The bioresorbable polymers market size is estimated to be USD 1.0 billion in 2021 and is expected to reach USD 1.6 billion by 2026, at a CAGR of 10.0% during the forecast period. Factors such as to increasing number of surgical interventions, growing demand for biocompatible medical devices, growing demand in the drug delivery application and favorable reimbursement scenario are the major drivers in this bioresorbable market. Cost of bioresorbable polymers as compared to conventional polymers , preference of minimal invasive surgeries and lack of quality control in developing countries are the major restraints for the bioresorbable polymers. A major opportunity in the resorbable polymers market is increasing the production of environmentally friendly products to meet the regulatory standards set by various environment protection agencies. Stringent regulatory framework for medical devices and skilled personnel for the effective use of bioresorbable medical products remains the major challenges of this market.
The key market players profiled in the report include Corbion N.V. (The Netherlands), Evonik Industries AG(Germany), Foster Corporation (US), KLS Martin Group (Germany), DSM Biomedical (US), Inc, Ashland Global Holdings Inc. (US), Zeus Industrial Products(US), Inc, Seqens Group (France), REVA Medical, LLC (US), Poly-Med Incorporated (US), Bezwada Biomedical, LLC (US), Nomisma Healthcare Pvt. Ltd. (India), BMG Incorporated (Japan), Polysciences, Inc. (US), Huizhou Foryou Medical Devices Co., Ltd. (China), Musashino Chemical Laboratory, Ltd. (Japan), and Henan Xinghan Biotechnology Co. Ltd.(China).
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Players in the bioresorbable polymers market are mainly concentrating on mergers & acquisitions, agreements, partnerships, and expansion to meet the growing demand for bioresorbable polymers for various applications.
The growth of the bioresorbable polymers market has been largely influenced by mergers & acquisitions, agreements and partnerships that were undertaken between 2018 and 2021. Evonik Industries AG, Zeus Industrial Products, Inc., Royal DSM, Corbion N.V., and Ashland Global Holdings Inc. has adopted inorganic and organic growth to enhance their market position.
Ashland Global Holdings Inc. is a global leader in specialty materials with wide portfolio in food and beverage, nutraceuticals, personal care and pharmaceutical, adhesives, architectural coatings, construction, energy. In 2020, Ashland has realigned its segment reporting structure. There are three segments, namely, Consumer Specialty Businesses (includes Life Sciences and Personal Care & Household), Industrial Specialty Businesses (includes Specialty Additives and Performance Adhesives) and Intermediates and Solvents. The company offers bioresorbable polymers through the Consumer Specialty Businesses under the Life Science subsegment. It offers five families of bioresorbable polymers under the brand name of Viatel. These polymers are used for drug delivery and medical devices. The company has 18 manufacturing and lab facilities in five countries and serves in more than 100 countries. It distributes directly as well as through third party distributors in regions such as North America, Europe, APAC and Middle East & Africa.
In January 2018, Ashland had acquired Vornia Limited, a manufacturer of bioresorbable polymers, for USD 12 million. Vornia Limited manufactures microscale polylactic-co-glycolic acid (PLGA) copolymers formulated in a host of injectable excipients used for the treatment of cancer, diabetes and a wide range of autoimmune diseases.
DSM Biomedical, Inc. is a subsidiary of Royal DSM. In June 2012, Royal DSM had acquired Kensey Nash Corporation, to strengthen its biomedical business. DSM Biomedical is one of the major manufacturers of polymers for medical implants. It offers a wide portfolio for bioabsorbable polymers, ceramic combinations and composites. These materials are engineered to meet multiple medical applications. The bioresorbable polymers is used for orthopedic devices, drug delivery, dental, wound management, and cardiovascular devices. The company has a strong presence in North America, Europe and APAC region.
In September 2020, DSM announced a partnership with PBC Biomed, an Ireland-based medical device design and development company. This partnership will focus initially on the development of regenerative bone adhesives for safe and cost-effective surgical procedures.
Evonik Industries AG is a specialty chemicals company operating worldwide. The company operates through five reportable segments, namely, specialty additives, nutrition & care, smart materials, performance materials, and services. The Nutrition & Care segment produces resorbable polymers for use in applications such as medical devices, controlled drug release, regenerative medicine, and others. Evonik have its sales operations in many regions such as Europe, North America, South America, and Asia-Pacific.
In December 2020, Evonik Industries AG has closed its acquisition of the LACTEL Absorbable Polymers product line from DURECT Corporation. This acquisition is considered to be a step in the growth agenda of Evonik’s life-science division Nutrition & Care.
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