Medical Polymers Market

GMI Research analysis indicates that the Medical Polymers Market is slated to register a CAGR of 8.1% over the forecast period, till 2029.

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Major Medical Polymers Market Drivers

Growth in the healthcare industry owing to the outbreak of COVID 19 pandemic along with the rise in the expenditure for the production and development of safe medicines, medical tools, and devices; rising availability of home healthcare service; and rising demand for secure medical packaging products are some of the major factors expected to drive the growth of the medical polymers market share. Moreover, introduction of automated method of medical polymer production including machine learning and robotics, and the development of biologically compatible polymers are further expected to provide huge growth opportunities to the market. Furthermore, according to the World Bank, the healthcare expenditure is around 9.8% of the world GDP in 2018 owing to the increasing focus towards the advancements of medical products and devices. This is anticipated to contribute to the increase in the demand for medical polymers over the forecast period.

Restraint in the Medical Polymers Market

However, the complex process of polymer synthesis and, high cost of raw materials are some of the factors expected to hamper the growth of the medical polymers market during the forecast period.

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Product – Segment Analysis

Based on the product, biodegradable plastics segment is expected to grow significantly over the forecast period owing to their advantages that includes non-toxic response; metabolized in the body after use; easily processed into the final product; high shelf life; and can be easily sterilized. Moreover, increasing use of biodegradable plastics in tissue engineering, drug delivery system, and in a range of surgical applications, including fracture fixation plates, bone defect fillers, joint replacements, artificial tendons and ligaments and bone cements is further augmenting the market growth.

Application – Segment Analysis

Based on the application, medical packaging is expected to account for a prominent share in the market primarily due to the increasing utilization of plastics and bioplastics in medical devices and pharmaceutical products for enhanced product life and protection from damage and contamination. According to Plastic Oceans International, packaging is one of the largest end-use market segment accounting for over 40% of total plastic usage. This is expected to contribute to the market growth.

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Regional – Segment Analysis:

Based on region, North America is expected to account for a notable share in the market over the forecast period. This is primarily due to increasing government healthcare spending in North America, the growing consumer consciousness towards healthcare, and rising demand for better medical facilities. According to the U.S. Centres for Medicare & Medicaid Services (CMS), U.S. health care spending grew 4.6% in 2019, reaching $3.8 trillion and the health spending accounted for 17.7% of the nation’s Gross Domestic Product. This is expected to support the growth of the market.

Top Market Players

Several leading medical polymers companies operating in the market, include, Evonik Industries AG, Formosa Plastics Corporation, BASF SE, Celanese Corporation, Solvay, Covestro AG, Bayer AG, Koninklijke DSM N.V., Exxon Mobil Corporation, and Dow, Inc. among others. 

Key Developments: 

• In 2019, Evonik Industries AG, launched a bioresorbable portfolio of PLA-PEG copolymers for use in implantable medical device applications. The RESOMER PLA-PEG copolymers match mechanical strength of standard polylactide (PLA) polymers but enable degradation rates up to six times faster. It is designed to enhance device performance and accelerate patient healing for wound closure, paediatric and other applications.

Segments covered in the Report:

The global Medical Polymers market has been segmented on the basis of product, application, and key regions. Based on product, the market is segmented into medical resins & fibres, medical elastomers, and biodegradable plastics. Based on the application, the market is segmented into medical equipment & devices, medical packaging, and others. 

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Report Coverage	Details
Market Revenues (2021)	USD Million
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Product, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Evonik Industries AG, Formosa Plastics Corporation, BASF SE, Celanese Corporation, Solvay, Covestro AG, Bayer AG, Koninklijke DSM N.V., Exxon Mobil Corporation, and Dow, Inc. among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Medical Polymers Market by Product

• • Medical Resins & Fibres
  • Polyvinyl Chloride
  • Polypropylene
  • Polyethylene
  • Polystyrene
  • Others
  • Medical Elastomers
  • Styrene block co-polymer
  • Rubber latex
  • Others
  • Biodegradable Plastics

Global Medical Polymers Market by Application

• • Medical Equipment & Devices
  • Medical Packaging
  • Others

Global Medical Polymers Market by Region

• • North America Medical Polymers Market (Option 1: As a part of the free 25% customization)

    • By Product
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Medical Polymers Market (Option 2: As a part of the free 25% customization)

    • By Product
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Medical Polymers Market (Option 3: As a part of the free 25% customization)

    • By Product
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Medical Polymers Market (Option 4: As a part of the free 25% customization)

    • By Product
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Medical Polymers Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Evonik Industries AG
  • Formosa Plastics Corporation
  • BASF SE
  • Celanese Corporation
  • Solvay
  • Covestro AG
  • Bayer AG
  • Koninklijke DSM N.V
  • Exxon Mobil Corporation
  • Dow, Inc.