Medical Polymers Market Anticipated to Reach USD 32.5 Billion by 2028
The Global Medical Polymers Market is expected to reach USD 32.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 9.3% from 2022 to 2028. Rising Medical Polymers demand in the manufacturing of medical equipment and devices as well as medical packaging is likely to fuel the growth. Medical Polymers are used as fillers and additives to medical plastics and several medical packaging and equipment.
- The medical devices segment held a significant share. Medical equipment like surgical instruments, insulin pens, portable devices, and catheters need a low friction coefficient, which is a major contributor to the increase in medical equipment and device demand in the past few years, and this shift is likely to continue in the coming years. Additionally, medical components like ECG machines, X-Ray machines, and other devices are also being manufactured with the use of Medical Polymers.
- The resins and fibers segment held a significant share. Resins and Fibres, including PP and PVC, take up most of the market as they have a broad range of applications in medical equipment and devices. The increase in demand for sophisticated and advanced medical devices, combined with the rising aging population and development of the in-home healthcare sector, has led to a high penetration for Medical Polymers.
- North America held the largest share in 2021. The growth of the manufacturing sector in the medical devices on account of the rising need to give better facilities in healthcare, the increase in the in-home devices for the health care market, and the development in the geriatric population have led to the tremendous rise of the regional market.
Major players operating in the Global Medical Polymers Market include Evonik Industries AG, DSM N.V., BASF SE, Celanese Corporation, Eastman Chemical, Exxon Mobil Corporation, Kraton Performance Polymers Inc., Formosa Plastics Corporation.
Medical Polymers are widely adopted across the healthcare sector with substantial efforts to advertise advanced Medical Polymers to fulfill the requirement of high-end applications. Polymers Demand in healthcare markets is rising substantially owing to a rise in the medical implants demand, whereas implants demand is rising primarily owing to the increased prevalence of chronic diseases and rising geriatric population globally. The Medical Polymers demand is seeing substantial growth in the regions, owing to rapid adoption and acceptance of polymers to final product manufacturing from product designing.
The Medical Polymers is segmented as follows:
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Pages and in-depth TOC on "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)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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