CHICAGO, Nov. 5, 2019 /PRNewswire/ -- According to the new market research report "Polyglycolic Acid Marketby 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", published by MarketsandMarkets, 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.
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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.
Fiber form is estimated to dominate the overall polyglycolic acid market.
Fibers were the most significant form of the polyglycolic acid market in 2018. The increasing demand for surgical sutures in parts of the world owing to the rising incidence of CVDs and other health-related diseases along with the year on year increase in number cosmetic surgeries being performed globally is expected to boost polyglycolic acid demand. Fiber form of polyglycolic acid is widely used to manufacture surgical sutures owing to high tensile strength, tissue reactivity, hydrolytic stability, and excellent knotting ability.
Medical is projected to be the fastest-growing end-use industry of polyglycolic acid during the forecast period.
Medical is projected to be the fastest-growing end-use industry of polyglycolic acid during the forecast period. Polyglycolic acid obtained through ring-opening polymerization of the cyclic dimers of glycolic acid is considered ideal to be used in the medical industry owing to its excellent degradation behavior along with unmatched compatibility with human tissues. The demand for polyglycolic acid in the pharmaceutical industry is majorly driven by the rising preference for quality healthcare services with specific reference to surgical procedures in major part of the world. Further, the increasing medical tourism in major healthcare markets globally will further boost the polyglycolic acid market growth.
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North America is estimated to be the largest polyglycolic acid market during the forecast period.
North America is projected to be the largest Polyglycolic Acid Market during the forecast period. The boosting healthcare industry of the region owing to the rapidly increasing in the old age population along with subsequent surge in cardiac and orthopedic surgeries is expected to boost the demand for relevant healthcare services, thus escalating the polyglycolic acid demand. Further, the presence of a significant shale gas reservoir is another key factor in driving the polyglycolic acid market in the North American region.
Kureha Corporation (Japan), Corbion (Netherlands), Shenzhen Polymtek Biomaterial Co, .Ltd. (China), BMG Incorporated (JAPAN), Huizhou Foryou Medical Devices Co., Ltd. (China), Teleflex Incorporated (US) are the major players in the polyglycolic acid market.
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