Medical polymers are important components in many different types of medical devices. During the development of a device, a designer must consider the best materials for the application. It is important to note that not all polymers are considered medical grade. In addition, there is no universal consensus about what constitutes a medical grade. In many cases, manufacturers use a proprietary designation for their products.
The global Medical Polymers market is projected to surpass US$ 32,540.7 million by the end of 2028, in terms of revenue, growing at CAGR of 8.3% during the forecast period (2021 to 2028).
Drivers
Increasing demand for home treatment is creating demand for medical disposables, this in turn augmenting the market growth of medical polymers. Surgical gloves, syringes, catheters, and medical fabrics are some of the medical disposables. These disposables are easy to use and user friendly. Thus growing demand for home treatment is augmenting market growth.
Growing geriatric population is demand for healthcare needs, thus fueling market growth of the medical polymers. Increasing aging population is again rising prevalence of chronic disease which is escalating the demand for medical products. According to the United Nations, the global population aged 60 years or over numbered 962 million in 2017. The number is projected to reach nearly 2.1 billion by 2050.
North America held dominant position in the Global Medical Polymers Market in 2020, accounting for 43.0% share in terms of volume, followed by Europe and Asia Pacific, respectively. As a result of Growing demand for home treatment for medical disposables around the globe.
𝐓𝐨 𝐠𝐞𝐭 𝐌𝐨𝐫𝐞 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 Free 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 @ https://www.coherentmarketinsights.com/insight/request-sample/1850
Market Restraints
Strict rules and regulations associated with the use of polymers in the healthcare industry is expected to hinder market growth. For example, the U.S. Food and Drug Administration (FDA) take active measures to control the quality of raw materials used in medical implants and devices.
An environmental concern associated with the disposal of medical polymers is expected to hinder market growth. These products do not get degrade and recycle easily and can cause harm to both terrestrial as well as aquatic species.
Market Opportunities
The increasing use of biodegradable materials in the development of medical implants is projected to offer lucrative market opportunities in the near future. This is attributed to the growing environmental concerns coupled with the strict government policies for the polymers used in the medical industry. Medical implants based biodegradable materials are also low cost and effective alternative of the traditionally used materials in medical implants.
The growing importance of medical elastomers such as styrene block copolymer and rubber latex across the healthcare industry is expected to provide potential opportunities. Additionally, growing use of fibers and resins in hip and joint replacements and spinal implants owing to their improved biocompatibility and lower cost as compared to conventional materials is again projected to foster market growth.
Market Trends
- Continuous product innovation by key players is a major trend in the market. For instance, in February 2020, Clariant Plastics & Coatings Healthcare Polymer Solutions has announced the development and testing of new polymer materials. The new compounds, marketed under the MEVOPUR brand name covering Clariant’s ‘medical grade’ materials. These products are especially useful in applications like medical catheters.
- Increasing government initiatives for improving healthcare facilities is one of the trend at present. This is attributed to the increasing health and wellness trend among consumers. Moreover, growing use of polymers in place of ceramics, metals, and glasses in the production of medical devices is another major trend in the market. All these factors are expected to augment the market growth of the medical polymers.
𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭: (𝐈𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠 𝐅𝐮𝐥𝐥 𝐓𝐎𝐂, 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐓𝐚𝐛𝐥𝐞𝐬& 𝐅𝐢𝐠𝐮𝐫𝐞𝐬, 𝐂𝐡𝐚𝐫𝐭) @ https://www.coherentmarketinsights.com/insight/request-pdf/1850
Key Takeaways of the Graph:
- The Medical devices and equipment’s held dominant position in the market and accounted for 50.1% share in the Global Medical Polymers Market in 2020. The segment is expected to reach US$ 15,834.2 million in 2028.
- High demand for medical devices is primarily fuelling market growth of the medical polymers. Medical polymers are biocompatible in nature and polyether ether ketone is the most commonly used polymers in the healthcare industry for various applications such as structural heart, infection control, neuro-devices, and robotic assistance. Hence, increasing demand for medical devices is augmenting the market growth of medical polymers.
Global Medical Polymers Market – Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 pandemic has had a positive impact on the Global Medical Polymers Market, The increased demand for critical care systems such as ventilators, thermal scanners, and respirators from original equipment manufacturer (OEM) and medical device/equipment producers is one of the key drivers for the medical plastics business. The demand for medical devices, equipment, and products has increased, which indicates well for the Medical Polymers Market forecast from 2021 to 2028.
Competitive Section
Key players are operating in the Global Medical Polymers Market are BASF SE, Bayer MaterialScience AG, Celanese Corporation, DSM N.V., E. I. du Pont de Nemours Company, Eastman Chemical Company, ExxonMobil Corporation, Evonik Industries AG, and The Dow Chemical Company
Few Recent Developments
- In June 2019, SIBUR and BASF have partnered to develop innovative polymer solutions at SIBUR’s PolyLab Research and Development Center in Moscow.
- In April 2021, Celanese Corporation, a global chemical and specialty materials company, is prioritizing its operations to provide specialty materials used in applications such as ventilators, respirators, and other critical medical equipment and supplies in response to the COVID-19 pandemic in support of the healthcare and medical devices industry.
- In March 2021, BASF is planned a US $29.56 million investment in its superabsorbent polymer business.
𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐓𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐩𝐨𝐫𝐭 𝐖𝐢𝐭𝐡 𝐅𝐥𝐚𝐭 𝐔𝐒𝐃 𝟐𝟎𝟎𝟎 𝐎𝐅𝐅 @ https://www.coherentmarketinsights.com/promo/buynow/1850
Table of Content:
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Medical Polymers Market Size Analysis from 2021 to 2028
11.6 COVID-19 Outbreak: Medical Polymers Industry Impact
Chapter 2 Medical Polymers Competition by Types, Applications, and Top Regions and Countries
2.1 Medical Polymers (Volume and Value) by Type
2.3 Medical Polymers (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Medical Polymers Sales, Consumption, Export, Import by Regions
Chapter 5 North America Medical Polymers Market Analysis
Chapter 6 East Asia Medical Polymers Market Analysis
Chapter 7 Europe Medical Polymers Market Analysis
Chapter 8 South Asia Medical Polymers Market Analysis
Chapter 9 Southeast Asia Medical Polymers Market Analysis
Chapter 10 Middle East Medical Polymers Market Analysis
Chapter 11 Africa Medical Polymers Market Analysis
Chapter 12 Oceania Medical Polymers Market Analysis
Chapter 13 South America Medical Polymers Market Analysis
Chapter 14 Company Profiles and Key Figures in Medical Polymers Business
Chapter 15 Medical Polymers Market Forecast (2021-2028)
Chapter 16 Conclusions
Research Methodology….
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