The Global Medical Polymers Market was valued at US$ 20.12 Billion in 2022, according to Global Medical Polymers Market Report, By Product (Fibers and resin, (PVC, PP, PE, PS, and Others (engineering thermoplastics such as nylon, PET, PA, PC, ABS)), Medical Elastomers (Styrenic Block Copolymer, Rubber latex (NR + Butyl Rubber + Silicone rubber), Others (TPU, TPO, TPV)), Biodegradable plastics), By Application (Medical devices and equipment’s, Medical packaging, and Others (cardio, tissue culture)) and By Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa), published by Coherent Market Insights.
The Global Medical Polymers Market was valued at US$ 20.12 Billion in terms of revenue in 2022 and is predicted to grow at a CAGR of 10.0% during the forecast period (2023 to 2030). Medical polymers are materials used in the healthcare industry for producing medical devices and other products. Medical implants, drug delivery devices, surgical instruments, diagnostic equipment, disposables, device packaging products, and dental implants can be produced by using medical polymers. Polyethylene and polyether are majorly used in the healthcare industry.
Driver
Growing demand for home treatment is creating demand for medical disposables. This factor is augmenting the market growth of medical polymers. Surgical gloves, syringes, catheters, and medical fabrics are some of the medical disposables. These disposables are easy to use and user-friendly. Thus the rise in demand for home treatment is creating a huge demand for disposable and user-friendly products.
The rise in the geriatric population is augmenting healthcare needs, thereby fueling the market growth of medical polymers. The rising aging population is increasing the prevalence of chronic disease which is escalating the demand for medical products. According to the United Nations, the global population aged 60 years or over numbered 962 million in 2020. The number is projected to reach nearly 2.1 billion by 2050.
Restraints
Strict rules and regulations associated with the use of polymers in the healthcare industry are expected to hinder market growth. For example, the U.S. Food and Drug Administration (FDA) takes active measures to control the quality of raw materials used in medical implants and devices.
Environmental concern is associated with the disposal of medical polymers as these products do not get degrade and recycle easily and can cause harm to both terrestrial as well as aquatic species. This factor is inhibiting market growth.
Key Trends and Analysis of the Global Adhesive Films Market:
- The growing use of products in designing packaging products is one of the growing trends in the market. The growing popularity of advanced and convenient packaging across the healthcare industry for safe and efficient product delivery is again creating demand for medical polymers. Moreover, the growing pharmaceutical packaging industry is another major factor escalating market growth of medical polymers over the forecast period.
- Increasing strategic alliances such as partnerships and collaboration by key players is an emerging trend in the market. For instance, in March 2020, ProMed Pharma and DSM Biomedical announced a business development collaboration for polymeric drug delivery. This partnership combines ProMed’s micro molding and extrusion capabilities with DSM’s biomedical polyurethanes, polyurethane urea, and bioerodible amino-acid-based polyester amides for the production of new sustained-release drug implants and combination devices.
Market Opportunities
- Increasing funding and grants by the government across developing regions for medical polymers is expected to bring new market opportunities in the near future. Moreover, increasing investment in the healthcare industry by manufacturers and the government for improving medical facilities is again expected to foster the market growth of medical polymers. According to the World Health Organization, global spending was US$ 7.8 trillion in 2020, or about 10% of GDP up from US$ 7.6 trillion in 2019.
Global Medical Polymer Market: Recent Developments
- In August 2021, LOTTE Chemical, a large Korean chemical manufacturer, used BASF's Irgastab, a non-discoloring processing stabilizer, to generate the polypropylene (PP) required for medical purposes.
- In April 2020, ExxonMobil and the Global Center for Medical Innovation (GCMI) announced that they have launched multi-sector and joint development projects to quickly redesign and manufacture reusable personal protective equipment for health-care workers, such as face shields and masks, which are in short supply due to the COVID-19 pandemic.
- In April 2021, Royal DSM launched a new line of engineered materials for medical device applications today. Arnitel Care polyester-based thermoplastic elastomer (TPC), Arnite Care polybutylene terephthalate (PBT), and ForTii Care polyphthalamide are among the medical-grade polymers available (PPA).
Market Restraints
- The fluctuating price of the raw materials used in the production of medical polymers is hampering the production of these polymers. Polymers are derivatives products of crude oil and crude oil is highly susceptible to price volatility due to the political scenario. Thus any fluctuation in price affects the overall price of the medical polymers thereby hindering the market growth over the forecast period.
https://www.coherentmarketinsights.com/market-insight/medical-polymer-market-4163
Key Takeaways
- The Global Medical Polymers Market was valued at US$ 20119.5 Mn in 2022 and is forecast to reach a value of US$ 40026.3 Mn by 2030 at a CAGR of 10.0% between 2023 and 2030.
Key Players
- 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
- These players are constantly engaged in mergers, acquisitions, and business expansions to gain a competitive advantage over other players. For instance, in April 2020, ExxonMobil boosted the production of crucial raw materials for masks, gowns, and hand sanitizer, which are utilized by medical professionals and first responders in the global COVID-19 epidemic.
Global Medical Polymers Market - Impact of Coronavirus (Covid-19) Pandemic
- The Covid-19 pandemic has created a huge demand for medical polymers such as PP, PE, and PC due to critical care systems and disposables such as ventilators, respirators, thermal scanners, masks, and gloves for treatment of COVID-19 patients. Moreover, strict regulation for maintaining hygiene in the healthcare sector has further boosted the demand for medical polymers.
