast period (2018 to 2025). The global market is touted to attain a stupendous valuation of USD 1.98 Billion by 2025-end. We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
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Growth Inducers and Barriers
With manufacturing activities ceasing post the COVID-19 outbreak, end-use industries for bioresorbable polymers have had to face slackened product demand. The prevailing uncertainty brought on by the novel coronavirus pandemic has slowed down the market growth significantly and its recovery is dependent on the uplifting of the lockdown and the subsequent recommencing of the manufacturing activities. The advent of SARS-CoV-2 has also brought a huge supply and demand gap, which the key manufacturers are striving to bridge with all their capacity. Bioresorbable polymers’ biocompatibility as well as cost-effectiveness has also led to their extensive applications in the medical field following the pandemic, which has resulted in better market penetration.
The bioresorbable polymers industry has witnessed compelling growth in recent years, thanks to the rising consumer awareness and the government support for upgradation of the healthcare industry. The sound financial status of the consumers in developed countries and the high patient comfort facilitated by bioresorbable polymers also work in the market’s favor. Bioresorbable polymers’ growing use in drug delivery is another key growth booster for the market. Since these polymers are chemically neutral and are harmless for the body, they are considered ideal for drug delivery. Therefore, the rising preference for bioresorbable polymers in the drug delivery segment can be a huge opportunity for the players in the following years.
3D printing has emerged as a game changer for the bioresorbable polymer market, as it efficiently facilitates tiny differentiations as per the constitution of different patients as well as the circumstances in every case. As a result, the 3D printing trend is touted to be a key market trend in the ensuing years. Moreover, many of the manufacturers in the bioresorbable polymers market actively participate in strategies to boost their production capacity and launch new and more effective products to cater to the demand scenario.
Corbion NV (The Netherlands), Ashland (US), Foster Corporation.(US), Poly-Med Inc. (US), Groupe PCAS (France), Merck KGaA (Germany), DURECT CORPORATION (US), Putnam Plastics (US), Evonik Industries AG (Germany), Koninklijke DSM N.V (The Netherlands), REVA Medical Inc (US), KLS Martin (US), are the eminent players profiled in the MRFR report.
Bioresorbable Polymers Market can be divided into type and application.
The types of bioresorbable polymers in the worldwide market include agro-polymers, which are polysaccharides and proteins along with bio-polyesters, which are polylactic acid, polyglycolic acid, polydioxanone, polycaprolactone and more.
Drug delivery, orthopedics, and others are the primary applications considered in the study.
The global market can be regionally categorized as Europe, Latin America, Asia Pacific/APAC, MEA/Middle East & Africa as well as North America.
Since 2018, North America has remained the top performer in the global market, thanks to the significant demand for bioresorbable polymers in the biomedical sector. The US and Canada are the leading markets in the region, on account of the extensive presence of reputed vendors like Ashland, Foster, DSM and Durect. Most of the companies in the region are highly focused on innovations for developing novel biocompatible polymers that have a vast range of degradation and physical characteristics, which help bolster the market demand in the region.
APAC has remained a strong contender since 2018 and is on track to achieve the highest growth rate in the years to come. The heightened demand for bioresorbable polymers in the healthcare sector across emerging countries and the mounting consumer awareness has driven the market demand to a large extent. China, followed by India and others, is in the lead due to the rapid growth of the medical industry and the resultant rise in the demand for bioresorbable polymers for diverse applications. The demand has shot up significantly in recent months, with the increasing efforts in the region to find a COVID-19 breakthrough.
Europe is backed substantially by the presence of big names like Evonik and Merck in Germany, which is the leading country in the region. The market’s solid growth in the region is also the result of escalating applications of bioresorbable polymers in drug delivery and orthopedics applications.
Latin America along with MEA, can observe considerable growth over the next few years, thanks to the owing to the rising consumer awareness and the improving healthcare infrastructure.
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