The Grand View Research, Inc. has released a new study report about the growing market of the medical polymers industry.
According to the report, the Medical Polymer Market in the US would be $27.75 Billion by 2028.
The report further stated that the growth of the medical polymers market would be increasing rapidly with a CAGR of 8.0%.
The study was conducted by the company concerning the current growth in the industry from 2021 to 2028. The forecast period of this study ended in 2028.
medical equipment
Covid-19 Pandemic has affected the lives of every single individual. To prevent the spread of this virus, people have started using safety equipment.
In many countries, the Coronavirus outbreak has caused a shortage of medical equipment.
The demands for medical equipment and accessories such as blood bags, medical curtains, and surgical gloves are growing rapidly.
All this equipment is made from medical polymers.
This has boosted the current medical polymers market. According to a recent study, the same demand will be there throughout the coming years until 2028.
Besides this, the demand for hip and joint replacements and spinal cord replacement applications is also growing.
All these applications are made from medical polymers. Here’s the list of key suggestions from this recent study about medical polymers.
Key suggestions for Medical Polymers Market
- The demand for resins and fibers is increasing due to their high-resistance property. These materials have a share of 74.35% of the market last year. With the increasing demand for these raw materials, the experts believe that the market for fibers and resins will be increasing 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 the high demand for medical polymers throughout the forecasted period.
If we talk about the market share, over 53% of the market of medical polymers 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 segment of the market. 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 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
Medical Grade Silicon Rubber Market
In 2019, the Medical Grade Silicon Rubber Market was USD 563.2 million. Now, as per the study report, the growth of this market will be at 6.3% from 2021 to 2027.
Medical Grade Silicone is consumed by many other industries due to its flexibility and strength.
Polymer Foam Market
In 2019, the Polymer Foam Market was $ 113.89 billion. This market is expected to expand at 3.8% from 2021 to 2027.
Polymer Foam and its consumption is increasing as people have started using it for packaging, furniture, and other usages.
The expected growth might be increased as per the growth of their demand.
Pharmaceutical Packaging Market
In 2019, the Pharmaceutical Packaging Market was $ 98.58 billion. This market is expected to grow at 8.5% from 2021 to 2027.
The growth of this market will also be increased as other industries are consuming the raw materials of this segment.
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