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Research analysis on the global bioresorbable polymers market identifies that the rising prevalence of chronic diseases will be one of the major factors that will have a positive impact on the growth of the market. The rise in chronic diseases will lead to the rise in demand for devices and therapies. This will on turn, increase the need for bioresorbable polymers since they aid in the development of the controlled release drug delivery systems and also in the accurate delivery of minute quantities of drugs. Additionally, technological innovations that resulted in the development of effective drug delivery systems will also drive the need for bioresorbable polymers. Technavio's market research analysts predict that this market will grow at a CAGR of almost 14% by 2021.
In terms of geography, North America will contribute to the major revenue share of this market throughout the next four years. The growth of the healthcare sector in the region is a major factor for the growth of the bioresorbable polymers market. The R&D activities and technological advancements in the pharmaceutical industry, increasing aging population, and the increasing sales of new medicines, also drives the growth of the bioresorbable polymers market in North America.
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Owing to the presence of global and regional vendors, this market appears to be highly competitive. The regional vendors are giving a tough competition to the global vendors especially in terms of price. The vendors in the market are focusing on extending their product applications and developing innovative technologies to sustain the competition.
The leading vendors in the market are -
The other prominent vendors in the market are Sigma-Aldrich, Mar-Lee Companies, LACTEL Absorbable Polymers, DSM, PCAS, Galatea Surgical, Edge Design Services, Degradable Solutions, Amplitude Systèmes, and MAST Biosurgery.
During 2016, the biopolyster segment accounted for the major shares of this market. Biopolyesters such as polyhydroxy-alkanoates (PHA) are used in various applications such as tissue reengineering and drug delivery. Similarly, polyglycolic acid (PGA) is also used in different medical applications in surgical sutures for orthopedic and hysterectomy surgeries.
The orthopedics segment will contribute to the major share of the bioresorbable polymer market during the next four years. Bioresorbable polymers are used for knee joints, hip joints, blocked arteries, poor vision, and hearing loss. The growth of the orthopedic devices market owing to the demand from trauma and knee applications will fuel the growth of this global market.
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