Commodity Polymers to Remain Top Selling Product, Contributing 87% of Medical Polymer Sales
The latest research report by Fact.MR provides detailed information on key factors affecting growth in the medical polymers market. It presents valuable insights on factors facilitating product development in the medical polymers market. For the purpose of study, the market has been segmented in terms of polymer material, application and processing method.
NEW YORK, Nov. 3, 2021 /PRNewswire/ -- According to the latest Fact.MR analysis, the global medical polymers market size was valued at US$ 8.19 Bn in 2020 and is projected to reach US$ 20.1 Bn by 2031. With growing scope of medical polymers applications in the medical field, the overall market is projected to surge at 8.2% CAGR between 2021 and 2031.
Medical polymers are lightweight, they offer better biocompatibility, and are available at low cost which makes them ideal for application in packaging of various medical devices.
Increasing prevalence of chronic diseases is pushing the sales of medicines and medical devices. As medical polymers form an important component of medical devices and packaging, the market is slated to witness strong growth in the future.
The rising demand for home healthcare devices is creating demand for medical polymers. People are showing keen interest in purchasing various medical devices suitable for home healthcare setting to minimize the hospital charges and reduce the threat of infection. This will improve the sales of medical polymers in the coming years.
Manufacturers are continuously investing in research and development to produce better and sustainable medical polymers. This has encouraged application of medical polymers in plastic surgeries and implants.
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According to Fact.MR, commodity medical polymers are highly sought-after in healthcare industry. These polymers offer various advantages such as flexibility, compatibility, durability, light weight, and ease of fabrication. Hence, consumption of commodity polymers will reach around 5.3 MMT in 2021. The study forecasts the consumption of medical polymers to grow in the future.
Advancements in engineered polymers are anticipated to increase their scope for application in medical devices, implant, and packaging during the assessment period.
Regionally, North America dominates the medical polymers market and will account for around one-third of global demand in 2021. Growth in the region is attributable to the flourishing home healthcare devices market, high prevalence of chronic diseases, and presence of leading packaging and medical device companies.
"COVID-19 pandemic has exposed gaps in healthcare systems across the world. It has put countries under immense pressure to bring changes in their healthcare setups. As a result, governments around the world have started investing heavily to strengthen their healthcare infrastructure. This is expected to accelerate the growth of medical polymers market during the forecast period," says the Fact.MR analyst.
Key Takeaways from Medical Polymers Market Survey
Demand for medical polymers is forecast to increase by 2x in the U.S. during the forecast period.
Europe medical polymers market is projected to expand at a CAGR of 7.9% between 2021 and 2031.
Medical polymers demand in China is slated to grow by a CAGR of 9.9% over the forecast period.
Sales of medical polymers in India are anticipated to increase at 6.4% CAGR between 2021 and 2031.
In terms of polymer material, commodity medical grade polymers segment accounts for a massive share of 87% in 2021.
Based on application, medical devices segment is expected to surge at 6.9% CAGR through 2031.
Growing demand for medical polymers for manufacturing medical devices, equipment and packaging is primarily driving the medical polymers market.
Increasing spending on medical items such as medicines and medical devices is fueling the demand for medical polymers.
Rising trend of using recycled polymers is positively impacting the growth of the market.
Key companies operating in the medical polymers market are using various strategies such as research and development activities, mergers, acquisitions, new product launches and establishment of new facilities to expand their business.
In October 2021, Avient Corporation, a premium provider of specialized and sustainable material solutions and services, launched two new sustainable polymer solutions for medical and pharmaceutical applications.
In July 2021, Trelleborg Healthcare & Medical announced that its experts will exhibit advanced polymer solutions for healthcare and medical applications at MD&M West in Anaheim, California, on August 10 and 12. The company will unveil its latest capability to help healthcare and medical customers expedite their product development process. The new offerings will help to minimize production cost, quicken development time and ensure superior quality products.
In February 2020, Clariant launched new medical polymer materials, specially formulated to resist degradation caused by exposure to high humidity and temperature. The new compounds, marked under the MEVOPUR brand name covering Clariant's medical grade materials, are expected to be useful in applications such as catheters.
Some of the prominent players operating in the medical polymers market profiled by Fact.MR are:
Lotte Chemical Corporation
Exxon Mobil Corp
More Insights on the Global Medical Polymers Sales Outlook
Fact.MR provides an unbiased analysis of medical polymers market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for medical polymers with a detailed segmentation on the basis of:
Medical Grade Polypropylene
Medical Grade Polyvinyl Chloride
Medical Grade Polyethylene
Medical Grade Polyesters
Polyvinyl Pyrrolidone (PVP)
Pharmaceutical Blisters and Trays
Masks & Gowns
Dental & Orthodontic Devices
Blow Fill Seal
Injection Stretch Blow Molding
Extrusion Blow Molding
Middle East Africa
Key Questions Covered in the Medical Polymers Market Outlook Report
The market study also highlights projected sales growth for medical polymers market between 2021 and 2031
Medical polymers market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Medical polymers market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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Glycolide Polymers Market- With the latest COVID 19 outbreak wreaking havoc around the world, all investments in healthcare commodities have found traction. Glycolide polymer, which is employed in crucial health-related applications such as tissue engineering and nano-immunotherapy, has a similar case witness. As a result of the rapid growth in the medical device business as a result of rising healthcare costs and a growing elderly population, demand for commodities like glycolide polymer is expected to increase. Furthermore, the growing use of frac balls and frac plugs in oil and gas extraction activities is driving growth in the global glycolide polymer market.
Membrane Polymers Market- Japan, Taiwan, the United States, Italy, and Brazil account for over 60% of all dialysis and hemodialysis cases worldwide. These countries have a high need for permeable membrane polymers manufactured of cellulose acetate, which are used to make dialysis and hemodialysis tubes. Waste water treatment plants, biotechnologies, and pharmaceuticals businesses abound across North and Latin America, contributing significantly to the market. Because of its many intrinsic properties, cellulose acetate is the most commonly employed polymer in the manufacture of membrane polymers.
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