September 15, 2021 03:29 ET | Source: Market Research Future Market Research Future
New York, September 15, 2021 (GLOBE NEWSWIRE) - Bioabsorbable (absorbable) polymer market overview: According to the Comprehensive Research Report of Market Research Future (MRFR), "Bioabsorbable Polymer Market Research Report: By Type Classification information (agricultural polymer) [protein and polysaccharide] and biopolyester [polyglycolic acid, polylactic acid, polycaprolactone, polydioxanone, etc.]), application (orthopedic, drug delivery, etc.) and region ( Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa)-forecast by 2028 "By 2028, the market is expected to be worth 3.15 billion U.S. dollars, with a compound annual growth rate of 14.1% during the forecast period (2021-2028), The market value in 2021 is USD 1.43 billion.
The list of outstanding leaders in the bioresorbable polymer market is as follows:
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Bioabsorbable polymers can be easily dissolved in body fluids without causing any residual side effects. The removal of these polymers is accomplished with the help of processes such as excretion, assimilation or dissolution through metabolic pathways. Bioabsorbable polymers are often used in biomedical applications due to their high performance and biocompatibility.
The bioabsorbable polymer avoids post-healing surgical intervention for removing the device and eliminates the post-operative risk for the patient. This factor may promote the growth of the global market in the biomedical field. Due to its material composition, bioabsorbable polymers are widely used in orthopedic devices. In drug delivery applications, the increasing use of bioabsorbable polymers in capsules is driving global market demand.
The main aspect of the growth of bioabsorbable polymers is the improvement of patient comfort. After the operation, the traditional materials left in the body require another minor operation to remove the materials, which may bring risks to the patient. Bioabsorbable polymers remove these two factors because they will decompose into the body over the years.
The increasing demand for bioabsorbable polymers for drug delivery has led to market growth for bioabsorbable polymers. The increasing popularity of drug delivery is expected to become a key parameter driving market growth. In addition, it is expected that the integration of 3D printing will become a key parameter driving the growth of the bioabsorbable polymer market in the forecast era. Depending on the physique of several patients and the different circumstances in each case, the nuances required for bioresorbable polymers can be integrated more reliably and efficiently through 3D printing.
View in-depth market research reports on the bioabsorbable polymer industry (185 pages)
However, due to the complex technology of bioabsorbable polymers, the price is slightly higher than that of traditional medical polymers. It is considered to be an important parameter that hinders market expansion in developing regions. The lack of advanced healthcare infrastructure in emerging economies may also hinder the development of the bioabsorbable polymer market.
The emergence of COVID-19 has had a major impact on global economic growth. The pandemic is affecting industries such as oil and gas, aerospace, construction, and automobiles. Since bioabsorbable polymers have a wide range of applications in all these industry sectors, the decline in the operations of these end-use industries has impacted the bioabsorbable polymer market.
The global bioabsorbable polymer market has been divided into different market segments based on type, end use and region. The market is divided into protein, polysaccharide, polycaprolactone, polyglycolic acid, polylactic acid, etc. according to product types. The bioabsorbable polymer segment based on polylactic acid (PLA) had the highest market share of 29% in 2015. Its safety is mainly due to the safety it provides when it is eliminated by the human excretory system and its ability to naturally convert into lactic acid at a low level in the body temperature.
According to the application, it is divided into orthopedics, drug delivery, etc. Among them, due to the strong demand for knee joint and trauma sub-applications, the orthopedics sector ranks first in the global market and has the largest market scale.
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The global bioabsorbable polymer market is divided into regions such as the Middle East and Africa, Latin America, North America, Asia Pacific and Europe. North America occupied the first place in the global market in 2018, with the largest share. This is mainly due to the growing demand for bioabsorbable polymers in the developed biomedical industry in North America.
The Asia-Pacific region achieved a considerable market share in 2018 and is expected to grow at the highest compound annual growth rate throughout the forecast period. The growing demand for bioresorbable polymers in the healthcare industry in emerging economies, coupled with increased consumer awareness in the region, may boost market demand in these regions.
Due to the increasing use of bioabsorbable polymers in drug delivery and orthopedic applications, Europe is also expected to achieve significant growth in the predicted era. Due to increased consumer awareness and growth in the healthcare industry, the Middle East and Africa and Latin America are also expected to experience significant growth during the forecast period.
Market segments covered by the research:
Bioabsorbable polymer market research report: by type (agricultural polymer [protein and polysaccharide] and biopolyester [polyglycolic acid, polylactic acid, polycaprolactone, polydioxanone, etc.]), application (orthopedic, Drug delivery, etc.) and regional information (Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa)-forecast before 2028
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