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How is the Bioresorbable Medical Material Market Expected to Expand from 2024 to 2033?
The market size for bioresorbable medical material has seen a swift expansion in recent times. Expected to rise from a worth of $1.4 billion in 2023 to $1.55 billion in 2024, it maintains a compound annual growth rate (CAGR) of 10.8%. Factors contributing to its growth during the previous periods include the shortcomings of traditional non-resorbable materials, developments in polymer science, increase in cardiovascular procedures, a growing elderly population, and the broadening of minimally invasive surgeries.
The market size of bioresorbable medical materials is anticipated to witness a considerable surge in the coming years, reaching $2.24 billion by 2028 at a compound annual growth rate (CAGR) of 9.7%. This projected growth during the forecast period is due to increasing demand for bioresorbable scaffolds, the incorporation of bioresorbable materials in a variety of medical applications, a rise in cardiovascular and orthopedic procedures, heightened attention to patient comfort and recovery, as well as the broadening scope in tissue engineering. Some of the overarching trends for the forecast period comprise of tailoring bioresorbable materials for particular medical applications, the inclusion of bioresorbable materials in drug delivery systems, the rise of 3D printing in the production of bioresorbable medical devices, the evolution of combined products that use bioresorbable components, along with an increased emphasis on sustainable and green medical materials.
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What Influences Are Propelling the bioresorbable medical material Market Forward?
The rise in surgical procedures is likely to stimulate the expansion of the bioresorbable medical material market. Medical operations denote a form of treatment that warrants an incision and application of instruments to halt or remedy illness in a living organism. Bioresorbable polymers are integrated into the fabrication of molded medical devices, especially those utilized in neurology, orthopedics, and aesthetic surgery. These materials are instrumental in creating sutures, anchors, and screws. For example, in 2022, the British Heart Foundation, a cardiovascular research charity in the UK, confirmed a rise in surgical procedures. These encompass transcatheter aortic valve replacement or transcatheter aortic valve implantation surgeries, which climbed from 5,676 in 2019/20 to 6,328 in 2020/21. This surge in surgical procedures contributes significantly to the expansion of the bioresorbable medical material market.
What Key Segments Exist Within the Bioresorbable Medical Material Market?
1) By Type: Polylactic Acid (PLA), Polyglycolic Acid (PGA), Polysaccharides, Polycaprolactone (PCL), Poly Lactic-Co-Glycolic Acid (PLGA)
2) By Application: Drug Delivery, Orthopedics, Other Applications
3) By End-User: Hospitals And Clinics, Ambulatory Surgical Centers, Research Institutes, Other End-Users
What Trends Are Coming to the Forefront in the Bioresorbable Medical Material Market?
The emergence of innovative biomaterials is a principal trend gaining traction in the bioresorbable medical material market. Leading firms in the bioresorbable medical material market are focusing on fabricating fresh biomaterials for 3D printing uses to maintain their market standing. For example, in June 2021, Evonik Industries AG – a global specialty chemicals firm with an expertise in bioresorbable materials – pioneered a new 3D-printable PEEK biomaterial for medical technology. The chemical company released VESTAKEEP Care M40 3DF, a polyether ether ketone filament suitable for medical procedures involving bodily contact for a duration of up to 30 days. This high-functioning polymer can be employed in popular extrusion-based 3D printing mechanisms such as fused filament fabrication (FFF) or fused deposition modelling (FDM). With the roll-out of this product, Evonik is broadening the avenues for personalized patient treatment aided by additive manufacturing.
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What Regions Are Leading the Charge in the Bioresorbable Medical Material Market?
North America was the largest region in the bioresorbable medical material market in 2023. Asia-Pacific is expected to be the fastest-growing region in the bioresorbable medical material market report during the forecast period. The regions covered in the bioresorbable medical material market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Bioresorbable Medical Material Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the bioresorbable medical material market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Bioresorbable Medical Material Market Include
1. Bioresorbable Medical Material Market Executive Summary
2. Bioresorbable Medical Material Market Segments
3. Bioresorbable Medical Material Market Size And Template Market Growth Rate
4. Key Bioresorbable Medical Material Market Trends
5. Major Bioresorbable Medical Material Market Drivers
……
25. Key Mergers And Acquisitions In The Bioresorbable Medical Material Market
26. Top Bioresorbable Medical Material Companies
27. Bioresorbable Medical Material Market Opportunities And Strategies
28. Bioresorbable Medical Material Market, Conclusions And Recommendations
29. Appendix
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