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Medical Polymers Market Size, Growth 2021-2028 | Industry Report

Medical Polymers Market Analysis Report By Product, By Application, By Region And Segment Forecasts From 2021 To 2028

Report ID: MN17617029  |  Published: June 2021  |  No of Pages: 101
Format: Electronic (PDF)  |  Industry: Chemicals & Materials  |  Publisher: Grand View Research

Synopsis

With reference to the report published, the global medical polymers market was prized by USD 15.01 billion in 2020. It is estimated to witness 8.0% CAGR from 2021 to 2028.

Drivers

Growing demand for medical polymers in the making of medicinal packaging and medicinal devices, as well as the apparatuses is anticipated to impel the expansion of the market. Usually, the medical-grade polymers otherwise known as medical polymers are the artificial materials, which are classified into resins & fibers, and Elastomers.

US medical polymers market

The polymers, which comprise Elastomers, resins & fibers and recyclable plastics are, gradually more, utilized for the making of medicinal apparatuses. Due to their low down expenditures, as contrast to, the intensive care along with hospital care, the development of the home based healthcare market has caused the escalation in demand for the medicinal apparatuses. Adaptability, awareness, affordability, and availability are the various significant factors, powering the medicinal apparatuses market.

The engineering polymers, which include Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Polystyrene, Polyethylene (PE), and Polypropylene, are a few important medical polymers, utilized for the making of devices as well as the equipments.

Due to its enhanced bio-compatibility along with the lesser prices, as compare to the conventional materials like titanium, the healthcare industry has observed a rising utilization of polyetheretherketone (PEEK) in a variety of functions. It includes hip & joint replacements, spinal implants and cranial injuries. This is anticipated to increase the demand for medical polymers, during the forecast period.

Effect of Covid-19

The medical polymers are consumed like fillers and additives for a variety of medicinal packaging along with the apparatuses, and medical plastics. To deal with the pandemic conditions, globally, the demand for medical polymers is increasing. The incessantly increasing requirement for medicinal wrapping products, for Covid-19, is expected to definitely power the expansion of the medical polymers market. Since, the province includes main manufacturing companies of the healthcare product; North America is estimated to control the increasing demand for the medical polymers.

Application Insight

The medical devices sector held 53.80% revenue share of the global medical polymers market, and was the major application sector, in 2020. The medical equipment like portable devices, catheters, insulin pens and surgical devices, which necessitate a low down coefficient of friction, are the most important provider for the growth in requirement for the medical devices & equipment, during the previous few years. This inclination is estimated to go on, throughout the forecast year. Besides, the medicinal mechanisms like ECG machines, X-Ray machines and additional diagnostic apparatuses are, moreover produced with the assistance of medical polymers.

On the basis of applications for medical polymers, medical packaging is the subsequent highest rising sector. Medical packaging comprises proposed wrapping arrangement for the surgical appliances, oral solids & liquids, syringes, and blood bags.

Pharmaceutical wrapping, furthermore, consist of design surgical gloves and catheters that needs medical polymers, owing to their supple character. Increasing demand for these goods is anticipated to propel the demand for medical polymers, throughout the forecast period.

Product Insight

In 2020, the fibers & resins sector held 74.36% value share of the medical polymers market and appear like the major product sector. Due to their extensive variety of functions in health check devices and apparatuses, fibers & resins comprising PP and PVC, take up the majority of the market.

Global medical polymer market

The increase in insist for the sophisticated and advanced health check devices, growing aged populace along with enlargement of the home based healthcare market, has caused an extremely greater infiltration for these medical polymers.

Because of their rising pharmaceutical and medicinal covering applications medical Elastomers like rubber latex, styrene block copolymer and others are increasing significantly. Their purposes comprise surgical drapes, medical tubing and medical gloves.

These Elastomers include an extremely high prospective for the enlargement because of their diverse capabilities, that includes construct extended length as well as thin-walled apparatuses, bio-compatibility and the lubricity.

Regional Insight

In the conditions of utilization as well as the manufacture, North America is the biggest market for medical polymers. In 2020, it held 42.22% revenue share of the global medical polymers market.

As a result of enlargement in the elderly inhabitants, the growth in the home based health care devices market, and the rising necessity to offer enhanced healthcare amenities, have sourced the incredible development of the medicinal apparatuses manufacturing segment, within the region.

The U.S. makes up the majority of the local demand and is a most important customer of medical polymer, due to the progressions in health check equipment and a growth in demand for the additionally advanced medicinal devices.

Attributable to enhanced living standard, increasing alertness regarding the benefits of medical polymers, as contrast to their conventional equivalents, and a growth in home based healthcare procedure within the region, rising markets, comprising China and India, are likely to observe sizeable development of medical devices

Increasing encouragement from the Chinese government, by means of augmented funds for research & development for manufacturing medical polymers has, furthermore, added to the gush in demand, within the region.

Companies

The business is differentiated by means of the wide-ranging incorporation of the important companies, during different phases of the value chain. The companies deliver their manufactured goods by way of devoted source arrangement and offer, made to order products according to the function for which the manufactured goods are to be utilized.

The business is exposing the several technical progressions in the manufacturing of superior polymers, for utilize in the healthcare vertical. The market participant companies make use of the new-fangled product improvements, like one of the most important policy to accomplish market expansion and upgrade the plastic sourced compound materials, to push development. The market participant companies are, moreover, busy in vertical adding up through the value chain, to decrease their manufacturing overheads as well as enlarge the profit margin.

Some of the companies for medical polymers market are:

    • Formosa Plastics Corporation
    • Exxon Mobil Corporation
    • Celanese Corporation
    • DSM N.V.
    • Kraton Performance Polymers Inc.
    • Eastman Chemical
    • BASF SE
    • Evonik Industries AG

Report Scope

Report Attribute

Details

Market size value in 2021

USD 16.23 billion

Revenue forecast in 2028

USD 27.75 billion

Growth Rate

CAGR of 8.0% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in Tons, Revenue in USD million, and CAGR from 2021 to 2028

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country Scope

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; China; India; Japan; Brazil; Argentina; Saudi Arabia; South Africa

Key companies profiled

BASF SE; Bayer Material Science AG; Celanese Corporation; DSM N.V.; DuPont; Eastman Chemical; Evonik Industries AG; Exxon Mobil Corporation; Dow, Inc.; Huizhou Foryou Medical Device Co. Ltd.; Kraton Performance Polymers Inc.; Tianjin Plastics Research Institute Co. Ltd.; Formosa Plastics Corporation; Shanghai New Shanghua Polymer Material Co. Ltd; Sinopec Beijing Yanshan Company

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs.


Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Million Insights has segmented the global medical polymers market report based on product, application, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)
    • Medical Resins & Fibers
        • Polyvinyl Chloride
        • Polypropylene
        • Polyethylene
        • Polystyrene
        • Others
    • Medical Elastomers
        • Styrene Block Copolymer
        • Rubber Latex
        • Others
    • Biodegradable Plastics

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)
    • Medical Equipment & Devices
    • Medical Packaging
    • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
        • Italy
    • Asia Pacific
        • China
        • India
        • Japan
    • Central & South America
        • Brazil
        • Argentina
    • Middle East & Africa
        • Saudi Arabia
        • South Africa

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