The global medical polymers market size is anticipated to reach a value of USD 27.75 billion by the end of the forecast period in 2028, as per a new market study by Grand View Research, Inc. It is projected to expand at a CAGR of 8.0% from 2021 to 2028. Growing demand for medical and pharmaceutical packaging, especially flexible packaging for medicines, blood bags, surgical gloves, and medical drapes, has been driving the market growth over the last few years. The growing importance of medical polymers in hip and joint replacement applications, and spinal and cranial implants, is gaining popularity and is expected to significantly impact the market growth.
The medical devices and equipment was the largest application segment for medical polymers, with a market share of 53.80% in 2020. The growing scope of flexible packaging in medical goods is anticipated to drive the growth of the segment. The increasing consumer awareness of hygiene further supports the demand for flexible packaging in medical goods. The rise of the home healthcare market has contributed to the growing popularity of medical polymers, and this trend is expected to continue in the forthcoming years.
Increasing R&D spending for biodegradable plastics coupled with application development by market participants is anticipated to create promising prospects for market growth. PVC and PP occupy the largest market share due to various superior attributes such as high mechanical, thermal, chemical strength, wear and corrosion resistance, and high resilience and endurance levels. This allows these materials to be consumed in various medical applications. However, raw material price volatility and crude oil price fluctuation can impact market growth.
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Medical Polymers Market Report Highlights
In terms of product, the fibers and resins segment occupied a market share of 74.36% in 2020. The high demand can be attributed to the better thermal and chemical resistance properties of the product
The biodegradable plastics segment is anticipated to register a CAGR of 15.7% during the forecast period. The rising adoption of biodegradable plastics in the manufacturing of a range of medical equipment and its growing use in prosthetics for replacement procedures is anticipated to drive the demand during the forecast period
The medical devices and equipment segment is projected to dominate the demand in terms of application, with a market share of 53.8% in 2020. Increasing use of polymers in the manufacturing of implants, joint & hip replacements, and cardiology stents are projected to drive the market growth during the forecast period
The Asia Pacific region is anticipated to dominate the demand for medical polymers in terms of production and consumption. The region is estimated to expand at a CAGR of 9.2% during the forecast period. Improvement in the standard of living, rising awareness about the benefits of medical polymers compared to their traditional counterparts, and rise in home healthcare devices have been the factors driving the regional demand
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Medical Polymers Market Segmentation
Grand View Research has 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
Styrene Block Co-polymer
Medical Polymers Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
Medical Equipment & Devices
Medical Polymers Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
Central & South America
Middle East & Africa
List of Key Players of Medical Polymers Market
Evonik Industries AG
Exxon Mobil Corporation
Kraton Performance Polymers Inc.
Formosa Plastics Corporation
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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