Global Medical Polymer Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research

The Global Medical Polymer Market - which grew from approximately US$ 10 Billion in 2017 to approximately US$ 15 billion in 2022 - is forecasted to grow further into approximately US$ 25 Billion opportunities by 2028, owing to the growing chronic diseases, rising number of patients worldwide, and surging healthcare infrastructure by government active participation and investments.

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Key Growth Drivers

The medical polymer market is driven by surging chronic diseases such as cancer, diabetes, stroke, and other infectious viruses. According to World Health Organization, stated that nearly 10 million deaths in 2020 are caused by cancer worldwide, the most common cases of cancer were lung, prostate, skin, stomach, colon. Globally, more than two third of all death are occurred due to one or more of these five chronic diseases including heart disease, cancer, stroke, diabetes, and chronic obstructive pulmonary diseases. The increasing number of cases due to chronic diseases worldwide, enforcing governments and players to upgrade technology via medical devices or surgeries to cure the disease, which is likely to benefit the medical polymer market.
Government strict rules and restrictions on the usage of polymer material in the healthcare and medical industry, are restraining the growth of the medical polymer market. For instance, the USA Food and Drugs Administration (FDA), stated that numerous types of materials, including metals, polymers, and ceramics, are commonly used in medical devices. FDA is taking active measures to control the quality of raw materials used in medical devices.
COVID-19 has helped in the growth of the medical polymer market. Since the start of the pandemic, the requirement for medicines and other medical products has been rising, it requires special packaging, which helped the medical polymer market to accelerate. As the pandemic is slowing down, it is estimated that the medical polymer market remains significant in the forecasted period, owing to the growing medical conditions and surgeries worldwide.

Key Trends by Market Segment:

By Product: Fibers & resins segment held the largest market share of the global medical polymer market in 2021, owing to its extensive usage in various applications.

Fibers & resins include multiple sub-segments including polypropylene, polyethylene, polystyrene, and others. Polycarbonate polymer provides high chemical and electrical resistance, which assists them to replace metal and glass in medical products.
Increased usage of resins in numerous medical applications such as spinal implants, cranial injuries, hip, and joint replacements, and others.

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By Processing Method: The extrusion blow molding segment accounted for the largest market share in 2021, owing to the easier and cost-effective process.

Extrusion blow molding is used to create medium to large hollow parts with complex geometries or highly technical equipment such as DEF tanks, HVAC ducts, lawn mower seats, and others.

By Application: The medical component application segment held the largest market in 2021, owing to an increased usage of polymers in medical equipment and devices.

Polymer and polymer matrix composite helped the healthcare and medical industry to provide quality services, with multiple benefits such as enhanced safety, maintaining sterility, and others.
Suring in the usage of polymer in surgical instruments, diagnostics equipment, medical tubing, molded components, and others.

By Geography: North America accounted for the largest market share within the global medical polymer market in 2021, owing to the rising geriatric population, and surging government initiatives and programs towards the medical sector.

The rising geriatric population and surging chronic diseases in the region, are likely to fuel the demand in the medical polymer market.
Increasing government initiatives and investment in the medical and healthcare sector, along with the growing home healthcare market are expected to boost the demand for medical devices. Increased demand for medical equipment and devices, is likely to positively impact the medical polymer market.

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Competitive Landscape:

The global medical polymer market is significantly competitive with ~100 players which include globally diversified players, and country-niche players as well as a majority number of regional players having their niche in medical polymer manufacturing multiple products for various medical applications.

Regional players held the largest share by competitor type. While large global players constitute about 15%. Some of the major players in the market include BASF SE, Evonik Industries AG, Covestro AG, Kraton Corporation, Eastman Chemical Company, SABIC, Celanese Corporation, DSM, Arkema, INEOS, and others.

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Recent Developments Related to Major Players

In July 2021, Celanese Corporation announced an expansion of its Florence, Kentucky research and development center with the addition of a Pharmaceutical Drug Delivery Feasibility Lab.
In February 2020, Clariant launches a medical polymer compound resistant to hydrolytic degradation.
In April 2018, BASF has started up a new production line for its high-temperature resistant thermoplastic Ultrason (Polyarylsulfone) at its site in Yesou, Korea.

Conclusion

The global medical polymer market witnessed significant growth during the period 2017-2021, owing to the increasing number of chronic diseases, and growing geriatric populations worldwide. The growth rate is expected to remain significant during the forecast period.

Though the market is significantly competitive with ~100 participants, the majority of regional players dominate the market share by type, and global players hold a significant market share.

Ken Research has recently published report titled, Global Medical Polymer Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 that segments the market into In addition, the report also covers market size and forecasts for the four regions in the medical polymer markets. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Product

·       Fibers & Resins

·       Medical Elastomers

·       Biodegradable Polymers

·       Others

By Processing Method

·       Blow Fill Seal

·       Injection Stretch Blow Molding

·       Extrusion Blow Molding

·       Others

By Application

·       Medical Device Packaging

·       Medical Components

·       Wound Care

·       Orthopedic Soft Goods

·       Implants

·       Others

By Geography

·       North America (USA, Canada, Mexico)

·       Europe (Germany, UK, France, Spain, Italy)

·       Asia Pacific (China, Japan, South Korea, India, Australia)

·       LAMEA (Latin America, Middle East, Africa)

Key Players

·       BASF SE

·       Evonik Industries AG

·       Covestro AG

·       Kraton Corporation

·       Eastman Chemical Company

·       SABIC

·       Celanese Corporation

·       DSM

·       Arkema

·       INEOS

For More Information on the Research Report, refer to below links: -

https://www.kenresearch.com/business-research/global-medical-polymer-market-outlook-2028/

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This release was published on openPR.