Polyglycolic Acid Market to Witness Mounting Growth in Approaching Time

OCT 13,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Polyglycolic Acid Market.

Polyglycolic Acid Market is likely to witness an impressive CAGR of 9.5% during the forecast period. The growing demand for polyglycolic acid in 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 preference for biodegradable packaging will also bolster the growth of the market for polyglycolic acid during the forecast period.

Polyglycolic acid is a biodegradable and thermoplastic polymer, majorly used for surgical suture 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.

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 2019, 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 polyglycolic acid 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.

By Region

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 old age population along with an increase in the number of cardiac, orthopedic, and hysterectomy surgeries and surge in medical tourism in the region.

Key Players:

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

Features of the Report
This report offers high-quality insights and is the outcome of 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.

The Polyglycolic Acid Market analysis report discusses the following heads in great detail:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis
  • COVID-19 Impact Assessment
  • 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, product portfolio, product launches, etc.
  • Attractive market segments and associated growth opportunities
  • Emerging trends
  • Strategic growth opportunities for the existing and new players
  • Key success factors
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