Medical Polymers MarketSize and Trends

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).

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.

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: 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