The Global Medical Polymers Market was valued at US$ 17,131.7 million in 2020, according to Medical Polymers Market Report, by Product (Fibers and resin, (PVC, PP, PE, PS, and Others (engineering thermoplastics such as nylon, PET, PA,PC, ABS)) , Medical Elastomers (Styrenic Block Copolymer, Rubber latex (NR + Butyl Rubber + Silicone rubber), Others (TPU,TPO,TPV)), Biodegradable plastics), by Application (Medical devices and equipment’s, Medical packaging, and Others (cardio, tissue culture)) and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa), published by Coherent Market Insights.
The Global Medical Polymers Market was valued at US$ 17,131.7 million in terms of revenue in 2020 and is predicted to grow at a CAGR of 8.3% during the forecast period (2021 to 2028). Medical polymers are materials used in the healthcare industry for producing medical devices and other products. Medical implants, drug delivery devices, surgical instruments, diagnostic equipment, disposables, device packaging products, and dental implants can be produced by using medical polymers. Polyethylene and polyether are majorly used in the healthcare industry.
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Browse 50 market data tables* and 45 figures* on “Medical Polymers Market” - Global Forecast to 2028.
Key Trends and Analysis of the Global Adhesive Films Market:
- The growing use of products in designing packaging products is one of the growing trends in the market. The growing popularity of advanced and convenient packaging across the healthcare industry for safe and efficient product delivery is again creating demand for medical polymers. Moreover, the growing pharmaceutical packaging industry is another major factor escalating market growth of medical polymers over the forecast period.
- Increasing strategic alliances such as partnership and collaboration by key players is an emerging trend in the market. For instance, in March 2019, ProMed Pharma and DSM Biomedical announced a business development collaboration for polymeric drug delivery. This partnership combines ProMed’s micro molding and extrusion capabilities with DSM’s biomedical polyurethanes, polyurethane urea, and bioerodible amino-acid-based polyester amides for the production of new sustained release drug implants and combination devices.
- Increasing funding and grants by the government across developing region for medical polymers is expected to bring new market opportunities in the near future. Moreover, increasing investment in the healthcare industry by manufacturer and government for improving medical facilities is again expected to foster the market growth of the medical polymers. According to the World Health Organization, global spending was US$ 7.8 trillion in 2017 or about 10% of GDP up from US$ 7.6 trillion in 2016.
Global Adhesive Films Market: Recent Developments
- In August 2021, LOTTE Chemical, a large Korean chemical manufacturer, used BASF's Irgastab, a non-discoloring processing stabilizer, to generate the polypropylene (PP) required for medical purposes.
- In April 2020, ExxonMobil and the Global Center for Medical Innovation (GCMI) announced today that they have launched multi-sector and joint development projects to quickly redesign and manufacture reusable personal protective equipment for health-care workers, such as face shields and masks, which are in short supply due to the COVID-19 pandemic.
- In April 2021, Royal DSM launched a new line of engineered materials for medical device applications today. Arnitel Care polyester-based thermoplastic elastomer (TPC), Arnite Care polybutylene terephthalate (PBT), and ForTii Care polyphthalamide are among the medical-grade polymers available (PPA).
- The fluctuating price of the raw materials used in the production of medical polymers is hampering the production of these polymers. Polymers are derivatives products of crude oil and crude oil is highly susceptible to price volatility due to the political scenario. Thus any fluctuation in price affects the overall price of the medical polymers thereby hindering the market growth over the forecast period.
- The Global Medical Polymers Market was valued at US$ 17,131.7 Mn in 2020 and is forecast to reach a value of US$ 32,540.7 Mn by 2028 at a CAGR of 8.3% between 2021 and 2028.
- The Product Type segment was valued US$ 17,131.7 Mn in 2020 and is expected to witness a CAGR of 8.3% over the forecast period.
- Key players are operating in the Global Medical Polymers Market are BASF SE, Bayer Material Science AG, Celanese Corporation, DSM N.V., E. I. du Pont de Nemours Company, Eastman Chemical Company, ExxonMobil Corporation, Evonik Industries AG, and The Dow Chemical Company
- These players are constantly engaged in mergers, acquisitions and business expansions to gain competitive advantage over other players. For instance, In April 2020, ExxonMobil has boosted production of crucial raw materials for masks, gowns, and hand sanitizer, which are utilized by medical professionals and first responders in the global COVID-19 epidemic.
Global Medical Polymers Market - Impact of Coronavirus (Covid-19) Pandemic
- The Covid-19 pandemic has created a huge demand for medical polymers such as PP, PE, and PC due to critical care systems and disposables such as ventilators, respirators, thermal scanners, masks, and gloves for treatment of Covid-19 patients. Moreover, strict regulation for maintaining hygiene in the healthcare sector has further boosted demand for medical polymers.
By Product Type
- Fibers and resin
- Others (engineering thermoplastics such as nylon, PET, PA,PC, ABS)
- Medical Elastomers
- Styrenic Block Copolymer
- Rubber latex (NR + Butyl Rubber + Silicone rubber)
- Others (TPU,TPO,TPV)
- Biodegradable plastics
- Medical devices and equipment’s
- Medical packaging
- Others (cardio, tissue culture)
- North America
- Latin America
- Middle East & Africa