Report : Europe 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 segment to dominate the Europe Bioresorbable Polymers Market during 2020–2028
According to a new market research study on “Europe Bioresorbable Polymers Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 1,860.37 million by 2028 from US$ 996.36 million in 2021. The market is estimated to grow at a CAGR of 9.3% from 2021 to 2028. The report provides trends prevailing in the Europe bioresorbable polymers market along with the drivers and restraints pertaining to the market growth. Burgeoning trend of 3d scaffold printing for tissue engineering, raising demand for bioresorbable-based medical implants and wound dressing covers, and fostering demand for orthopedic surgery due to the growing road and work-related accident are the major factor driving the growth of the Europe bioresorbable polymers market. However, surging minimally invasive surgeries hinders the growth of Europe bioresorbable polymers market.
In Europe, the UK and Russia are the hardest-hit countries by the COVID-19 pandemic. France, Spain, Italy, and Germany are not left behind as well. Initially, other member states had implemented drastic measures and travel restrictions, including the shutdown of manufacturing units and restrictions on logistics in the region. The disruptions in the supply chain and difficulty in procuring raw materials have restrained the Europe market. There has been a delay in medical surgeries in countries across Europe. Although elective surgeries resumed in the UK (and many other countries) in mid-2020, most hospitals are functioning at substantially reduced capacity, resulting in an ever-lengthening waitlist. The delay in medical surgeries has decreased the demand for medical and orthopedic devices, restricting the bioresorbable polymer market.
The Europe 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 Germany, France, Italy, the UK, Russia, and Rest of Europe. In 2020, Germany 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; REVA Medical, LLC; and Polysciences Inc. are among the leading companies in the Europe 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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