DUBLIN--(BUSINESS WIRE)--The "Bioresorbable Medical Material Market to 2027 - Global Analysis and Forecasts by Product Type; Application, and Geography" report has been added to ResearchAndMarkets.com's offering.
The bioresorbable medical material market was valued at US$ 935.99 million in 2019 and is expected to grow at a CAGR of 9.7% from 2020 to 2027 to reach US$ 1,942.13 million by 2027.
Driving factors of the bioresorbable medical material are the rising adoption of bioresorbable polymers for medical use and an increasing number of orthopedic surgeries. However, factor like challenges associated with the use of bioresorbable materials for medical use is likely to have a negative impact on the growth of the market in the coming years.
The rise in the aging population is consequently leading to an increase in the total number of orthopedic procedures performed worldwide. In addition, the significant advancements in the field of orthopedic science have also helped in the conduction of better and efficient surgical procedures leading to their increasing adoption. The uses of biodegradable polymers that are used to produce bioresorbable implants have also witnessed a rise in their adoption.
According to a report by Becker's Hospital, the total number of orthopedic surgeries performed in the US is expected to reach 6.6 million in 2020 as compared to 5.3 performed in 2010. Moreover, according to the American Society of Orthopedic Surgeons (AAOS), a full-time practicing orthopedic surgeon performs approximately 32 surgeries each month, which averages to more than one surgery performed per day. Therefore, increasing orthopedic surgeries coupled with the benefits of bioresorbable medical material to treat the musculoskeletal diseases and orthopedic injuries is likely to boost the demand for bioresorbable medical material during the forecast period.
The global bioresorbable medical material market is segmented by product type and application. The bioresorbable medical material market, by product type is segmented into Polylactide (PLA), Poly-L-lactide (PLLA), Poly-DL-lactide (PDLLA), Polyglycolide (PGA), Copolymers of PLA and PGA (PGLA). The Polylactide (PLA), the segment held the largest share of the market in 2019. The segment is also anticipated to register the highest CAGR in the market during the forecast period. Based on application, the bioresorbable medical material market is segmented into drug delivery, medical devices, orthopedics, other. The drug delivery held the largest share of the market in 2019 and is expected to register the fastest growth.
Some of the essential primary and secondary sources included in the report are, Food and Drug Administration, World Health Organization (WHO), Organization for Economic Co-operation and Development, National Cancer Foundation, and among others.
Reason to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the bioresorbable medical material market.
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- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Increasing number of orthopedic surgeries
Growing geriatric population
Rising adoption of bioresorbable polymers for medical use
Challenges associated with the use of bioresorbable materials for medical use
Bassinet on the global business due to Coronavirus pandemic
Development of bioresorbable drug delivery systems during coronavirus outbreak
Diversification in medical applications of bioresorbable materials by start-ups and established players
Consistent launch of new products
- Durect Corporation
- Foster Corporation
- Groupe PCAS
- Poly-Med Corporation
- Putnam Plastics
- Zeus Industrial Products, Inc.
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