Medical Polymers Market is Expected to Grow with a CAGR of 9.3% from 2022 to 2028
As stated in our extensive report, providing insights on Product and Application; the Global Medical Polymers Market accounted for USD 16.5 Billion in 2021.
Medical Polymers are used in the manufacturing of medical devices and packaging. This sturdy growth of Medical Polymers in the pharmaceutical industry from the past few years has resulted in the increased demand for Medical Polymers Market in coming years. In addition, patients give more preference to homecare health treatment because they are cost-effective as well as convenient in nature. This resulted in high demand for medical disposables worldwide and further propels market demand.
Various government authorities are taking initiatives in the development of the pharmaceutical sector by investing in R&D activities to provide technically advanced equipment & helps in eradicating fatal diseases around the globe. Thus, this is a key reason that positively influences the growth of Medical Polymers Market during the forecast period. In addition, there is huge competition in various market players to develop quality products. For instance, Ampacet, a global masterbatch leader, launched a range of medical-grade color solutions named "ProVital+" specifically designed for pharmaceutical packaging, medical devices, and in-vitro diagnostic equipment. Also, SABIC, a Saudi Arabian multinational chemical manufacturing company, introduced a new portfolio of bio-based ULTEM resins that offer sustainability benefits while delivering the same high performance and processability as incumbent ULTEM materials.
Usage of fibers and resins in Medical Polymers provides various features such as excellence in carrying out the artificial implants, higher biocompatibility of the product, and improve surgical procedures. All these benefits are expected to augment the growth of Medical Polymers Market in the coming years. However, raw materials price fluctuations and stringent government regulations for using polymers are some of the factors that impede the growth of Medical Polymers Market over the forecast period. Whereas, continuously increasing demand for medical packaging products for COVID-19 will provide lucrative growth opportunities for Medical Polymers Market in near future.
North America is accounted to witness the largest share of Medical Polymers market during the forecast period. This surge is attributed owing to the increasing awareness for personal healthcare and hygiene in this region. In addition, the presence of key players like The Lubrizol Corporation, Formosa Plastics Corporation, U.S.A., and Kraton Corporation and huge investments in R&D activities are some other factors that boost the growth of Medical Polymers Market during the forecast period in this region.
Some of the prominent players operating in the Global Medical Polymers Market are Evonik Industries AG, DSM N.V., BASF SE, Celanese Corporation, Eastman Chemical, Exxon Mobil Corporation, Kraton Performance Polymers Inc., Formosa Plastics Corporation.
Browse the full Report - Medical Polymers Market by Product (Medical resins & fibers, Medical elastomers, Biodegradable plastics), by Application (Medical equipment & devices, Medical packaging, Others), by Region (North America, Europe, Asia-Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)