Medical Polymers Market by Product Type; By application; & Region – Global Market Size, Share & Trend Analysis 2019-2020 and Forecast to 2030
Product Overview Medical Polymers is the collective term used in various contexts in healthcare and medical applications for biodegradable plastic, elastomers such as thermoplastic elastomers, and natural polymers such as resins and fibers.
New York, June 06, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Medical Polymers Market by Product Type; By Application; and Region – Global Market Size, Share & Trend Analysis for 2019-2020 and Forecast to 2030” – https://www.reportlinker.com/p06191810/?utm_source=GNW
Polymers hold an important place in the healthcare system due to better biocompatibility, low cost and reduced weight. Polymers are widely used in the medical industry, including surgical instruments, catheters, implants, accessories and diagnostic systems. Medical polymers are mainly used to manufacture facial implants, vascular grafts, dental implants, intraocular lenses, contact lenses, prosthetic heart valves, vascular skin implants and breast implants.
Global Medical Polymers is expected to project a notable CAGR in 2030.
Global medical polymers are expected to exceed USD 36.78 billion by 2030 from USD 16.14 billion in 2020 at a CAGR of 8.59% in the coming years i.e. 2021-30. The increasing adoption of polymers for implants is driving the growth of the global medical polymers market. Other factors driving the market growth include increasing demand for lightweight and high strength plastic materials and improved polymers and composites used in components such as surgical instrument handle, syringes and catheters . Additionally, the growing demand for pharmaceutical devices is contributing to the growth of the medical polymers market.
Recent Highlights in Global Medical Polymers
In March 2020, Eastman launched “Tritan MXF,” a next-generation copolyester that provides chemical resistance, higher impact resistance, and ease of processing for electronic medical device housing and hardware.
In April 2018, BASF opened a new production line for its “Ultrason” high temperature resistant thermoplastic at its site in Yeosu, Korea.
Global Medical Polymers: Segments
Medical Resins & Fibers Segment Expected to Grow with Highest CAGR in 2020-30
Global Medical Polymers is segmented by Product Type into Medical Resins & Fibers, Medical Elastomers, Biodegradable Plastics and Others. Medical resins and fibers, the segment held the largest market share in 2019. Medical resins and fibers include polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), polystyrene (PS) and d other thermoplastics. Fibers and resins are widely used in several applications including head injuries, spinal implants, and hip and joint replacements due to their improved biocompatibility and low cost.
Medical Devices & Equipment Segment Expected to Grow with Highest CAGR in 2020-30
Global Medical Polymers is split by source into Medical Devices & Equipment and Medical Packaging. Medical devices and equipment, the segment held the largest market share in 2020 and will continue to dominate the market in the coming years. The growth of the market segment is driven by the rapid increase in population as well as the prevalence of chronic diseases. Additionally, rising consumer healthcare spending, especially in emerging economies, is expected to fuel the medical devices and equipment segment. Also, negligible chemical corrosion and easy cleaning methods of medical polymers are expected to drive the product demand in the coming years.
Growing demand for pharmaceutical devices
The ever-increasing demand for pharmaceutical devices is the key factor propelling the global medical polymers market. Development of innovative medical devices, rising prevalence of cardiovascular diseases, rising number of infections and other diseases, and increasing general awareness are driving the pharmaceutical device industry. This in turn is expected to increase the growth of the medical polymers market. Currently, polyetherimide, polyphenylsulfone, polysulfone, and polyether ether ketone are widely used for several applications in the pharmaceutical device market.
Superior properties compared to available substitutes
In recent years, polymers have gained popularity in the medical industry due to advances in engineering plastics, such as PEEK, PMMA, PET, and ABS. These plastics are ideal for use in medical appliances and devices as they meet safety requirements. Engineering plastics used as medical polymers can match the stability, durability, structural strength, formability and inertness of ceramics and metals as being more resource efficient and lighter. Also, medical polymers are available at cheap prices compared to other substitutes including metals, glass, and ceramics. In addition, medical polymers are also finding application in packaging owing to their light weight, durability, cost effectiveness and transparency, which is driving the demand for medical polymers.
Unstable commodity prices
The major factor likely to hamper the global medical polymers market in the near future is the variation in raw material prices. Prices fluctuate due to unpredictable energy prices. In 2018, according to BP statistics, the average price of oil rose from $54/bbl. at $71/bbl. in 2017. Additionally, stringent regulations imposed by several medical organizations regarding product quality and pricing are expected to limit the growth of the medical polymers market.
Global Medical Polymers: Key Players
Company overview, business strategy, key product offerings, financial performance, key performance indicators, risk analysis, recent development, regional presence, SWOT analysis
Bayer Material Science AG,
EI du Pont de Nemours Company,
Evonik Industries AG,
The Dow Chemical Company,
Huizhou Foryou Medical Device Co. Ltd.,
Kraton Performance Polymers Inc.,
Other top players
Global Medical Polymers: Regions
Global Medical Polymers is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. Global medical polymers in North America held the largest market share in 2019. North America will continue to dominate global medical polymers due to rising healthcare expenditures and growing consumer health awareness and physical fitness. In addition, rising occurrence of chronic diseases and increasing geriatric population in the region are expected to proliferate the medical polymers market. Additionally, the booming pharmaceutical packaging industry in the region and the growing number of spinal implants are driving the growth of the regional market.
Global Medical Polymers is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – US & Canada
Latin America Market size, share, trends, opportunities, annual growth, CAGR – Mexico, Argentina, Brazil and rest of Latin America
European Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Market Size, Share, Trends, Opportunities, YoY Growth, CAGR of Asia-Pacific Market – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East & Africa Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – North Africa, Israel, GCC, South Africa & Rest of MENA
The Global Medical Polymers report also contains analysis on:
Segments of medical polymers:
By product type
Medical resins and fibers
Medical devices and equipment
Dynamics of medical polymers
Size of medical polymers
Offer and demand
Competition and companies involved in the market
Market value chain
Market drivers and restraints
Read the full report: https://www.reportlinker.com/p06191810/?utm_source=GNW
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