Report : Asia Pacific Bioresorbable Polymers Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type [Polylactic Acid (PLA), Polyglycolic Acid (PGA), Polydioxanone, Polycaprolactone (PCL), and Others] and Application (Orthopedic Devices, Drug Delivery, and Others)
Orthopedic Devices is Expected to be the Fastest Growing Segment During the Forecast Period 2021–2028
According to a new market research study on “Asia Pacific Bioresorbable Polymers Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 1,697.06 million by 2028 from US$ 782.77 million in 2021. The market is estimated to grow at a CAGR of 11.7% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific bioresorbable polymers market along with the drivers and restraints pertaining to the market growth. Fostering demand for orthopedic surgery due to the growing road and work-related accident, burgeoning healthcare infrastructure in developing economies, and heighten demand for bioresorbable-based medical implants and wound dressing covers are the major factor driving the growth of the Asia Pacific bioresorbable polymers market. However, raising minimally invasive surgeries hinders the growth of Asia Pacific bioresorbable polymers market.
The ongoing COVID-19 pandemic is anticipated to cause considerable disruptions in the growth of various industries of Asia Pacific. However, the uncertainty regarding the future outbreak, especially in countries such as India and a few other Asian countries, has altered the status of several industrial sectors. The governments of various Asia Pacific countries have taken possible steps to restrict the spread of the virus by announcing a country-wide lockdown, which directly impacts the growth of industrial sectors. The shutdown of manufacturing units and the disruption in the supply chain has obstructed the market. In India, there has been a reduction in road accidents during the COVID pandemic. According to the Minister for Road Transport and Highways, there was s 26.48% reduction in road accidents. A reduction in road accidents has led to a reduced case for tissue engineering, which will reduce the demand for medical implants, thus negatively impacting the bioresorbable polymer market.
The Asia Pacific bioresorbable polymers market is segmented on the basis of type, application, and country. Based on type, the market is segmented into polylactic acid (Pla), polyglycolic acid (Pga), polydioxanone, polycaprolactone (Pcl), and others. In 2020, polyglycolic acid (Pga) segment held the largest share in the market, polylactic acid (Pla) is expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into orthopedic devices, drug delivery, and other application. In 2020, orthopedic devices segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. In 2020, China held the largest share in the market, and it is also expected to be the fastest growing country during the forecast period.
Evonik Industries AG; Musashino Chemical Laboratory, Ltd.; Ashland Global Holdings Inc.; Poly-Med Incorporated; Foster Corporation; BMG Incorporated; Huizhou Foryou Medical Devices Co., Ltd.; Polysciences Inc.; and Bezwada Biomedical LLC are among the leading companies in the Asia Pacific bioresorbable polymers market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Evonik launched a new line of RESOMER Composites.
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