The global bioresorbable medical material market is expected to expand at a healthy rate from 2021 to 2031 (forecast period). Bioresorbable polymers are also referred to as biodegradable polymers. These are extensively utilized in drug delivery, implant, and other applications. These have a variety of medicinal applications and can be programmed to decline at a specific rate, making them helpful for temporary assistance. The global bioresorbable medical material market is expected to be driven by an increase in the number of orthopedic operations, a rise in the elderly population, and an increase in the usage of bioresorbable polymers for medical purposes.
Prominent players operating in the global bioresorbable medical material market include Poly-Med Corporation, Evonik, Groupe PCAS, Foster Corporation, Ashland, Corbion, Durect Corporation, DSM, Putnam Plastics, and Zeus Industrial Products, Inc.
To maintain their position in the worldwide bioresorbable medical material market, the companies are focusing on initiatives such as new releases and expansions.
In June 2021, Evonik developed a 3D printing VESTAKEEP Care M40 material, PEEK biomaterial, for medical applications with body contact for up to 30 days. According to the company, the material is expected to be beneficial for filigree prostheses, surgical drilling aids for dentistry, and hearing aids.
The aging population is causing a spike in the overall number of orthopedic surgeries performed globally. Moreover, substantial advances in orthopedic science have aided in the execution of better and more efficient surgical techniques, resulting in their rising use. Biodegradable polymers, which are utilized to create bioresorbable implants, are also becoming more popular.
As per a Becker's Hospital analysis, the overall number of orthopedic procedures conducted in the United States reached 6.5 million in 2020, up from 5.2 million in 2010. Furthermore, a full-time practicing orthopedic surgeon does around 32 procedures every month, which equates to over one surgery conducted per day, as per the American Society of Orthopedic Surgeons (AAOS). As a result, rising orthopedic surgeries and the advantages of bioresorbable medical materials in treating orthopedic injuries and musculoskeletal illnesses are expected to boost the global bioresorbable medical material market throughout the projected period.
According to a WHO study, people aged 60 and more are anticipated to double to 2 billion by 2050, up from 800 million in 2015. Moreover, by 2050, it is expected that 80.0% of this population will be living in developing countries. This significant increase in the senior population creates a need for a well-established healthcare infrastructure with enhanced capabilities and modern treatment technologies. As per United Nations research (2017), the old population in Africa is projected to expand substantially by 2050, followed by Asia Pacific (APAC), North America, and Latin America.
Furthermore, as per a new study released in the British Journal of Surgery (BJS) in May 2019, the number of patients aged 75 and above grew significantly in England from 1999 to 2015. The high number of orthopedic procedures necessitates growth in the need for surgical supplies and devices, implying a huge consumption of bioresorbable materials. Hence, the expanding older population is expected to promote demand for bioresorbable medicinal materials, which in turn would drive global bioresorbable medical material market growth during the forecast period.
The bioresorbable medical material market in North America is expected to develop during the projection period due to advancements in orthopedic surgery procedures, expanding R&D activities, and the strong presence of key players in the region. Moreover, the bioresorbable medical material market in Asia Pacific is projected to grow during the forecast period.