NEW YORK, Dec. 6, 2023 /PRNewswire/ — The poly (lactic-co-glycolic acid) (PLGA) market is projected to increase at a CAGR of 8.12% during the forecast period – 2022 to 2027 by Technavio data analysts and research experts. This market research report also suggests statistics about the market size that will grow by USD 106.84 million. The rising demand for drug delivery applications, the growing number of surgical advancements, and the rising number of traumatic injuries caused by the increasing road accidents are projected as the key factors leading to the poly (lactic-co-glycolic acid) (PLGA) market share growth.
For more such market analysis updates, historic (2017 to 2021), and forecast market size (2023 to 2027), request for the sample PDF report.
New Business Opportunities – Market Segments and Key Regions Analysis
As per Technavio’s analysis, there are several market segments classified including personal care and dermatology, suture, fracture fixation, and others in the poly (Lactic-Co-Glycolic Acid) (PLGA) market.
Among all these market segments, the personal care and dermatology segment is projected to record the highest market share growth during the forecast period. It was valued at USD 68.81 million in 2017 and continued to grow significantly by 2021.
Considering the geographical regions for market share growth, North America is projected at top of the list. 35% of the total market share growth will originate from North America by 2027.
Technavio further suggests, cost-effectiveness and the unique functional properties of PLGA and regulatory approval for several PLGA products by government agencies and international regulations support the poly lactic-co-glycolic acid market growth in North America during the forecast period.
For more detailed segment analysis and geographical business distribution, historic (2017 to 2021), and forecast market size (2023 to 2027), get the exclusive sample PDF report.
Key Market Driver, Trend, and Challenge
The rising demand for drug delivery applications is significantly driving the Poly (Lactic-Co-Glycolic Acid) (PLGA) market growth.
Technavio also suggests, growing demand for electrospinning and 3D printing technologies will emerge as a primary market trend for growth in the Poly (Lactic-Co-Glycolic Acid) (PLGA) market from 2022 to 2027.
As an emerging market challenge, high prices of the PLGA may impede market growth as per Technavio’s report.
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Key Market Vendors
There are a few key vendors operating in the market, mentioned in the report such as:
- Akina Inc.
- Foster Corp.
- Ashland Inc.
- Huizhou Foryou Medical Devices Co. Ltd.
- CD Bioparticles
- Corbion NV
- Creative PEGWorks
- Alfa Chemistry
- Evonik Industries AG
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Key Data Covered in this Poly (Lactic-Co-Glycolic Acid) (PLGA) Market Report
- Projected CAGR of the market during 2023-2027
- Detailed statistical information on the major market drivers of the Poly (Lactic-Co-Glycolic Acid) (PLGA) market during 2023-2027
- Market size analysis of the Poly (Lactic-Co-Glycolic Acid) (PLGA) market size and its association with the parent market
- Relevant predictions about upcoming market trends and detailed consumer behavior analysis
- Market share growth analysis across North America, APAC, Europe, South America, and the Middle East and Africa
- Detailed market’s competitive landscape and key information about market vendors
- Comprehensive analysis of various market challenges
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