PUBLISHER: The Business Research Company | PRODUCT CODE: 1414383
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414383
“Medical Polymers Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical polymers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical polymers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The medical polymers market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A medical polymer is a chemical substance characterized by molecules linked in extended, repetitive chains. Their unique properties make them adaptable for a variety of medical applications. These polymers are tailored to meet the specific requirements of the healthcare industry, including attributes such as biocompatibility, stability, and resistance to various environmental factors.
The main products within the category of medical polymers include fibers and resins, medical elastomers, biodegradable polymers, and others. Fibers consist of chemically stable polymers arranged in a sequence of monomers. They find applications in various areas, including medical components, orthopedic soft goods, wound care, cleanroom supplies, biopharma devices, and more. These products are utilized across different end-user industries, including hospitals and clinics, ambulatory surgical centers, research and academic institutes, and others.
The medical polymers market research report is one of a series of new reports from The Business Research Company that provides medical polymers market statistics, including medical polymers industry global market size, regional shares, competitors with a medical polymers market share, detailed medical polymers market segments, market trends and opportunities, and any further data you may need to thrive in the medical polymers industry. The medical polymers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The medical polymers market size has grown strongly in recent years. It will grow from $22.31 billion in 2023 to $24.53 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The expansion observed in the historical period can be attributed to factors such as the rise in minimally invasive procedures, advancements in surgical techniques, an increased aging population, a focus on infection prevention, and expanding applications in drug delivery.
The medical polymers market size is expected to see rapid growth in the next few years. It will grow to $36.01 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the forecast period can be attributed to factors such as the increasing demand for biocompatible materials, the rapid expansion of healthcare infrastructure, a shift towards home healthcare, a focus on sustainable and eco-friendly materials, technological integration in healthcare, and the rising incidence of chronic diseases. Major trends expected in the forecast period include the development of recyclable and sustainable polymers, the use of personalized implantable polymers, collaboration for polymer research, the application of polymer coatings for medical devices, and the incorporation of polymeric materials in wearable medical devices.
The anticipated rise in demand for medical devices is poised to fuel the expansion of the medical polymer market in the foreseeable future. Medical devices, encompassing instruments, apparatuses, implants, materials, or similar products designed for medical use, rely significantly on medical polymers for their cost-effectiveness and lightweight properties. As evidenced in an October 2021 article from the FDA Center for Devices and Radiological Health, there were 2039 medical devices authorized between January 2020 and December 2020. Furthermore, in 2021, the Center for Devices and Radiological Health (CDRH) granted breakthrough designation to 213 products and marketing approval to 13 breakthrough devices. Consequently, the growing demand for medical devices is a driving force behind the expansion of the medical polymer market.
The escalating prevalence of chronic diseases is expected to drive the growth of the medical polymer market in the future. Chronic diseases, lasting a year or more and requiring ongoing medical care, significantly impact individuals' daily lives. Conditions such as heart disease, cancer, obesity, and diabetes utilize medical polymers in the fabrication of implants, drug delivery systems, and durable medical devices due to their biocompatibility and long-term stability, thereby improving treatment efficacy and enhancing patients' quality of life. A January 2023 report from the National Center for Biotechnology Information (NCBI) projects a 99.5% increase in individuals aged 50 and above with at least one chronic illness by 2050, reaching 142.66 million from 71.522 million in 2020. Thus, the rising prevalence of chronic diseases is a key driver for the growth of the medical polymer market.
Innovation in medical polymer materials stands out as a prominent trend gaining traction in the medical polymer market. Companies within the market are actively developing cutting-edge medical polymer materials to maintain their market position. For example, in November 2021, Arkema SA, a French specialty materials manufacturer, introduced the Advanced Bio-Circular Polyamide 11 medical polymer. This high-rigidity material, with a blend of physical performance, lightweight properties, and sustainability, aims to replace traditional polymers and metal in medical and healthcare applications. The newly launched Rilsan MED polyamide 11 grade, featuring a high glass fiber content of 65%, possesses a tensile modulus of 18.5GPa, making it an ideal substitute for metal in the production of highly demanding surgical equipment.
Key players in the medical polymer market are actively focusing on the development of advanced polyolefin material solutions to enhance the performance, safety, and biocompatibility of medical devices. Advanced polyolefin material solutions refer to innovative applications or products derived from polyethylene or polypropylene-based materials, offering superior performance and versatility across various industries. In May 2022, Avient Corporation, a US-based provider of specialized and sustainable material solutions, introduced bio-based Mevopur medical-grade polymer solutions. These new solutions, comprising color concentrates, additives, and tailored formulations, are crafted from bio-based polycarbonate, ABS, or styrenic polymers. This innovation can assist pharmaceutical packaging manufacturers and medical device producers in reducing their carbon footprint.
In April 2023, Formerra, a US-based distributor of performance materials, completed the acquisition of Total Polymer Solutions (TPS) for an undisclosed amount. This strategic move aims to bolster Formerra's presence in the healthcare market, offering improved efficiency in serving European customers through TPS's streamlined supply chain management and expedited go-to-market support. Total Polymer Solutions, a US-based company specializing in custom injection molded plastics, enhances Formerra's capabilities through this acquisition.
Major companies operating in the medical polymers market report are Arkema S.A., BASF SE, Celanese Corporation, Covestro AG, Eastman Chemical Company, Evonik Industries AG, Exxon Mobil Corporation, Formosa Plastics Corporation, Foryou Medical, Kraton Corporation, Saudi Basic Industries Corporation, Solvay SA, Dow Inc., Koninklijke DSM N.V., Lubrizol Corporation, NatureWorks LLC, Trinseo plc, Bayer AG, China Petroleum & Chemical Corporation, PolyOne Corporation, Huntsman Corporation, Americhem Inc., Borealis AG, Corel Pharma Chem Private Limited, Henkel AG & Co. KGaA, Kuraray Co. Ltd., LyondellBasell Industries Holdings B.V., Sumitomo Chemical Co. Ltd., KRAIBURG TPE GmbH & Co. KG, Lakril Technologies
North America was the largest region in the medical polymers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global medical polymers market report during the forecast period. The regions covered in the medical polymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the medical polymers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The medical polymer market consists of sales of packaging materials, medical devices, implantable materials, and drug delivery systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.