The polyglycolic acid market size is estimated to be USD 4.1 billion in 2019 and is projected to reach USD 6.5 billion by 2024, at a CAGR of 9.5%
NEW YORK, Nov. 13, 2019 /PRNewswire/ --
The growth in polyglycolic acid demand is majorly driven by its huge consumption in the medical industry, particularly in the absorbable surgical suture segment.
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The polyglycolic acid market size is estimated to be USD 4.1 billion in 2019 and is projected to reach USD 6.5 billion by 2024, at a CAGR of 9.5%. The rapidly developing and growing demand for polyglycolic acid in the medical industry, individually as a preferred raw material for manufacturing surgical sutures, hernia meshes, drug delivery devices, grafts, and scaffolds for tissue regeneration, is expected to drive the market demand for polyglycolic acid during the forecast period. Also, the considerable consumption of polyglycolic acid as a biodegradable polymer in the packaging industry will further contribute to driving its market demand. However, the vast production cost associated with polyglycolic acid will act as a restraint for the market growth.
Fibers is the fastest-growing form of polyglycolic acid.
Fibers are the fastest-growing form of the polyglycolic acid market globally during the forecast period. The huge preference of fiber form of polyglycolic acid in surgical sutures production used for different medical procedures including ophthalmic, gynecological and obstetric, general, orthopedic, urological, and gastroenterological surgeries are expected to drive the demand for fiber form of polyglycolic acid in future.
Medical is the largest end-use industry of polyglycolic acid.
Medical is the most extensive end-use industry of polyglycolic acid.Polyglycolic acid-based sutures are considered ideal to be used in the medical industry owing to its non-toxicity, easy excretion and metabolism properties with no residues when comes in contact with the body.
The exceptional biodegradability property of the polymer is another factor supporting its huge consumption in the medical industry thus driving the market for polyglycolic acid during the forecast period.
North America is the largest and the fastest-growing market for polyglycolic acid.
North America is projected to register the highest growth rate during the forecast period owing to the presence of major polyglycolic acid markets such as the US, Canada, and Mexico in the region.The increased risk of non-communicable diseases along with other lifestyle diseases to boost the need for different surgical procedures thus escalating the demand for polyglycolic acid in the region.
Also, the major increase noticed in shale gas extraction in the past few years has boosted the demand for effective and efficient hydraulic fracturing systems which in turn has escalated the need for PGA based frac balls and plugs thereby driving polyglycolic acid market during the forecast period.
Extensive primary interviews were conducted in the process of determining and verifying sizes of different types, end-user of the polyglycolic acid market gathered through secondary research.
The breakdown of primary interviews is given below:
• By Company Type: Tier 1 – 20%, Tier 2 – 70%, and Tier 3 – 10%
• By Designation: C-Level Executives – 10%, Director-Level – 20%, and Others – 70%
• By Region: North America – 10%, Europe – 20%, APAC – 40%, South America – 20%, and MEA – 10%
The key companies profiled in this report on the polyglycolic acid market include Kureha Corporation (Japan), Corbion (Netherlands), Shenzhen Polymtek Biomaterial Co,.Ltd. (China), BMG Incorporated (JAPAN), Huizhou Foryou Medical Devices Co., Ltd. (China), Teleflex Incorporated (US).
Research Coverage
The polyglycolic acid market has been segmented based on form, end-use industry, and region.This report covers the polyglycolic acid market and forecasts its market size until 2024.
It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the polyglycolic acid market.The report also provides insights into the drivers and restraints in the polyglycolic acid market along with opportunities and challenges.
The report also includes profiles of top manufacturers in the polyglycolic acid market.
Reasons to Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
1. This report segments the polyglycolic acid market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions.
2. This report is expected to help stakeholders understand the pulse of the polyglycolic acid market and provide information on key market drivers, restraints, challenges, and opportunities influencing the market growth.
3. This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the polyglycolic acid market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies, such as joint venture and expansion.
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