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Global Bioresorbable Polymers Market Overview:Currently, the global market for bioresorbable polymers is expected to reach a valuation of USD 1,643,006.3 thousand by 2023-end. The global bioresorbable polymers market is anticipated to expand significantly at a CAGR of 13.60% during the forecast period of 2017-2023 Quick acceptance of leading-edge medical implants is reflecting favorably on the market. More patients are willing to undergo surgical procedures that involve use of products such as the bioresorbable polymers.
Moreover, product innovation using 3D printing technology and surfacing of new applications is driving the demand for the materials. However, the high cost of product remains a prominent stumbling block, hindering the growth of the market.
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Market Overview:
This MRFR report offers a comprehensive analysis of the global bioresorable polymers market as well as delivers a perspective on historical growth movement of the market with revenue forecast till 2023. It also covers market size and growth trends that are likely emerge during the forecast period. Report users will also come across key drivers and restrains effecting the market. The report also provides revenue analysis for various types of bioresorabable polymers [Polylactic acid (PLA) & Derivatives, Polyglycolic acid (PGA), Polycaprolactone (PCL), Proteins, Polysaccharides, Polydioxanone (PDS)]. The scope of discussion includes application areas such as drug and orthopedic.
The information within this report are a part of an analysis of bioresorabable polymer market on a global scale, which covers North America, Latin America, Europe, Asia Pacific (APAC) and the Middle East & Africa (MEA)
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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