Medical Polymers Growth is Expected to Accelerate at a Whopping 8.4% CAGR by 2032

According to the latest Fact.MR analysis, the global medical polymers market size was valued at US$ 8.19 Bn in 2020 and is projected to reach US$ 20.1 Bn by 2031. With growing scope of medical polymers applications in the medical field, the overall market is projected to surge at 8.2% CAGR between 2021 and 2031.

Medical polymers are lightweight, have superior biocompatibility, and are inexpensive, making them excellent for use in the packaging of a variety of medical devices.

The rising frequency of chronic diseases is driving up drug and medical device sales. The market for medical polymers is expected to grow rapidly in the future, as they are a key component of medical devices and packaging.

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Medical polymers are in high demand as the demand for home healthcare products grows. People are exhibiting a strong interest in obtaining a variety of medical equipment that may be used in the home to save money on hospital bills and lower the risk of infection. This will boost medical polymer sales in the next years.

Manufacturers are continuously investing in research and development to produce better and sustainable medical polymers. This has encouraged application of medical polymers in plastic surgeries and implants.

According to Fact.MR, commodity medical polymers are highly sought-after in healthcare industry. These polymers offer various advantages such as flexibility, compatibility, durability, light weight, and ease of fabrication. Hence, consumption of commodity polymers will reach around 5.3 MMT in 2021. The study forecasts the consumption of medical polymers to grow in the future.

During the assessment period, advances in engineered polymers are expected to expand their spectrum of application in medical devices, implants, and packaging.

North America currently dominates the medical grade polymers market, accounting for over one-third of worldwide demand in 2021. The growing home healthcare equipment market, high prevalence of chronic diseases, and presence of top medical packaging and medical device firms are all contributing to the region's growth.

"COVID-19 pandemic has exposed gaps in healthcare systems across the world. It has put countries under immense pressure to bring changes in their healthcare setups. As a result, governments around the world have started investing heavily to strengthen their healthcare infrastructure. This is expected to accelerate the growth of medical polymers market during the forecast period," says the Fact.MR analyst.

Key Takeaways from Medical Polymers Market Survey

Demand for medical grade polymers is forecast to increase by 2x in the U.S. during the forecast period.
Europe medical polymers market is projected to expand at a CAGR of 7.9% between 2021 and 2031.
Medical polymers demand in China is slated to grow by a CAGR of 9.9% over the forecast period.
Sales of medical polymers in India are anticipated to increase at 6.4% CAGR between 2021 and 2031.
In terms of polymer material, commodity medical grade polymers segment accounts for a massive share of 87% in 2021.
Based on application, medical devices segment is expected to surge at 6.9% CAGR through 2031.

Key Drivers

The medical polymers market is primarily driven by rising demand for medical polymers in the manufacturing of medical devices, equipment, and packaging.
The demand for medical polymers is being fueled by rising spending on medical items such as pharmaceuticals and medical equipment.
The growing trend of employing recycled polymers is boosting the market's growth.
Medical polymers market witnessed rapid growth during the COVID-19 pandemic as demand for medical products such as personal protective equipment (PPE) and masks skyrocketed.

Competitive Landscape

Key companies operating in the medical polymers market are using various strategies such as research and development activities, mergers, acquisitions, new product launches and establishment of new facilities to expand their business.

In October 2021, Avient Corporation, a premium provider of specialized and sustainable material solutions and services, launched two new sustainable polymer solutions for medical and pharmaceutical applications.

In July 2021, Trelleborg Healthcare & Medical announced that its experts will exhibit advanced polymer solutions for healthcare and medical applications at MD&M West in Anaheim, California, on August 10 and 12. The company will unveil its latest capability to help healthcare and medical customers expedite their product development process. The new offerings will help to minimize production cost, quicken development time and ensure superior quality products.

In February 2020, Clariant launched new medical polymer materials, specially formulated to resist degradation caused by exposure to high humidity and temperature. The new compounds, marked under the MEVOPUR brand name covering Clariant's medical grade materials, are expected to be useful in applications such as catheters.

Some of the prominent players operating in the medical polymers market profiled by Fact.MR are:

LyondellBasell
Lotte Chemical Corporation
LG Chem
Exxon Mobil Corp
Hyosung Corporation
SABIC
Ineos
Total Plastics
Sinopec
Formosa Plastics
SIBUR

More Insights on the Global Medical Polymers Sales Outlook

Fact.MR provides an unbiased analysis of medical polymers market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for medical polymers with a detailed segmentation on the basis of:

• By Polymer Material :

o Commodity Polymers
 Medical Grade Polypropylene
 Medical Grade Polyvinyl Chloride
 Medical Grade Polyethylene
 LDPE
 HDPE
 LLDPE
 Medical Grade Polyesters
o Engineering Thermoplastics
 Polyvinyl Pyrrolidone (PVP)
 PEEK
 Polycarbonate
 Others

• By Application :

o Packaging
 Injections
 Medical Bags
 Medical Tubes
 Pharmaceutical Blisters and Trays
 Microplates
 Vials
 Blister Packs
 Others
o Implants
 Breast Implants
 Orthopedic Implants
 Spinal Implants
 Others
o Medical Wear
 Gloves
 Face Shields
 Masks & Gowns
 Others
o Medical Devices
 Pacemakers
 Dental & Orthodontic Devices
 Catheters
 Contact Lenses
 Others

• By Processing Method :

o Blow Fill Seal
o Injection Stretch Blow Molding
o Extrusion Blow Molding
o Others

• By Region :

o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o Middle East & Africa

Key Questions Covered in the Medical Polymers Market Outlook Report

The report offers insight into medical polymers demand outlook for 2021-2031
The market study also highlights projected sales growth for medical polymers market between 2021 and 2031
Medical polymers market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Medical polymers market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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This release was published on openPR.