The global Medical Polymers Market size is anticipated to reach a value of USD 27.75 billion by the end of the forecast period in 2028, as per a new market study by Grand View Research, Inc. It is projected to expand at a CAGR of 8.0% from 2021 to 2028. Growing demand for medical and pharmaceutical packaging, especially flexible packaging for medicines, blood bags, surgical gloves, and medical drapes, has been driving the market growth over the last few years. The growing importance of medical polymers in hip and joint replacement applications, and spinal and cranial implants, is gaining popularity and is expected to significantly impact the market growth.
The
medical devices and equipment was the largest application segment for medical
polymers, with a market share of 53.80% in 2020. The growing scope of flexible
packaging in medical goods is anticipated to drive the growth of the segment.
The increasing consumer awareness of hygiene further supports the demand for
flexible packaging in medical goods. The rise of the home healthcare market has
contributed to the growing popularity of medical polymers, and this trend is
expected to continue in the forthcoming years.
Increasing
R&D spending for biodegradable plastics coupled with application
development by market participants is anticipated to create promising prospects
for market growth. PVC and PP occupy the largest market share due to various
superior attributes such as high mechanical, thermal, chemical strength, wear
and corrosion resistance, and high resilience and endurance levels. This allows
these materials to be consumed in various medical applications. However, raw
material price volatility and crude oil price fluctuation can impact market
growth.
Related Press
Release @ Medical
Polymers Market Report
Medical Polymers Market Report Highlights
- In terms of
product, the fibers and resins segment occupied a market share of 74.36%
in 2020. The high demand can be attributed to the better thermal and
chemical resistance properties of the product
- The
biodegradable plastics segment is anticipated to register a CAGR of 15.7%
during the forecast period. The rising adoption of biodegradable plastics
in the manufacturing of a range of medical equipment and its growing use
in prosthetics for replacement procedures is anticipated to drive the
demand during the forecast period
- The medical
devices and equipment segment is projected to dominate the demand in terms
of application, with a market share of 53.8% in 2020. Increasing use of
polymers in the manufacturing of implants, joint & hip replacements,
and cardiology stents are projected to drive the market growth during the
forecast period
- The Asia
Pacific region is anticipated to dominate the demand for medical polymers
in terms of production and consumption. The region is estimated to expand
at a CAGR of 9.2% during the forecast period. Improvement in the standard
of living, rising awareness about the benefits of medical polymers
compared to their traditional counterparts, and rise in home healthcare
devices have been the factors driving the regional demand
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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