SAN FRANCISCO, May 11, 2021 /PRNewswire/ — The global medical polymers market size is anticipated to reach a value of USD 27.75 billion by the end of the forecast period in 2028, as per a new market study by Grand View Research, Inc. It is projected to expand at a CAGR of 8.0% from 2021 to 2028. Growing demand for medical and pharmaceutical packaging, especially flexible packaging for medicines, blood bags, surgical gloves, and medical drapes, has been driving the market growth over the last few years. The growing importance of medical polymers in hip and joint replacement applications, and spinal and cranial implants, is gaining popularity and is expected to significantly impact the market growth.
Key suggestions from the report:
- In terms of product, the fibers and resins segment occupied a market share of 74.36% in 2020. The high demand can be attributed to the better thermal and chemical resistance properties of the product
- The biodegradable plastics segment is anticipated to register a CAGR of 15.7% during the forecast period. The rising adoption of biodegradable plastics in the manufacturing of a range of medical equipment and its growing use in prosthetics for replacement procedures is anticipated to drive the demand during the forecast period
- The medical devices and equipment segment is projected to dominate the demand in terms of application, with a market share of 53.8% in 2020. Increasing use of polymers in the manufacturing of implants, joint & hip replacements, and cardiology stents are projected to drive the market growth during the forecast period
- The Asia Pacific region is anticipated to dominate the demand for medical polymers in terms of production and consumption. The region is estimated to expand at a CAGR of 9.2% during the forecast period. Improvement in the standard of living, rising awareness about the benefits of medical polymers compared to their traditional counterparts, and rise in home healthcare devices have been the factors driving the regional demand.
Read 101 page research report with ToC on «Medical Polymers Market Size, Share & Trends Analysis Report By Product (Medical Resins & Fibers, Medical Elastomers), By Application (Medical Devices & Equipment, Medical Packaging), By Region, And Segment Forecasts, 2021 – 2028» at: https://www.grandviewresearch.com/industry-analysis/medical-polymers-market
The medical devices and equipment was the largest application segment for medical polymers, with a market share of 53.80% in 2020. The growing scope of flexible packaging in medical goods is anticipated to drive the growth of the segment. The increasing consumer awareness of hygiene further supports the demand for flexible packaging in medical goods. The rise of the home healthcare market has contributed to the growing popularity of medical polymers, and this trend is expected to continue in the forthcoming years.
Increasing R&D spending for biodegradable plastics coupled with application development by market participants is anticipated to create promising prospects for market growth. PVC and PP occupy the largest market share due to various superior attributes such as high mechanical, thermal, chemical strength, wear and corrosion resistance, and high resilience and endurance levels. This allows these materials to be consumed in various medical applications. However, raw material price volatility and crude oil price fluctuation can impact market growth.
Grand View Research has segmented the global medical polymers market based on product, application, and region:
- Medical Polymers Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- Medical Resins & Fibers
- Polyvinyl Chloride
- Medical Elastomers
- Styrene Block Co-polymer
- Rubber Latex
- Biodegradable Plastics
- Medical Polymers Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- Medical Equipment & Devices
- Medical Packaging
- Medical Polymers Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa.
List of Key Players of Medical Polymers Market
- Evonik Industries AG
- DSM N.V.
- BASF SE
- Celanese Corporation
- Eastman Chemical
- Exxon Mobil Corporation
- Kraton Performance Polymers Inc.
- Formosa Plastics Corporation.
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
- Polymer Foam Market – The global polymer foam market size was valued at USD 113.89 billion in 2019 and is projected to expand at a CAGR of 3.8% from 2020 to 2027. Growing applications in various industries, such as packaging, furniture and bedding, and automotive industries, are expected to drive the type demand.
- Pharmaceutical Packaging Market – The global pharmaceutical packaging market size was valued at USD 98.58 billion in 2019 & is anticipated to expand at a CAGR of 8.5% over the forecast period. Rising focus on sustainability with the adoption of biodegradable & recyclable materials is likely to further fuel the growth.
- Medical Grade Silicone Rubber Market – The global medical grade silicone rubber market size was valued at USD 563.2 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2020 to 2027.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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