[203+ Pages Report] According to a survey released by Facts and Factors, the global medical polymers market was valued at USD 16,500 Million in 2020 and is predicted to reach USD 28,290 Million by the end of 2026, rising at a CAGR of nearly 9.40% between 2021 and 2026.
"Polymer" is a large molecule or macromolecule that is composed of several repeats of high-molecular-mass units. A medical polymer is a biodegradable plastic or elastomer used in healthcare and medical applications. These materials are utilized in regenerative medicine and tissue engineering and include bulk materials, coatings, and medicinal nano-carriers. Moreover, they are biodegradable, biocompatible, sterilizable, as well as resistant to fatigue, heat, and electrical currents. Medical polymers with varying molecular weights, crosslinking and crystallization degrees, copolymers, and blends as well as bioactive surface functionalization are being tested by several producers at the moment. Medical polymers are widely utilized in the production of medical equipment and packaging, and the pharmaceutical industry's strong expansion in recent years has resulted in increased demand for medical polymers.
The rising requirement for medical devices &equipment produced from medical polymers is one of the key factors driving the global medical polymers market in the upcoming years. This market is also expected to develop because of the increasing need for medicinal polymers, which include features such as chemical inertness and extended fatigue resistance. However, the high cost of raw materials may stymie the expansion of the medical polymers market in near future. Furthermore, rigorous laws and regulations imposed by governing organizations such as the United States Food and Drug Administration (FDA) and the European Union (EU) are impeding the target market's growth. Furthermore, increased government investment in research and development operations provides a chance to drive the target market's growth. Furthermore, rising demand for biodegradable polymers is a trend driving growth in the global medical polymers market throughout the projected period.
The global medical polymers market is segregated based on product type, application, and region. Based on product type, the global medical polymers industry is categorized into medical resins & fibers, medical elastomers, and biodegradable plastics. In 2020, the fiber and resin category accounted largest market share 74% and is expected to expand significantly during the projection period. The increasing need for sanitary, durable, and comparatively lightweight materials is projected to fuel the expansion of the thermoplastics market in the medical industry in emerging countries such as China and India in the coming years. Fibers and resins, such as PVC and PP, account for the bulk of the market due to their wide variety of applications in medical devices and equipment. The growing need for new and complex medical equipment, along with an older population and the growth of the home healthcare sector, has resulted in unusually high penetration of these medical polymers. Based on product type, the global medical polymers industry is categorized into medical equipment & devices, medical packaging, others. The medical devices market was the most significant application category in 2020, accounting for 53.80% of worldwide sales. In 2020, the medical devices industry will account for around 54.0% of worldwide revenue. Devices with low coefficients of friction, such as surgical instruments, catheters, and insulin pens have contributed significantly to the growth in demand for medical devices and equipment in recent years.
|Market Size in 2020||USD 16,500 Million|
|Projected Market Size in 2026||USD 28,290 Million|
|CAGR Growth Rate||9.40%|
|Key Market Players||BASF SE, Bayer Material Science AG, Celanese Corporation, Colorite Compounds, DowDuPont, DSM N.V., E. I. du Pont de Nemours Company and Others|
|Key Segments||Product Type, Application, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
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North America was accounted for the largest market share for medical polymers in the world. In terms of revenue, the North American medical polymers market accounted for the largest market share of the worldwide medical polymers market in 2020. North America is projected to continue to dominate the market within the forecast period. The medical polymers market in the Asia Pacific is anticipated to grow at the fastest rate in terms of value due to growing demand from the region's healthcare sector within the forecast period. China and India are expected to account for substantial revenue shares in the Asia Pacific area, with China's CAGR expected to be the highest during the projection period. During the projected period, the European medical polymers market is expected to develop at a modest rate.
Some main participants of the global medical polymers market are BASF SE, Bayer Material Science AG, Celanese Corporation, Colorite Compounds, DowDuPont, DSM N.V., E. I. du Pont de Nemours Company, Eastman Chemical, Evonik Industries AG, Exxon Mobil Corporation, Formosa Plastics Corporation, HEXPOL, Huizhou Foryou Medical Device Co. Ltd., INEOS, Kraton Performance Polymers Inc., Raumedic, Shanghai New Shanghua Polymer Material Co. Ltd, Sinopec Beijing Yanshan Company, Solvay, The Dow Chemical Company, Tianjin Plastics Research Institute Co. Ltd., Victrex, amongst others.
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