Polyglycolic Acid Market Growth Analysis | 2023-2028

Market Insights

The polyglycolic acid market was estimated at USD 5.13 billion in 2022 and is likely to grow at a CAGR of 9.5% during 2023-2028 to reach USD 8.88 billion in 2028.

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Market Dynamics

Introduction

Polyglycolic acid is a biodegradable and thermoplastic polymer, majorly used for surgical sutures owing to its properties such as high tensile strength, tissue reactivity, hydrolytic stability, and excellent knotting ability. Polyglycolic acid is available in different forms such as fibers, films, and others, which are used in different end-use industries such as medical, oil & gas, and packaging.

Market Drivers

The growing demand for polyglycolic acid in the medical industry, especially as a raw material for manufacturing surgical sutures, hernia meshes, drug delivery devices, grafts, and scaffolds for tissue regeneration, is likely to drive the demand for polyglycolic acid during the forecast period. Higher growth of the packaging industry with a preference for biodegradable packaging will also bolster the growth of the market for polyglycolic acid during the forecast period.

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Key Players

Some of the major polyglycolic acid manufacturers are:

• Kureha Corporation
• Corbion
• Shenzhen Polymtek Biomaterial Co, Ltd.
• BMG Incorporated
• Huizhou Foryou Medical Devices Co., Ltd.
• Teleflex Incorporated

Note: The above list does not necessarily include all the top players in the market.

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Segments' Analysis

By Form Type

Based on the form type, the market is segmented as fibers, films, and others. The fibers segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. The higher demand for fiber forms of polyglycolic acid is driving the growth of the segment, with its huge consumption in the medical industry in the formation of absorbable surgical sutures.

By End-Use Industry Type

Based on the end-use industry type, the market is segmented as medical, oil & gas, packaging, and others. The medical industry segment dominates the market owing to the higher acceptance of polyglycolic acid in the field of transluminal coronary angioplasty, hysterectomy, total mastectomy, and other surgeries.

Regional Insights

In terms of regions, North America is estimated to be the largest market for polyglycolic acid during the forecast period, with the USA, Canada, and Mexico being the major countries with lucrative growth opportunities. The growth of the market is driven by the presence of the old age population along with an increase in the number of cardiac, orthopedic, and hysterectomy surgeries and a surge in medical tourism in the region.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects polyglycolic acid market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The polyglycolic acid market is segmented into the following categories:

By Form Type

• Fibers
• Films
• Others

By End-Use Industry Type

• Medical
• Oil & Gas
• Packaging
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the form types by end-use industry type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].