Medical Polymers Market is estimated to grow at a remarkable CAGR of 8.1% during the forecast period, till 2029 | Size & Analysis Report

Analysts at GMI Research estimates that the Medical Polymers Market is exhibiting a CAGR of 8.1% during the forecast period, till 2029.

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The factors driving the growth of Medical Polymers Market includes growing demand for medical devices and generic drugs, increase in consumer spending on healthcare services, rising prevalence of diabetes and cardiac arrests around the world and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Robotics, Machine Learning (ML) and Artificial Intelligence (AI), development of biologically compatible polymers, expansion of the pharmaceutical industry, rise in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the market growth in the approaching years. Moreover, increasing investments by leading players on research and development, rising population growth rates and growing per capita incomes, are further contributing towards the market growth.

However, growth of the Medical Polymers Market is hindered due to high cost of acquiring raw materials.

The major players operating in the market are Exxon Mobil Corporation, BASF SE, Celanese Corporation, Solvay, Evonik Industries AG, Formosa Plastics Corporation, Covestro AG, Bayer AG, Koninklijke DSM N.V., and Dow, Inc. among others.

Based on Product, the Biodegradable Plastics segment is predicted to expand at a robust CAGR during the forecast period

Biodegradable plastics poises higher shelf life and can be metabolized in the body after use along with its increasing application in tissue engineering and drug delivery systems, are some of the factors pushing Medical Polymers Market size.

Based on Application, the Medical Packaging segment is projected to grow at a significant CAGR over the forecast period

Increasing use of bioplastics in medical devices and pharmaceutical products, are propelling growth of the segment.

Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period

As per the Medical Polymers Market Forecasts, rise in Government's expenditure on healthcare sector, increasing demand for medical devices across United States and Canada, rapid industrialization, growing population growth rates and high disposable incomes, are some of the important factors augmenting the market growth in the North American region.

Key Development

In 2019, Evonik Industries AG, developed PLA-PEG copolymers for use in implantable medical device applications. The RESOMER PLA-PEG copolymers match mechanical strength of standard polylactide (PLA) polymers but enable degradation rates up to six times faster. It is designed to improve device performance and accelerate patient healing for wound closure, pediatric and other applications.

Market Segmentation

Segmentation by Product

Medical Resins & Fibers
Polyvinyl Chloride
Polypropylene
Polyethylene
Polystyrene
Others
Medical Elastomers
Styrene block co-polymer
Rubber latex
Others
Biodegradable Plastics

Segmentation by Application

Medical Equipment & Devices
Medical Packaging
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.