According to the new market research report “Polyglycolic Acid Market by Form (Fibers, Films, Others), End-use industry (Medical, Oil & Gas, Packaging) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America)-Global Forecast to 2024″, The polyglycolic acid market size is projected to grow from USD 4.1 billion in 2019 to USD 6.5 billion by 2024, at a CAGR of 9.5% during the forecast period.
The increasing demand for surgical sutures in the medical industry owing to the rising incidence of diseases including cardiovascular disease, ischemic heart disease, strokes, lung cancer, others are expected to drive the demand for polyglycolic acid during the forecast period. Furthermore, the rapid growth of the packaging industry with a particular preference for biodegradable packaging will escalate the demand for polyglycolic acid, thus driving the market growth.
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The polyglycolic acid market size is projected to grow from USD 4.1 billion in 2019 to USD 6.5 billion by 2024, at a CAGR 9.5%. Increasing demand for polyglycolic acid in the medical industry for the formulation of absorbable sutures, meshes, scaffolds, stents, and drug delivery devices to drive the market demand.
Based on form, the polyglycolic acid market is segmented into fibers, films, and others of which fiber form of polyglycolic acid, is expected to be the fastest-growing form during the forecast period. The fiber form of polyglycolic acid is majorly preferred in the medical industry for the formulation of absorbable surgical sutures. The increasing surgical procedures globally owing to the rising risk of non-communicable diseases such as cardiovascular diseases, liver cancer, stomach cancer, and others have boosted the demand for surgical sutures, thus driving the growth of the polyglycolic acid market.
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The global polyglycolic acid market size is estimated at USD 4.1 billion in 2019 and is projected to reach USD 6.5 billion by 2024, at a CAGR of 9.5%, between 2019 and 2024. The increasing demand for surgical sutures in the medical industry owing to the rising incidence of diseases including cardiovascular disease, ischemic heart disease, strokes, lung cancer, others are expected to drive the demand for polyglycolic acid during the forecast period. Furthermore, the rapid growth of the packaging industry with a particular preference for biodegradable packaging will escalate the demand for polyglycolic acid, thus driving the market growth.
The key players in the polyglycolic acid market are Kureha Corporation (Japan), Corbion (Netherlands), Shenzhen Polymtek Biomaterial Co,.Ltd. (China), BMG Incorporated (JAPAN), Huizhou Foryou Medical Devices Co., Ltd. (China), Teleflex Incorporated (US). The polyglycolic acid market report analyzes the key growth strategies adopted by the leading market players, between 2014 and 2019, which include expansion and joint venture.
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Kureha Corporation (Japan) is one of the major players of the polyglycolic acid market. Kureha Corporation is a major company involved in the manufacturing of specialty chemicals and plastics, which are majorly used in advanced materials, agrochemicals, pharmaceuticals, and packaging materials. The company operates through 5 business segments, namely, superior materials, specialty chemicals, specialty plastics, construction, and others. The company offers its polyglycolic acid (PGA) products through the advanced materials segment under the brand name Kuredux. The company majorly manufactures PGA products for the medical and oil & gas markets.
Corbion (Netherlands) is one of the leading players in the polyglycolic acid market. Corbion is a sustainable ingredient solutions company with expertise in the field of lactic acid, lactic acid derivatives. The company operates through two business segments namely Ingredient Solutions and Innovation Platforms. The company provides polyglycolic acid under the brand name PURASORB through its product line polymers for medical devices, which falls under biomedical sub-segment of Ingredient Solutions business unit of the company. The company markets its products through a worldwide network of 16 sales offices and distributor channels. The company also has a global supply chain with 13 manufacturing facilities in the USA, Thailand, Brazil, Netherlands, and Spain along with five innovation centers globally.
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