Rising usage of chemically inert, and safe materials over metals as medical implants is driving the demand in the healthcare industry. Constantly rising demand of biocompatible materials with easier processing cycle is again pushing the market growth upwards. Also, the increasing prevalence of chronic conditions is leading to the high demand of sustainable and safe pharmaceutical devices have again contributed in demand of medical polymers. Ongoing development of advanced polymers and composites for production of surgical instrument handles, catheters, and syringes are further boosting the market growth.
The latest report by Value Market Research expects the Global Medical Polymer Market to reach USD 11.9 billion by 2025. It was valued USD 6.54 billion in 2018. The report foresees a 9% CAGR from 2019 to 2025.
POLYPROPYLENE DOMINATED THE PRODUCT SEGMENT
By product, polypropylene led the segment in 2018 by accounting major market share. Owing to excellent ability to withstand repetitive steam and autoclave sterilization process, polypropylene is driving its application in the production of medical equipment. Also, polypropylene is stiff, chemically inert, lightweight, eco-friendly, and cheaper material against available substitutes is again boosting the demand from the healthcare industry.
MEDICAL DEVICES AND EQUIPMENT EMERGED AS THE LEADING APPLICATION SEGMENT
In 2018, medical devices and equipment dominated the application segment. Growing count of elderly population coupled with rising in the prevalence of chronic medical conditions has driven demand for effective medical devices and equipment for better patient diagnosis and care. Also, medical polymers offer excellent chemical resistance hence used for in the production of surgical trays, medical devices, and disposable products such as syringes, gloves, etc. are again fueling the segment market.
NORTH AMERICA LED THE REGIONAL MARKET
On the basis of region, the market is led by North America in 2018. Established healthcare infrastructure, increase in the elderly population, and the rise in medical awareness is driving the market growth.
KEY PLAYERS OF THE MARKET
BASF, Bayer, Celanese, Dow Chemical, DSM, DuPont, Eastman, Evonik, Exxon Mobil, Formosa Plastics, Hexpol, INEOS, Kraton, Raumedic, Shanghai New Shanghua, Solvay, and Tekni-Plex Inc. are the prominent players of the market.
As per this study the Global Medical Polymers Market was valued USD X.XX BN (by revenue) in 2019 and is anticipated to reach USD XX.X BN by 2026 with a CAGR of X%. By volume, the market was estimated XXX KT in 2019 and is expected to reach XXX KT by 2026 with a CAGR of X.X%.
Medical polymers are used for a variety of human contact and non-contact applications across the medical industry. These materials are mostly used in the production of the medical device, implants, packaging materials, and disposables such as gloves, vials, and tools. Also, medical polymers are biocompatible in nature, remain and or are easily processed by the human body.
The market is expected to experience significant growth owing to rising adoption of polymers for implants as they have chemical inertness and superior fatigue resistance. Further, owing to their low cost, easy replacement, superior flexibility, and ability to prevent infection as compared to metals is again spurring product demand. Also, the industry is likely to be driven by the rising demand for lightweight, high strength plastic materials across majorly across health care sector. The demand is also likely to register high growth on account of the development of advanced polymers and composites used in components such as surgical instrument handles, catheters, and syringes.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of medical polymers.
The broad medical polymers market has been sub-grouped into product and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
- Polyvinyl Chloride
- Thermoplastic Elastomer
- Medical Devices & Equipment
- Medical Packaging
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for medical polymers in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Europe Medical Polymers Market By Revenue (USD MN)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the medical polymers market include BASF, Bayer, Celanese, Dow Chemical, DSM, DuPont, Eastman, Evonik, Exxon Mobil, Formosa Plastics, Hexpol, INEOS, Kraton, Raumedic, Shanghai New Shanghua, Solvay, and Tekni-Plex Inc. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.