NEW YORK, Jan. 11, 2017 /PRNewswire/ -- The global bioresorbable polymer market is anticipated to reach USD 2.26 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand in the medical sector, owing to its hydrolytically degrading property in the body is projected to increase the global market growth.
The increasing health awareness, improving healthcare facilities worldwide and growing surgery procedures across the globe will have a positive impact on the bioresorbable polymers industry growth in the overcoming years.
The increasing product demand for drug delivery application is another key factor for market development over the forecast period. The harmless decomposition and its chemically neutral nature in the body make them suitable for drug delivery segment.
The PLA-based product demand exceeded 89 tons in 2015, which is projected to remain as the largest and fastest growing segment over the upcoming years. The PLA market is growing dramatically in the pharmaceutical sector owing to its distinctive feature of being biodegradable and biocompatible.
Further Key Findings from the Study Suggest:
The global bioresorbable polymers demand was over 298 tons in 2015 and is expected to grow at an estimated CAGR of 14.3% over the projected period
The PCL-based product market accounted for over 13% of the total revenue in 2015
Orthopedics was the leading application segment with demand exceeding 45% in 2015
The bioresorbable polymer market in drug delivery application is estimated to have the highest growth at a CAGR of over 14% from 2016 to 2025
The U.S. polyglycolic acid product market generated revenue worth of USD 31.5 million in 2015 and is expected to reach a total revenue of over USD 110 million by 2025
Polysaccharides demand in Europe is estimated to exceed a total revenue of USD 470 million by the end of forecast period
Factors such as changing consumption patterns, technological advancements, and rising government initiatives, are anticipated to influence the market in the overcoming years
Influential companies operating in this market include Carbion NV, Evonik Industries AG, Poly-Med, Inc., Foster Corporation and KLS Martin Group
Evonik and Carbion dominated the global market together accounting for over 50% of the total revenue in 2015
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