Market Research Future Published a Half-Cooked Research Report on Reflective Materials Market Research Report.
Market Overview:
Bioresorbable polymers are the materials that can be dissolved or absorbed in the body. As per the report published by Market Research Future (MRFR), the global bioresorbable polymers market is anticipated to expand significantly at a CAGR of 13.60% during the forecast period of 2017-2023 and reach the valuation of 1,643,006.3 thousand by the end of 2023.
Market Drivers and Restraints:
The ability of bioresorbable polymers to break down easily inside the body has created large number of opportunities for their biomedical applications. Increasing demand for temporary implants that do not require secondary surgery for their removal and can be dissolved or absorbed inside the body is one of the major drivers that are propelling the growth of the global bioresorbable polymers market.
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The bioresorbable polymers can be manufactured in a wide range of consistencies, from gels to tough elastomeric thermosets. The increasing application of bioresorbable polymers in the form of dissolvable stitches, stents, scaffolds and others are inducing high demand for these polymers in the healthcare sector, resulting in the expansion of the global bioresorbable polymers market. Rapid development in 3D technology is also impacting positively on the expansion of the global bioresorbable polymers market during the forecast period.
Market Segmentation:
The global bioresorbable polymers market has been segmented on the basis of application and type. Based on application, the bioresorbable polymers market has been segmented into drug delivery, orthopedic, and others. The orthopedic segment is leading the global bioresorbable polymers market during the forecast period with a major market share of around 50.9% and is anticipated to expand at a CAGR of 13.49% during the forecast period.
Based on type, the bioresorbable polymers market has been segmented into polycaprolactone (PCL), polyglycolic acid (PGA), polylactic acid (PLA) & derivatives, proteins, polydioxanone (PDS), polysaccharides, and others. The polylactic acid (PLA) & derivatives segment is anticipated to expand at a CAGR of 13.92% during the forecast period owing to the benefits that are offered by it such as it naturally changes into lactic acid in the body at low concentration.
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Regional Analysis:
Geographically, the global bioresorbable polymers market has been segmented into five major regions such as North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The North America region accounts for the major share in the global bioresorbable polymer market and is expanding at a CAGR of 13.57 during the forecast period. Rapid development of the healthcare sector and increased research and development activities for introducing alternative treatment equipment are some of the major factors that are propelling the growth of the bioresorbable polymers market in this region.
The North America region is followed by the Europe region with respect to market size. The bioresorbable polymers market in Europe region is majorly driven by the presence of leading manufacturers in the global bioresorbable polymers market. The Asia Pacific region is anticipated to expand at the fastest rate at a CAGR of 13.9% during the forecast period. Availability of cheap labor and low cost of land along with foreign direct investment in the emerging economies are propelling the growth of the bioresorbable polymers market in the Asia Pacific region.
Industry Updates:
In September 2018, a study has been published according to two years data from the BIOFLOW V trials which states that the patients with CAD who underwent PCI with bioresorbable polymer sirolimus-eluting stent had reduced risk for target lesion failure and target vessel MI as compared to the patients assigned with durable polymer everolimus-eluting stent.
In February 2018, REVA Medical, Inc., a leading company focusing of bioresorbable polymer technologies for vascular applications, has announced the CE mark of 2.5-millimeter diameter size and the first successful implant of the Fantom® Encore bioresorbable scaffold.
Key Players:
The leading players that are profiled by MRFR in the report on the global bioresorbable polymers market are KLS Martin Group, Corbion NV, Poly-Med Inc, PCAS Group, Foster Corporation, Evonik Industries AG, DURECT Corporation, Merck KGaA, and Royal DSM NV.
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