Medical Polymer Market
Revenue for the Global Medical Polymers Market was estimated at US$ 17,131.7 million in 2020, and it is anticipated to increase at a CAGR of 8.3% over the following five years (2021 to 2028). Medical polymers are materials that are used to make medical equipment and other items in the healthcare sector. Medical polymers can be used to make dental implants, medical implants, medication delivery systems, surgical tools, diagnostic equipment, disposables, and product packaging for gadgets. The healthcare sector mostly uses polyethylene and polyether.
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Key Trends
One of the market’s fastest-growing trends is the usage of goods in packaging design. Medical polymers are once more in demand as the healthcare sector adopts more cutting-edge and practical packaging for secure and effective product delivery. Moreover, another significant factor driving the market expansion of medical polymers during the anticipated time is the expanding pharmaceutical packaging sector.
A new market trend is the expansion of strategic alliances between major businesses, such as partnerships and collaboration. As an illustration, ProMed Pharma and DSM Biomedical declared a business development partnership for polymeric drug delivery in March 2019. Through this collaboration, bioerodible amino-acid-based polyester amides, DSM’s biomedical polyurethanes, and polyurethane urea are combined with ProMed’s micro moulding and extrusion capabilities to create novel products.
Market Opportunities
Government funding and grants for medical polymers are likely to increase in developing regions in the foreseeable future, creating new market possibilities. In addition, rising government and manufacturer investments in the healthcare sector to upgrade medical facilities are anticipated to support the market expansion of medical polymers. The World Health Organization estimates that worldwide expenditure increased from US$ 7.6 trillion in 2016 to US$ 7.8 trillion in 2017, or roughly 10% of GDP.
Recent Developments
The non-discoloring processing stabiliser Irgastab from BASF was employed by LOTTE Chemical, a sizable Korean chemical company, in August 2021 to produce the polypropylene (PP) needed for medical applications. ExxonMobil and the Global Center for Medical Innovation (GCMI) declared today that they have started multi-sector and collaborative development projects to swiftly redesign and produce reusable personal protective equipment for healthcare workers, such as masks and face shields, which are in short supply as a result of the COVID-19 pandemic. These projects are expected to be completed in April 2020.
A new range of tailored materials for use in medical device applications was introduced by Royal DSM in April 2021. Among the available medical-grade polymers are ForTii Care polyphthalamide, Arnitel Care polybutylene terephthalate (PBT), and Arnitel Care polyester-based TPC (PPA).
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Market Restraints
Medical polymer manufacture is being hampered by the variable cost of the raw ingredients required to make them. Crude oil is a derivative commodity that is very volatile in terms of pricing because of the political environment. As a result, every price variation has an impact on the overall cost of medical polymers, which will slow the market’s expansion throughout the projection period.
Key Takeaways
The Global Medical Polymers Market was worth US 17,131.7 Mn in 2020 and is anticipated to grow at a CAGR of 8.3% from 2021 to 2028 to reach US$ 32,540.7 Mn.
With a market value of US$17,131.7 Mn in 2020, the Product Type category is anticipated to grow at an 8.3% CAGR during the projected period.
Key Players
The Dow Chemical Company, BASF SE, Evonik Industries AG, Bayer Material Science AG, ExxonMobil Corporation, Celanese Corporation, Eastman Chemical Company, DSM N.V., and E. I. du Pont de Nemours Company are major participants in the global medical polymers market.
To obtain an advantage over rival companies, these players are continually involved in mergers, acquisitions, and corporate expansions. ExxonMobil, for instance, has increased manufacturing of essential raw materials for masks, gowns, and hand sanitizer that are used by medical professionals and first responders in the worldwide COVID-19 pandemic as of April 2020.
Impact
Due to the need for critical care equipment and disposables such as gloves, ventilators, masks, respirators, and thermal scanners to treat Covid-19 patients, the Covid-19 pandemic has greatly increased the need for medical polymers such as PP, PE, and PC. Further driving the demand for medical polymers is the healthcare industry’s stringent hygienic regulations.
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Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Applications
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Supply Side Drivers
- Demand Side Drivers
- Economic Drivers
- Restraints
- Market Opportunities
- Regulatory Scenario
- Industry Trend
- PEST Analysis
- PORTER’s Analysis
- New Product Approvals/Launch
- Promotion and Marketing Initiatives
- Drivers
- Market Dynamics
- Global Medical polymers Market- Impact of Coronavirus (Covid-19) Pandemic
- Overview
- Factors Affecting Global Medical polymers Market – COVID-19
- Impact Analysis
- Global Medical polymers Market, By Product Type, 2017 – 2028(US$ Million and Tons)
- Introduction
- Market Share Analysis, 2017 and 2028(%)
- Y-o-Y Growth Analysis, 2021 – 2028
- Segment Trends
- Fibers and resin
- PVC
- Market Share Analysis, 2017 and 2028(%)
- Y-o-Y Growth Analysis, 2021 – 2028
- PP
- Market Share Analysis, 2017 and 2028(%)
- Y-o-Y Growth Analysis, 2021 – 2028
- PE
- Market Share Analysis, 2017 and 2028(%)
- Y-o-Y Growth Analysis, 2021 – 2028
- PS
- Market Share Analysis, 2017 and 2028(%)
- Y-o-Y Growth Analysis, 2021 – 2028
- Others (engineering thermoplastics such as nylon, PET, PA,PC, ABS)
- Market Share Analysis, 2017 and 2028(%)
- Y-o-Y Growth Analysis, 2021 – 2028
- PVC
- Medical Elastomers
- Market Share Analysis, 2017 and 2028(%)
- Y-o-Y Growth Analysis, 2021 – 2028
- Biodegradable plastics
- Market Share Analysis, 2017 and 2028(%)
- Y-o-Y Growth Analysis, 2021 – 2028
- Introduction
- Global Medical Polymers Market, By Application, 2017 – 2028(US$ Million and Tons)
- Introduction
- Market Share Analysis, 2017 and 2028(%)
- Y-o-Y Growth Analysis, 2021 – 2028
- Segment Trends
- Medical devices and equipment’s
- Market Share Analysis, 2017 and 2028(%)
- Y-o-Y Growth Analysis, 2021 – 2028
- Medical packaging
- Market Share Analysis, 2017 and 2028(%)
- Y-o-Y Growth Analysis, 2021 – 2028
- Others (cardio, tissue culture)
- Market Share Analysis, 2017 and 2028(%)
- Y-o-Y Growth Analysis, 2021 – 2028
- Introduction
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