Report : South America 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)
Polyglycolic Acid (Pga) segment to dominate the South America Bioresorbable Polymers Market during 2020–2028
According to a new market research study on “South America Bioresorbable Polymers Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 150.74million by 2028 from US$ 111.37 million in 2021. The market is estimated to grow at a CAGR of 4.4% from 2021 to 2028. The report provides trends prevailing in the South America bioresorbable polymers market along with the drivers and restraints pertaining to the market growth. Boosting demand for bioresorbable-based medical implants and wound dressing covers, surging trend of 3d scaffold printing for tissue engineering, and thriving demand for orthopedic surgery due to the growing road and work-related accident are the major factor driving the growth of the South America bioresorbable polymers market. However, extending minimally invasive surgeries hinders the growth of South America bioresorbable polymers market.
Brazil reported the highest number of COVID-19 cases, followed by Argentina, Peru, Chile, and Ecuador. The South American government has taken an array of actions to protect its citizens and combat the spread of the COVID-19 virus through lockdowns, trade bans, and travel restrictions. This may directly influence the market's growth due to significant disruptions in the supply chain and temporary closures of the manufacturing base due to indefinite lockdowns and temporary quarantines. Slowly, the restrictions are being lifted, which is expected to stabilize the supply of bioresorbable polymer in the coming years and aid this region's bioresorbable polymer market.
The South America 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 drug delivery is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into Brazil, Argentina, and Rest of SAM. In 2020, Brazil 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; and Polysciences Inc. are among the leading companies in the South America 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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