The global Medical Polymers Market in the US is expected to reach new heights as the latest measurement of the medical polymers market is released. According to the research reports, the global medical polymers market is expected to grow at a CAGR of 8.4%, which makes the medical polymers market value US $ 23.4 Billion by 2033.
medical equipment
Many industries have collapsed due to the pandemic. However, the healthcare industry has reached a new height due to medical services and equipment demands. Medical polymers are used for various applications, and with high demands in such applications, the market is also growing rapidly.
The pandemic has caused a shortage of medical accessories, equipment, and many other things which are made from medical polymers. Medical polymers are used for blood bags, surgical gloves, medical curtains, etc. The medical polymers industry is seeing new heights with the growing demands for such accessories and equipment.
Not just curtains and surgical gloves, but medical polymers are also used to create heart valves, artificial hearts, vascular tubing, contact lenses, dental restoratives, disposable syringes, reconstructive surgery materials, and many more.
Key Suggestions for Medical Polymers Market
- The demand for resins and fibers is increasing due to their high-resistance property. These materials had a share of 74.35% of the market last year. With the increasing demand for these raw materials, experts believe the market for fibers and resins will increase rapidly in the coming years.
- Moving on to the biodegradable plastic segment, the CAGR of this segment is forecasted at 15.7%. Due to coronavirus outbreaks, the demand for biodegradable products is increasing. Besides this, the use of prosthesis for joint replacement and other procedures are also increasing. So there will be a high demand for biodegradable products in the coming years.
- In medical devices, machines, tools, cardiac stents, joint replacement accessories, and for many other purposes, the demand for medical polymers will be high throughout the forecast period.
- The Asia Pacific Region has forecasted a high demand for medical polymers throughout the forecasted period.
If we talk about the market share, over 53% of the medical polymers market is occupied by medical devices and equipment. It is the largest segment of this particular industry that has seen drastic growth in recent years.
medical polymers product
Moreover, people have become more conscious about hygiene, and for that reason, they are focusing more on the safe side while purchasing something from the market.
They need a well-packaged product or equipment. This has increased the demand for medical polymers further.
The study report suggests that the same demand will be there in the coming years or even the demand for it may increase in the future.
Biogradegrable plastic products made with PVC and PP also occupy a large market segment. The products made from these materials are durable, corrosion-free, and long-lasting.
Due to great strength and other properties, these materials are consumed by manufacturers of different medical equipment and accessories. This will further increase the demand for medical polymers.
Medical Polymers Market Segmentation (The following data are derived from a research study published by Grand View Research. Inc.)
The overview of medical polymers and their products is listed below.
An Outlook of Medical Polymers Products (Volume, Kilotons; Revenue, US $ Mn, 2016-2028)
Medical Resins & Fibers
- Polyvinyl chloride
- Polypropylene
- Polyethylene
- Polystyrene
- Other
Medical elastomers
- Styrene block copolymer
- Rubber latex
- Other
Biodegradable plastics
Medical Polymers Application Outlook (Volume, Kilotons; Revenue, $ Mn, 2016-2028)
- Medical equipment and devices
- Medical packaging
- Other
Regional Outlook for Medical Polymers (Volume, Kilotons; Revenue, Million USD, 2016-2028)
- North America
- Europe
Germany
United Kingdom
France
Italy
- Asia Pacific
- Central & South America
- Middle East & Africa
Saudi Arabia
South Africa.
List of the major players in the Medical Polymers Market
- Evonik Industries AG
- DSM NV
- BASF SE
- Celanese Corporation
- Eastman Chemical
- Exxon Mobil Corporation
- Kraton Performance Polymers Inc.
- Formosa Plastics Corporation.
List of Key Players in the Medical Polymers Market
- Evonik Industries AG
- DSM N.V.
- BASF SE
- Celanese Corporation
- Eastman Chemical
- Exxon Mobil Corporation
- Kraton Performance Polymers Inc.
- Formosa Plastics Corporation
Moreover, the study report has also described the market share value of different types of medical polymers consumed by different industries.
Medical Grade silicon rubber market
As noted above, medical polymers are of different types, and each type is used to produce a specific medical equipment or accessory. Regarding the market share, 54% of the total market share of medical polymers is used to produce medical equipment and other medical devices.
Medical equipment and other devices are always high-in-demand. It is the largest segment of this industry and for that reason, the need for raw materials i.e. medical polymers, is increasing rapidly.
Apart from this segment, there is one more segment where medical polymers are used and i.e. self-hygiene. People have become more cautious after the pandemic. This has made them worry about their care. They started looking for well-packed products with high-rated plastic bags. They also started using gloves and other safety equipment which are made from medical polymers.
Moreover, the recent report has also published the market share of other types of medical polymers. Here’s a detailed report about the type of medical polymer and their market share.
Medical Grade Silicon Rubber Market
As per the report, in 2019, the medical-grade silicon rubber market had a share of 62.83% with US$ 563.2 Million. Medical-grade silicon rubber is flexible and high-strength material. This makes it an all-time-demand material for manufacturers of different types of medical devices and medical equipment.
The latest reports have suggested that the medical-grade silicon rubber market is expected to grow with a CAGR of 5.3%. The market share of medical-grade silicon rubber will be US$ 661.6 million by 2028.
Polymer Foam Market
The polymer foam market was valued at $94.6 Billion in 2021. Recent reports suggest that the polymer foam market will be in demand, and the growth rate of this market will increase by 4.2%.
If we talk about the market forecast value, the polymer foam market will be US$ 144.4 Billion, and the forecast period is 2022-2031. The expected growth might be increased as the market is seeing new heights every day. It could be bigger than what is described here.
Pharmaceutical Packaging Market
If we talked about the pharmaceutical packaging market in 2022, the market was US$ 127.83 Billion. The market is expected to see a CAGR of 9.7% from 2023 to 2030.
The pharmaceutical packaging market is adopting new technology, which has increased its demand. Blow Feel Seal technology, child-resistant packaging, track, and trace technology, color-shifting security inks, sequential product numbering, etc. are new-generation production technology that boosts the pharmaceutical packaging market.
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