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Bioresorbable polymers are materials that can safely be absorbed by the human body and which does not involve mechanical removal. This special class of polymers are broken down by bacteria by decomposition after it serves its purpose leaving behind by-products like biomass, water, gases and inorganic salts. These materials are generally hydrophilic in nature. It is used widely in bio-medical applications like drug-delivery, tissue engineering, orthopaedics, nanomedicines and others.
Due to the rise in disposable income and increasing consciousness in patients attributed to the complete bio-degradability of these polymers in human body is boosting the market. Additionally, technological advancement, enhanced treatment procedures for treatment and government investments of economies for the betterment of the heath sectors is expected to drive the market potentially.
Key Market Driver -
Increasing health awareness in consumers
Key Market Restraint -
Comparatively lower cost of conventional polymers.
However, comparitively higher cost attributed to the technological advancement of bioresorbable polymers than the conventional polymers is likely to hamper the market growth.
Based on product, the market is segmented into polylactic acid (PLA), polyglycolic acid (PGA), polycaprolactone, polysaccharides, proteins and Others. Based on application, the market is segmented into orthopedics, drug delivery and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global bioresorbable polymers market is competitive with a number of global & regional players operating. Some of the key players in the material market includes Evonik, Corbion, Foster Corporation, Poly Med Inc., KLS Martin Group, Ashland and Others.
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The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.North America is the dominating region in the Bioresorbable polymers market attributed to the technological advancements and extensive R&D in medical sector. Asia Pacific is estimated to be the fastest growing market in terms of volume and revenue attributed to the rising demands for orthopaedics and drug-delivery systems. Densely populated countries like India and China are regulating policies and investing in healthcare projects for enhancement of the healthcare services. Europe is expected to show moderate growth. Latin America and Middle East & Africa is estimated to show sluggish growth due to the lack of exposure advanced medical technologies.
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