08-Sep-2021 | Facts and Factors
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.
A polymer is a big molecule or macromolecule made up of numerous repetitions of high-relative-molecular-mass units. A biodegradable plastic or elastomer utilized in healthcare and medical applications is known as a medical polymer. Medical polymer comes in a variety of forms and is utilized for medical supports, devices, and implants because it is lighter and more biocompatible than ceramics, glass, or metals. In the medical sector, medical polymers are used for a range of human contact and non-contact applications. medical implants, gadgets, disposables (gloves, vials, instruments), and packaging are all made out of these materials.
One of the major drivers of medical polymer demand is the growing need for swabs, medical gadgets, disposable masks, and personal protective equipment (PPE) to identify and treat people with coronavirus illness (COVID-19). Aside from that, the rising incidence of infectious, chronic, cardiovascular, and other chronic illnesses is driving the use of sophisticated medical devices, resulting in market growth.In addition, many countries' governments are funding medical research and development (R&D) programs in order to improve healthcare infrastructure. Aside from that, the market is being driven by the rising demand for organ transplantation due to the expanding elderly population and the rising incidence of accidents. Besides, the growing popularity of home healthcare services and the developing trend of medical tourism are boosting the market growth. Medical polymers are expected to be used more in orthopedic stabilizing materials and vascular stents as the main market players focus on producing novel and advanced biopolymers. Increased R&D investment for biodegradable plastics, together with application development by market participants, is expected to boost market growth prospects. Due to many superior qualities such as strong mechanical, thermal, chemical strength, wear and corrosion resistance, and high resilience and endurance levels, PVC and PP have the highest market share. As a result, these materials can be used in a variety of medicinal applications. The surge in demand for medical devices and equipment throughout the world is driving the medical polymer industry. The market will gain from the growing proportion of pharmaceutical R&D spending in developed nations such as the United States, the United Kingdom, and Germany. Meanwhile, active activities and funding by governments in developing countries to boost R&D efforts might produce significant demand for medical-grade polymers.
Top Market Players
Major players operative in the global medical polymers market is 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, and amongst others. Collaborations and partnerships have become more essential in expanding companies and expanding corporate offerings in the medical polymers sector. In order to increase its geographical location and optimize the sales of the firm, many companies operating in the sector work together with others.
The growing demand for the manufacturing of medical devices is likely to be a major driver driving the worldwide medical polymers market structure within the projected period. The worldwide medical polymer market will expand due to an increase in the use of medical polymers due to their low costs and adaptability, as well as an increase in the sales of medical implants and devices throughout the world. Medical polymers are projected to see increased demand in the manufacture of medical devices and equipment, as well as medical packaging. Medical polymers, often known as medical-grade polymers, are synthetic materials classified as elastomers, fibers, and resins. Medical polymers are used in medical plastics, medical equipment, and packaging as additives and fillers. The demand for medical polymers is projected to skyrocket due to the growing demand to combat the COVID-19 pandemic crisis throughout the world. The market is expected to be favorably influenced by the growing demand for medical packaging goods for COVID-19.Raw material price volatility and crude oil price volatility, on the other hand, might have an influence on market growth.
North America is projected to dominate global medical polymers market growth
In terms of production and consumption, North America has accounted for the largest market share around 40.0% for medical polymers in the worldwide market in 2020. The expansion of the medical device manufacturing industry as a consequence of the rising need for improved healthcare facilities, the rise of the home health care devices market, and the aging population have all contributed to the regional market's remarkable growth. Because of improvements in medical technology and a growth in demand for more sophisticated medical devices, the United States accounts for the majority of regional demand and is a significant consumer of medical polymers. The rising demand from end-use applications such as medical equipment & devices, and medical packaging are driving the product market. It is predicted that the Asia Pacific and European markets would develop steadily throughout the projection period after following the market in North America. Emerging nations, such as India and China, are projected to see significant growth in medical devices as a result of growing knowledge of the advantages of medical polymers over their traditional equivalents, as well as an increase in home healthcare equipment in the area. The Chinese government's increasing expenditure in research and development for the production of medical polymers has also contributed to the region's spike in demand.
Browse the full report “Medical Polymers Market By Product Type (Medical Resins & Fibers, Medical Elastomers, Biodegradable Plastics), By Application (Medical Equipment & Devices, Medical Packaging, Others), By Regional Analysis (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2026” at https://www.fnfresearch.com/medical-polymers-market
The global medical polymers market is segmented as follows:
By Product Type:
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