The global Medical Polymers Market in the US is expected to reach new heights as the latest measurement is released. According to the research reports, the market is expected to grow at a CAGR of 8.4%, making it $23.4 billion by 2033.
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 for such applications, the market is also growing rapidly.
While the pandemic increased demand for medical accessories and equipment, causing supply strains, it did not universally cause shortages of items made from medical polymers. Medical polymers are used for blood bags, surgical gloves, 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 the 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.
- The biodegradable plastic segment’s CAGR is forecasted at 15.7%. Due to coronavirus outbreaks, the demand for biodegradable products is increasing. Besides this, the use of prostheses for joint replacement and other procedures is also increasing. So, there will be a high demand for biodegradable products in the coming years.
- The demand for medical polymers will be high throughout the forecast period in medical devices, machines, tools, cardiac stents, joint replacement accessories, and many other purposes.
- The Asia Pacific Region has forecasted a high demand for medical polymers throughout the forecasted period.
Regarding market share, medical devices and equipment account for over 53% of the medical polymers market. This segment is one of the largest in the industry and has seen significant growth in recent years.
Moreover, people have become more conscious about hygiene, so they are focusing more on the safe side while purchasing something from the market.
They need a well-packaged product or equipment. This has further increased the demand for medical polymers.
The study report suggests that the same demand will exist in the coming years or that the demand for it may increase in the future.
Biodegradable plastic products are not made with PVC or PP as these materials are not typically biodegradable. 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 also describes the market share value of different types of medical polymers consumed by different industries.
As noted above, medical polymers come in different types, each used to produce a specific medical equipment or accessory. Regarding 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 in high demand. As the largest segment of this industry, 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: self-hygiene. People have become more cautious after the pandemic, which 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 made from medical polymers.
Moreover, the recent report also published the market share of other types of medical polymers. Here’s a detailed report about each type of medical polymer and its market share.
Medical Grade Silicon Rubber Market
As per the report, in 2019, medical-grade silicon rubber had sales amounting to $563.2 Million, comprising a significant portion of the market. Medical-grade silicon rubber is a flexible and high-strength material. This makes it an all-time-demand material for manufacturers of different medical devices and medical equipment.
The latest reports suggest that the medical-grade silicon rubber market is expected to grow at a CAGR of 5.3% and reach $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%.
The polymer foam market is forecasted to reach $144.4 billion by the end of 2031. The expected growth might be higher as the market reaches new heights every day. It could be bigger than what is described here.
Pharmaceutical Packaging Market
The pharmaceutical packaging market was $127.83 Billion in 2022. It is expected to see a CAGR of 9.7% from 2023 to 2030.
The pharmaceutical packaging market is adopting new technologies, which have increased demand for advanced packaging solutions. Blow-fill seal technology, child-resistant packaging, track and trace technology, color-shifting security inks, and sequential product numbering are modern production technologies boosting the pharmaceutical packaging market.
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