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The biodegradable medical plastics market size is estimated to grow at a CAGR of 11.9% between 2022 and 2027. The market size is forecast to increase by USD 331.03 million. The growth of the market depends on several factors, including the growing geriatric population, the global rise in orthopedic disorders, and the increasing preference for sustainable products.
This biodegradable medical plastics market report extensively covers market segmentation by application (medical devices, medical packaging, and others), type (poly lactic acid, polyhydroxyalkanoates, polybutylene succinate, polycaprolactone, and polyvinyl alcohol), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing preference for sustainable products are notably driving the market growth, although factors such as the high manufacturing cost may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing preference for sustainable products is the key factor driving the growth of the global biodegradable medical plastics market. Plastics are widely used by manufacturers to create various types of medical products. Hospitals generate large amounts of waste, including medical plastics. Handling large amounts of waste is a complex process. Hospitals typically dispose of hazardous waste and send the rest to landfills. If hospitals switched to single-use, biodegradable products, most of the waste they generated would be better handled. Environmental awareness and sustainability are becoming key priorities among today's consumers, forcing manufacturers and end users to adopt sustainable solutions.
Several countries around the world are also working to eliminate the use of plastic in various industries, including healthcare. Biodegradable medical plastics are sustainable as they are manufactured using renewable biomass sources, such as vegetable fats and oils, straw, corn starch, woodchips, and food waste. Unlike conventional medical plastics, biodegradable medical plastics degrade completely and quickly without any hazardous emissions. The sustainable nature of biodegradable medical plastics will drive the growth of the market during the forecast period.
Rising use of biodegradable composite materials for implants is the primary trend shaping the biodegradable medical plastics market. Implants play an important role in supporting the bone until it heals. Metal devices used as implants usually remain in the patient's body. This creates further problems as additional surgery may be required to remove the device. This has increased the demand for biodegradable implants that are gradually resorbed by the body as the bone healing process progresses. Biodegradable composites replace metal in implants used for the internal fixation of fractures. Biodegradable ceramic composites are also used in medical applications. These composites consist of ceramic fillers incorporated into polymer matrices.
Some of the most common biodegradable ceramic composites are silica-based and calcium phosphate-based. Silica-based composites offer high biocompatibility, bio-resorption, and porosity. Calcium phosphate-based composites are widely used as bone graft substitutes, especially because of the similarities of their chemical composition with the mineral phase of the bone. Such factors are likely to increase the demand for biodegradable composite materials, which, in turn, will drive the growth of the market during the forecast period.
High manufacturing cost is a major challenge impeding the growth of the global biodegradable medical plastics market. Biodegradable medical plastics are expensive compared to conventional medical plastics, which can pose a major challenge to market growth. The main reason for the high price of biodegradable medical plastics is the limited availability of bio-based renewable raw materials such as corn starch, vegetable fats and oils, straw, food waste, and woodchips. In recent years, the price of vegetable oils, such as palm oil, has risen. For instance, the price of palm oil in Malaysia increased by around 68.54% in October 2021 when compared to the previous year. The volatility in the prices of renewable raw materials, such as corn and sugarcane, also adds to the high price of biodegradable medical plastics.
In addition, the production process of biodegradable medical plastic materials from agro-based raw materials is very complex. The cost of R&D makes up for a major share of investment in biodegradable medical plastics and has an impact on material and product prices. Such a rise in raw material prices will increase production costs of biodegradable medical plastics, thereby reducing the profit margin of vendors. Hence, vendors are forced to pass on these costs to end-users by raising the prices. This might negatively affect the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Biodegradable Medical Plastics Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Arthrex Inc.: The company offers biodegradable medical plastics such as rods and screws for implants. Also, the company is involved in new product development and medical education in orthopedics.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the medical devices segment will be significant during the forecast period. Medical devices include the instruments, apparatus, and machines used for safe and effective prevention, diagnosis, treatment, and rehabilitation of illness and diseases.
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The medical devices segment was valued at USD 183.42 million in 2017 and continued to grow by 2021. Biodegradable implants are widely used in surgical applications, including joint replacements, fracture fixation, and repairing the defects of bones, tendons, and ligaments. There is significant adoption of biodegradable implants for orthopedic surgeries owing to their benefits over non-biodegradable stainless implants. A fractured bone fixated with a stainless-steel implant can refracture upon removal of the implant. However, a biodegradable polymer implant can be engineered to degrade at a rate that slowly transfers the load to the healing bone, which reduces the chances of refracturing. The use of biodegradable polymer implants also eliminates the need for a second surgery for the removal of the implant after bone healing. Hence, owing to the abovementioned benefits, the demand for biodegradable medical implants is expected to grow rapidly.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The biodegradable medical plastics market in North America is expected to grow at a steady rate during the forecast period. The main contributor to the growth of the North American market is the United States. Rising medical expenses and the presence of well-equipped hospitals and health centers are expected to have a positive impact on the growth of the North American biodegradable medical plastics market during the forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC) data, the total national healthcare expenditure in the US was USD 4.3 trillion in 2021.
In 2020, the COVID-19 pandemic positively impacted the regional biodegradable medical plastics market. However, with the initiation of vaccination drives in 2021, the number of COVID-19 cases decreased in the region, which led to the resumption of healthcare and clinical operations. The rising number of medical cases such as CVD, chronic kidney diseases (CKD), and accidents will increase the demand for biodegradable medical plastics, which, in turn, will drive the growth of the regional biodegradable medical plastics market during the forecast period.
The biodegradable medical plastics market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global biodegradable medical plastics market as a part of the global specialty chemicals market. The parent global specialty chemicals market covers companies engaged in the manufacturing of various types of products under organic and inorganic chemicals. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Biodegradable Medical Plastics Market Scope |
|
Report Coverage |
Details |
Page number |
183 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.9% |
Market growth 2023-2027 |
USD 331.03 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.71 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 33% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arkema Group, Arthrex Inc., Ashland Inc., BASF SE, Bio on SpA, Celanese Corp., Corbion nv, Danimer Scientific Inc., Eastman Chemical Co., Kaneka Corp., Koninklijke DSM NV, Medtronic Plc, Mitsubishi Chemical Corp., Natupharma AS, NatureWorks LLC, Neste Corp., Nutricare Holding Pty Ltd, Surmodics Inc., TEYSHA TECHNOLOGIES LTD, and Evonik Industries AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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