As per the published report, the global Medical Polymers Market size is estimated to arrive at USD 27.75 billion by 2028. It is expected to increase by 8.0% CAGR from 2021 to 2028.
Rising demand for the pharmaceutical as well as medicinal packaging, particularly flexible packaging for medical drapes, blood bags, surgical gloves and medicines, has been influential for the expansion of the market for medical polymers, during the previous few years.
The increasing significance of the medical polymers in spinal & cranial implants, and hip & joint replacement purposes, is attaining recognition. It is estimated to considerably influence the enlargement of the market.
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In 2020, the medical devices & equipment sector held 53.80% share of the market. It was the main application segment. The increasing range of flexible packaging in medicinal commodities is expected to impel the expansion of the segment.
The growing alertness of the end users, regarding the cleanliness, additionally supports the demand for the flexible packaging in medicinal commodities. The escalation of the home based healthcare market has added to the rising attractiveness of medical polymers. This inclination is anticipated to carry on, during the near future.
Rising expenditure on R&D activities for the eco-friendly plastics, together with application development by means of the market contestant, is projected to generate hopeful forecast for the progress of the medical polymers market.
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Further key findings from the report suggest:
• In terms of the utilization and manufacture, Asia Pacific is expected to lead the demand for medical polymers. The province is projected to increase by 9.2% CAGR, all through the forecast period. Rise in home healthcare devices, increasing alertness regarding the benefits of medical polymers, as contrast to their conventional equivalents, and enhancement in the living standards, these are the factors influential on the local demand.
• The biodegradable plastics sector is likely to record 15.7% CAGR, throughout the forecast period. The increasing acceptance of biodegradable plastics in the production of a variety of health check apparatuses along with its rising utilize in prosthetics for the replacement actions, is expected to impel the requirement for the duration of the forecast
• In terms of application, the medical devices & equipment sector held 53.8% share of the market for medical polymers in, 2020. It is estimated to lead the demand. Growing utilize of polymers in the production of cardiology stents, implants, and hip & joint replacements are expected to propel the expansion of the market during the period of the forecast
• In 2020, the fibers & resins sector held 74.36% share of the market, in terms of the product. The elevated demand can be accredited to the superior chemical as well as thermal confrontation possessions of the product.
Million Insights segmented the global medical polymers market based on Product, Application, and Region.
Medical Polymers Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)
• Medical Resins & Fibers
• Polyvinyl Chloride
• Medical Elastomers
• Styrene Block Co-polymer
• Rubber Latex
• Biodegradable Plastics
Medical Polymers Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)
• Medical Equipment & Devices
• Medical Packaging
Medical Polymers Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia
• South Africa
Various companies for medical polymers market are:
• Formosa Plastics Corporation
• Exxon Mobil Corporation
• Celanese Corporation
• DSM N.V.
• Kraton Performance Polymers Inc.
• Eastman Chemical
• BASF SE
• Evonik Industries AG
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