The market for resorbable polymers is expected to grow at a CAGR of more than 10% during the forecast period. Major factors driving the market studied is growing demand from medical industry.
- Applications in 3D printing of devices in medical Industry is expected to act as an opportunity to the market
- Asia-Pacific dominated the market across the globe with the largest consumption in country such as China, India, etc.
Key Market Trends
Orthopedics to Dominate the Market
- Orthopedics will continue to dominate the market for resorbable polymers during the forecast period.
- Resorbable polymers are biocompatible, non-toxic in nature and have properties, such as thermoplasticity, strength, crystallinity, degradation characteristics, and hydrophilicity, which are major requirements of implants used in knee, spine, and hip among others.
- In addition, the use of resorbable polymer helps in tissue regeneration in a hospitable environment, thereby, replacing the use of conventional components in the orthopedic application, which, in turn, is driving the market for resorbable polymers.
Asia-Pacific Region to be the Fastest Growing Market
- Asia-Pacific is projected to be the fastest-growing market for resorbable polymers, during the forecast period, owing to the growing demand from the medical industry.
- An increase in medical tourism in countries, such as India, Thailand, South Korea, Malaysia, and Taiwan is expected to increase the consumption of various medical products manufactured using resorbable polymers.
- In addition, factors, such as high quality, and relatively low-cost medical services provided in countries, such as India, and Thailand are expected to increase the consumption of resorbable polymers.
- Also, change in public health care reforms and rapidly expanding private health care sector in the region is expected to increase the market for resorbable polymers.
The resorbable polymer market is fragmented in nature. Some of the prominent players in the market include Ashland, CORBION, KLS Martin Group, Evonik Industries AG, and Foster Corporation, among others.
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