A new report published by Transparency Market Research (TMR) state that competitive landscape of the global market for polyglycolic acid exhibits highly monopolistic and concentrated structure. The global market for polyglycolic acid is expected to draw no such change are observed in current arrangement, owing to this factor this completion among the players remain very low. The study also includes some of the prominent players operating in the global polyglycolic acid market such as EI Du Pont De Nemours & Co., Huizhou Foryou Medical Devices Co. Ltd. and Teleflex Inc. This market also gains momentum in the biomedical applications and medical applications.
The polyglycolic acid market likely to witness significant growth due to increased inclination of consumers toward the food products with plastic bundling. The major companies associated with the global polyglycolic acid are majorly focused toward mergers and acquisitions to gain foothold in the global market.
The global polyglycolic acid market is expected to expand at a robust 10.10 % CAGR over the forecast period from the period between 2015 till 2025. Rising at the valuation of US181.7 mn in 2014 and the market is likely to increase by 2023 end.
Increasing Awareness about Suture Benefits is Likely to Boost Polyglycolic Acid Market
The increasing demand for absorbable sutures over the coming years is likely to boost the demand of the polyglycolic market across the globe. The widespread application in shale gas extraction and packaging will also drives the demand of the polyglycolic acid utilized in the production of absorbable sutures. Furthermore, these sutures mainly dissolve in the body after the wound heals and this factor of the suture avoid reopening of the body parts for further removal. This imminent factor of the suture increased drives the demand for suture and this factor also helps in healing the wound easily without reopening. This is another aspect supporting the growth of the polyglycolic acid across the globe.
Highly Expenditure of Polyglycolic acid is likely to hamper growth
On the other hand, the high cost involvement in the application of polyglycolic acid is likely to hamper the growth of this market in near future. The high expense involvement in manufacturing of the polyglycolic acid is likely to curtail the growth at high scale commercialization across the globe. Furthermore, the lack of awareness about the polyglycolic acid diverse applications is likely to restrain growth of the global market for polyglycolic acid market in near future. Also, rising prevalence of the plastic packaging for the beverages is another factor likely to offers growth opportunity around the globe.
The research report also studies the global market for polyglycolic acid on the basis of its geographical spread across the Middle East and Africa, Asia Pacific, Latin America, and Europe. Based on geography, the North America is expected to dominate the global market for polyglycolic acid on account for over 70% share of growth. The overall revenue obtained from the polyglycolic acid in the North America region likely to exhibit at a 10.4% CAGR during the said forecast period.