MEDICAL POLYMERS MARKET ANALYSIS

The global medical polymers market is projected to surpass US$ 20.12 Bn by the end of 2030, in terms of revenue, growing at CAGR of 10.0% during the forecast period (2023 to 2030).

Global Medical Polymer Market: Growth Drivers

Increased safety and cost-effectiveness for users

Due to its diverse applications, affordable production, and extended lifespan, medical plastic is a highly sought-after investment in today's healthcare. Metal and glass are more prone to both corrosion and breakage than plastic equipment. Additionally, although other equipment may be sterilized frequently and survive much longer, certain plastics are made to be thrown away after a single usage. Medical plastic is a wonderful option for carrying bio hazardous materials since it does not penetrate and is shatter-proof. It is possible to stop harmful bacteria from proliferating by carefully eliminating medical waste. Medical Polymer makes ensuring that a patient's medications haven't been tampered with and is utilized to make tamper-proof caps. For Instance, in 2021, according to Medical Polymer News, four companies in the medical device manufacturing industry, EOS, Tecomet, Orthopaedic Innovation Centre (OIC), and Precision ADM announced a collaborative partnership offering an end-to-end solution for medical device additive manufacturing (AM).

Figure 1. Global Medical Polymers Market, Revenue Share (%), By Region, 2022

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An increase in technological innovation will boost product demand

Technology innovations such as device miniaturization, multipurpose medicine packaging, and point-of-care (POC) diagnostic equipment have all contributed significantly to the Global medical Polymers market's rapid expansion. This is one of the elements driving market expansion. For instance, bespoke blow forming was developed as a technical solution to make thinner pharmaceutical bottles, enhance moisture transfer performance, and fortify twist closures. Additionally, Easy Biocompatibility Testing is included in Unique Device Identifying (UDI) and other device-identifying barcodes. Because of these technologies, a lot of Polymer is being used in medical applications, which is boosting the market's growth pace. Companies are collaborating to develop solutions that will satisfy the growing market demands for medical applications in POC diagnostics, medical device miniaturization, and other fields. For instance, in 2022, according to NS Medical Devices, Poly propylene is a popular Polymer used for medical device packaging. It is a highly durable material that iasdf s resistant to impact, moisture, and chemicals. PP is also an excellent moisture barrier, making it ideal for packaging medical devices that require a sterile environment.

Global Medical Polymer Market: Restraints

Medical waste and high Polymers production will have an impact on market expansion

Due to the global growth in the human population over the past several years, there has been a surge in the need for medical Polymers. However, these medical Polymers are also producing a lot of garbage and Polymer on a daily basis, which is worsening the effects of environmental contamination. The expansion of the medical Polymers sector is being hampered by this.

In most cases, these materials cannot be recycled and are not individually treated to stop the spread of infectious illnesses. One of the main causes of many sorts of pollution, such as water and soil contamination, is improper medical waste management. Additionally, harmful components included in medical Polymers such as bisphenol A have an unfavorable influence on developing children, which might harm the development of the medical Polymers Market. For Instance 2021, According to National Institute of Health stated that, Despite the COVID-19 epidemic being fought by governments all over the world, there have been serious problems in the usage and management of Polymer. A crisis is being exacerbated by a sharp increase in the usage of masks, gloves, protective medical suits, and hand sanitizer bottles. Syringes, tubes, catheters, saline solution packaging, respirators, and thermometers all of which include some Polymer are also a part of the Polymer pollution problem.

Global Medical Polymer Market: Market Opportunities

In the near future, it is anticipated that the expanding usage of biodegradable materials in the creation of medical implants would present profitable market prospects. This is explained by the escalating environmental issues and the stringent government regulations for the polymers utilized in the medical sector. Biodegradable materials for medical implants are an affordable and efficient replacement for the materials now employed in these devices.

Potential prospects are predicted to arise from the expanding use of medical elastomers in the healthcare sector, including styrene block copolymer and rubber latex. Additionally, the growing usage of fibers and resins in spinal implants and hip and joint replacements because of their improved biocompatibility and reduced cost compared to traditional materials is anticipated to support market expansion.

Global Medical Polymer Market: Market Trend

A significant trend in the industry is leading companies continuously innovating new products. For instance, Clariant Polymers & Coatings Healthcare Polymer Solutions announced the creation and evaluation of novel polymer materials in February 2020. The new substances, sold under the MEVOPUR brand name, are materials of "medical grade" produced by Clariant. Particularly beneficial are these goods in contexts like those of medical catheters.

One of the current trends in the market is the expansion of government efforts in the healthcare sector. This is a result of consumers' rising interest in health and wellness. Another significant development in the market is the growing substitution of polymers for ceramics, metals, and glasses in the production of medical equipment. These reasons collectively are fueling the market expansion of medical polymers.

Figure 2. Global Medical Polymers Market, Revenue Share (%), By Applications, in 2022

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Global Medical Polymer Market

The COVID-19 pandemic had a favorable effect on the market for medicinal polymers. The rising need for single-use syringes for vaccines has a substantial impact on product demand. Additionally, the booming pharmaceutical industry has played a significant role in the expansion of the polymers sector due to the increasing need for pharmaceutical packaging. With the global threat of numerous infectious and chronic ailments on the increase, the medical polymers market is anticipated to see significant upheaval in the years to come.

Global Medical Polymer Market: Market Segmentation

North America held a dominant position in the Global Medical Polymers Market in 2022, accounting for a 43.0% share in terms of volume, followed by Europe and Asia Pacific, respectively.

Global Medical Polymer Market: By Application

Medical Devices and Equipment’s held dominant position in the Global Medical Polymers Market in 2022, accounting for 50.1% share in terms of volume, followed by Medical Packaging and Others (Cardio, Tissue Culture), respectively.

Global Medical Polymer Market: Recent Developments

In August 2021- Parent companies, Cargill and GC, authorized NatureWorks to invest over US$ 600 million in the new fully integrated 75,000 ton-per-year facility, which includes lactic acid, lactide, and polymer manufacturing sites planned for construction beginning in the second quarter of 2022.

In March 2023, Natureworks Celebrates Construction Milestone For New Fully Integrated Ingeo PLA Biopolymer Manufacturing Facility In Thailand

In January 2023, BASF announced an investment in the capacity expansion of polymer dispersions at its production site in Merak, Indonesia. The expansion is in line with the growing trend of high-quality packaging in ASEAN where key paper and board manufacturers are located.

In June 2023, Sumitomo Chemical decided to build additional production lines for its liquid crystal polymer (LCP) SUMIKASUPERTM, which is a super engineering Polymer, at its Ehime Works (Niihama city, Ehime, Japan). In the Sumitomo Chemical Group, LCP is produced at Sumitomo Chemical’s Ehime Works and the Harima Works of the Company’s subsidiary Taoka Chemical Co., Ltd. (Harima, Kako-gun, and Hyogo, Japan).

Global Medical Polymer Market: Key Companies

Key players operating in the Global Medical Polymers Market are BASF SE, Bayer Material Science AG, Celanese Corporation, DSM N.V., E. I. du Pont de Nemours Company, Eastman Chemical Company, ExxonMobil Corporation, Evonik Industries AG, and The Dow Chemical Company

*Definition: Medical polymers are polymers used in the manufacturing of medical products such as medical devices, implants, disposables (gloves and vials), and packaging. These polymers are biocompatible. Engineering Polymers, silicone, standard Polymers, and HPP are some of the medical polymers used in the manufacturing of medical devices.