The global Poly (Lactic-Co-Glycolic Acid) (PLGA) Market is on a trajectory of impressive growth, with a projected compound annual growth rate (CAGR) of 13% during the forecast period from 2023 to 2030. By the end of 2030, the market value of PLGA is anticipated to approach a substantial US$2 billion, as per the latest market analysis.
Market drivers underpinning this remarkable growth include:
- Biomedical Advancements and Growing Demand for Drug Delivery Systems: PLGA, known for its biodegradability and biocompatibility, is extensively utilized in the medical industry, particularly in drug encapsulation and controlled release applications. The pursuit of enhanced therapeutic outcomes, patient compliance, and personalized medicine has fueled the adoption of PLGA-based microspheres and nanoparticles for precise drug dosing and prolonged release.
- Popularity of Eco-friendly and Sustainable Material Solutions: With increasing consumer demands for eco-friendly products and environmental concerns, PLGAs biodegradable properties make it an attractive choice for various industries. In packaging, it is being explored as an alternative to traditional plastics, aligning with the principles of the circular economy. The agricultural sector also benefits from PLGAs controlled-release capabilities for sustainable farming practices.
- Expansion of Nanotechnology: Nanotechnology has enabled the creation of PLGA nanoparticles for targeted drug delivery and imaging applications, revolutionizing medical therapies. Beyond the medical and cosmetic industries, PLGAs eco-friendly and sustainable nature makes it valuable in agriculture, food packaging, and electronics.
Key market segments contributing to growth:
- Fracture Fixation: PLGA sutures, being biocompatible and biodegradable, are in high demand, driven by an increasing number of surgical procedures.
- Cosmetics and Dermatology: PLGA is used to encapsulate active chemicals in skincare products, enhancing their effectiveness through controlled and prolonged release.
- PLGA 50:50: This balanced composition holds the largest market share due to its versatility in tissue engineering and drug delivery.
- PLGA 75:25: With a higher PLA-to-PGA ratio, this formulation offers a slower rate of degradation, making it ideal for sustained medication release, particularly in the pharmaceutical and medical sectors.
Regional highlights:
- North America: Leading the market in 2022 with approximately 35.9% market share, thanks to a robust pharmaceutical and biotechnology sector, rigorous research and development, and a commitment to quality standards.
- Asia Pacific: Experiencing the fastest-growing segment due to a burgeoning healthcare and pharmaceutical industry, increased investment in healthcare infrastructure, and a strong presence of contract manufacturing and research organizations.
Despite these promising growth drivers, the PLGA market faces challenges associated with the complexity of formulation and manufacturing processes, requiring specialized knowledge and equipment.
Key players in the PLGA market include Evonik Industries, Polysciences, Inc., DSM, Mitsui Chemicals, Ashland Inc., Creative PEGWorks, Corbion, and Poly-Med Incorporated.
The Poly (Lactic-Co-Glycolic Acid) (PLGA) market is poised for remarkable expansion, driven by innovations in healthcare, sustainability, and nanotechnology, making it a pivotal player in various industries worldwide.
Global Poly (Lactic-Co-Glycolic Acid) (PLGA) Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Composition Coverage, By Application Coverage, By Geographic Coverage and Leading Companies) https://www.fairfieldmarketresearch.com/report/poly-lactic-co-glycolic-acid-plga-market
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COMTEX_440910074/2840/2023-09-25T13:12:26