Global Bioresorbable (Resorbable) Polymers Market: Overview
Bioresorbable polymers are polymers that completely biodegrade inside the human body without presenting a threat. This allows physicians to reduce the post-surgery risk to the patient and also eliminates the need for a second surgery to remove temporary implants. The global market for bioresorbable polymers has grown rapidly in the recent years due to the growing awareness among patients, widespread efforts by governments to upgrade their healthcare sector, and the high disposable income of consumers in developed economies.
Global Bioresorbable (Resorbable) Polymers Market: Drivers and Restraints
The major driver for the global bioresorbable polymers market is the increase in patient comfort brought about by bioresorbable polymers. Conventional materials left in the body post-surgery required another minor surgery to remove the materials, some presenting a health risks to the patient. Bioresorbable polymers eliminate both these factors due to their property of disintegrating into the body over a period of time.
The growing demand for bioresorbable polymers for drug delivery is another key aspect of the trajectory of the global bioresorbable polymers market. The chemically neutral nature of bioresorbable polymers and their harmless decomposition in the body make them perfect for drug delivery. The growing demand for bioresorbable polymers from the drug delivery segment is expected to be a vital factor in the market’s development in the 2016-2023 forecast period.
On the other hand, due to their technological sophistication, bioresorbable polymers cost more than conventional medical polymers. This is a major restraint on the bioresorbable polymers market in developing regions, since the overall quality of the healthcare sector is relatively low in regions such as Asia Pacific and Latin America. The lack of advanced healthcare infrastructure in developing regions also hampers the bioresorbable polymers market in the form of a lack of a reliable quality control.
Incorporation of 3D printing is expected to be a major aspect of the global bioresorbable polymer market’s trajectory in the coming years. The minute differentiations required in bioresorbable polymers according to the constitution of various patients and the different circumstances in each case can be incorporated much more easily and reliably with 3D printing.
Global Bioresorbable (Resorbable) Polymers Market: Segmentation
Among the various types of polymers in the bioresorbable polymers market, polylactic-acid-based bioresorbable polymers dominated the demand from the global market. Polylactic acid gets converted into lactic acid in the body, which naturally occurs in the body at low concentrations and can be safely removed by the body’s own excretory systems. Polyglycolic acid is another widely used bioresorbable polymer and is majorly used in sutures.
The increasing prevalence of orthopedic disorders has led to them emerging as the largest application segment of the global bioresorbable polymers market. Despite the increasing demand for bioresorbable polymers in drug delivery, orthopedics will remain a major application segment of the global market in the coming years.
North America emerged as the largest regional player in the global bioresorbable polymers market due to the high level of technological sophistication in the healthcare sector in the U.S. and Canada. The U.S. is the major R&D hub for the medical industry, further driving the North America bioresorbable polymers market. The similarly advanced healthcare scenario in Europe, particularly Western Europe, has driven the European market for bioresorbable polymers market. However, Asia Pacific is expected to become a major regional market for bioresorbable polymers in the coming years.
Global Bioresorbable (Resorbable) Polymers Market: Competitive Dynamics
The report profiles major players in the global bioresorbable polymers market in order to provide a detailed overview of the market’s competitive landscape. Key players studied in the report include Corbion, Poly-Med, Inc., Foster Corporation, and Evonik Industries AG.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.