Medical Polymers Market size is forecast to reach $22 billion by 2025, after growing at a CAGR of 9.2% during 2020-2025, owning to high adoption of polymers for implants due to chemical inertness and superior fatigue resistance. In addition, polymers are extensively used in the manufacture of healthcare devices due to their low cost, superior durability, ease of replacement and ability to prevent infection compared to metals. The rising demand for plastic materials in innovations such as plastic surgery, body implants and orthopedic surgery is expected to create new opportunities for market growth in the coming years.
Type - Segment Analysis
Resin segment held the largest share in the medical polymers market in 2019, owning to growing use of resins in various applications such as spinal implants, cranial injuries, and hip and joint replacements, due to benefits, such as improved biocompatibility and lower cost. In addition the elastomer segment is also growing at faster rate during the forecast period, owning to processing versatility, absorbency, and certain key features such as high thermal and chemical resistance, toughness and dimensional stability. Elastomers such as rubber latex, styrene block copolymer and others are widely used in medical and pharmaceutical packaging.
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Application - Segment Analysis
Medical devices segment held the largest share in the medical polymer market in 2019 and is growing at a CAGR of 9.8%, owning to growing use of polymers in surgical instruments, diagnostic equipment, medical tubing, and molded components, because of the easy cleaning method and negligible chemical corrosion. The medical packaging segment is also expected to rise substantially during the forecast period, owing to the mandatory disposal norms. In addition, the development of bio-based and engineered biodegradable polymers for packaging of medical products as well as medical disposables will flourish the packaging application of the global medical polymers market.
Geography - Segment Analysis
North America held the largest share in the medical polymer market in 2019 up to 40%, owning to rising prevalence of chronic diseases coupled with the expansion of the insurance coverage. According to the American Geriatrics Society, about 30 percent of the 65-plus patient population in the U.S. needs geriatric care and by 2030, the number of patients requiring geriatric care is expected to rise approximately 21 million. Therefore, this will have a positive influence on the global medical polymers market during the forecast period. The Asia Pacific market is also expected to grow at a faster rate during the forecast period, owning to the existence of a huge target population base, enhanced disposable income and accessibility to drugs, and high unmet clinical needs in the region.
Drivers – Medical Polymers Market
Extensive properties and low cost as compared to alternatives
Polymers adoption in medical sector has gained momentum over the last decade, owning to development of engineering plastics, such as PMMA, PEEK, ABS, and PET, These plastics meet safety requirements for use in medical devices and appliances. Additionally, medical polymers are available at lower cost than alternatives such as glass, ceramics and metals. Engineering plastics used as medical polymers can match the structural strength, stability, inertness, durability, and formability of metals and ceramics, while being lighter and more resource efficient. Furthermore, medical polymers are also used for packaging due to lightweight, low cost, durability, and transparency. Therefore, several benefits offered by medical polymers is increases its demands in the medical sector, thereby fueling medical polymer market growth.
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Challenges – Medical Polymers Market
Fluctuating raw material prices
The major challenge for the global medical polymer market is the oscillating price trends of raw materials, which are fluctuating due to volatile energy prices. According to BP statistics, in 2018, average oil price increased to $71/ bbl from $54/bbl in 2017. Therefore, fluctuating oil prices pose a restraint on the global medical polymers market. In addition, strict regulations imposed by various medical agencies, regarding the product quality and prices may also hinder the medical polymers market growth in the coming years.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Medical Polymers Market. Major players in the Medical Polymers market Eastman Chemical Company, Evonik Industries AG, The Dow Chemical Company, Formosa Plastics Corporation USA, Arkema SA, BASF SE, Covestro AG, DSM N.V., Solvay S.A, and Celanese Corporation., among others.
Acquisitions/Technology Launches
In March 2020, Eastman launched “Tritan MXF” a next generation copolyester that offers chemical resistance, higher impact strength, and easier process ability for the housing and hardware of electronic medical devices.
In April 2018, BASF opened new production line for its high-temperature resistant thermoplastic “Ultrason” at its site in Yeosu, Korea.
Key Takeaways
North America dominated the medical polymer market in 2019, owning to rise in demand for advanced and sophisticated medical devices coupled with growing aging population and growth of home healthcare in the region.
The spread of COVID-19, cardiovascular issues, infections and other diseases, combined with an increase in the production of medical treatments and procedures and an increase in general awareness, has created the demand for new medical devices. Thus, supporting medical polymer market growth.
Growth in investment in research and development, increased adoption of medical polymers and the development of low-cost materials are increasing demand for medical polymers in the healthcare sector.
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The Global Medical Polymers Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.Medical polymers are high performance polymers utilized in medical devices and equipments.
Medical polymers exhibit properties like resistance to chemicals and its reactions, durability, lightweight, portability, flexibility, strength, biodegradability, etc.
Medical polymers are widely used in packaging of syringes, tablets and other drugs owing to its properties and cost efficiency.
Medical resins and fibers are further classified as polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), polyurethane, polystyrene (PS), and others including engineering thermoplastics such as ABS, PC and PET.
There is huge potential for biodegradable devices and equipment in medical implants during the forecast period.
The Global Medical Polymers Market Report, with its deep industry analysis of the market, estimates the market size bifurcated into segments and regions.
The detailed key player's profile and market share analysis give a better understanding of the competitors and their business strategies.Base Year: 2020Estimated Year: 2021Forecast Till: 2027The report classifies the market into different segments based on type and product.
These segments are studied in detail, incorporating the market estimates and forecasts at regional and country levels.
The segment analysis is helpful in understanding the growth areas and potential opportunities of the market.Get | Download FREE Sample Report of Global Medical Polymers Market @ https://www.decisiondatabases.com/contact/download-sample-235A special section is dedicated to the analysis of the impact of the COVID-19 pandemic on the growth of the Medical Polymers market.
The impact is closely studied in terms of production, import, export, and supply.The report covers the complete competitive landscape of the Worldwide Medical Polymers market with company profiles of key players such as:BASF S.E.Eastman ChemicalBayer Material Science AGExxon Mobil CorporationCelanese CorporationDSM N.V.E.I.
DuPont de Numeros CompanyEvonik Industries AGDow Chemical CompanyKraton Performance Polymers Inc.Huizhou Foryou Medical Device Co. Ltd.OthersWant to add more Company Profiles to the Report?
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The growing market for cognitive solutions and increasing demand for brain training by next-generation tech-savvy population are contributing to the growth of the cognitive assessment and training market.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1039Clinical trials in terms of application is expected to hold the largest market share in the cognitive assessment and training market during the forecast periodClinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes.
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