According to forecasts, the global medical polymer market will reach approximately US$ 25 billion by 2028 after growing from roughly US$ 10 billion in 2017 to roughly US$ 15 billion in 2022.
This growth is attributed to the rise in chronic diseases, the increasing number of patients worldwide, and the booming healthcare infrastructure thanks to government investments and active participation.
The market for medical polymers is propelled by the rise in chronic illnesses like cancer, diabetes, stroke, and other contagious infections. The most frequent types of cancer are lung, prostate, skin, stomach, colon, and rectum, according to the World Health Organization, which predicted that cancer would be responsible for around 10 million deaths globally in 2020.
Globally, these five chronic diseases—heart disease, cancer, stroke, diabetes, and chronic obstructive pulmonary diseases—are responsible for more than two-thirds of all deaths. The medical polymer market is projected to profit from the rising incidence of chronic diseases worldwide, pressuring governments and industry players to improve technology through surgical procedures or medical devices to treat the ailment.
The use of polymer materials in the healthcare and medical sector is subject to stringent government regulations limiting the market’s expansion. The Food and Drug Administration (FDA) of the United States, for instance, noted that a variety of materials, such as metals, polymers, and ceramics, are frequently employed in medical devices. The FDA is actively taking steps to regulate the quality of the raw materials used to make medical devices.
Key Trends by Market Segment
The demand for medical devices is anticipated to rise due to increased government efforts and investments in the healthcare and medical fields, as well as the expanding home healthcare industry. The market for medical polymers is probably going to benefit from rising medical device and equipment demand.
Due to its extensive use in numerous applications, the fibers & resins sector represented the most significant market share of the global medical polymer market in 2021.
The sub-segments of fibers and resins include polypropylene, polyethylene, polystyrene, and others. Polycarbonate polymers’ high chemical and electrical resistance allows them to replace metal and glass in medical products.
Increased resins use for various medical procedures, including hip and joint replacements, spinal implants, cranial traumas, and others.
Due to its simpler and more affordable processing method, the extrusion blow moulding category held the greatest market share in 2021.
Medium to large hollow objects with complex geometries or highly specialized machinery, such as DEF tanks, HVAC ducts, lawn mower seats, and others, are made using extrusion blow molding.
Due to an increase in the use of polymers in medical devices and equipment, the medical component application category represented the largest market in 2021.
The healthcare and medical industries benefited greatly from polymers and polymer matrix composites, which improved safety, maintained sterility, and other aspects of service delivery.
I am using polymer in medical tubing, surgical instruments, diagnostic tools, molded components, and other applications.
Geographically, North America held the biggest market share in the global market for medical polymers in 2021, thanks to the region’s growing elderly population and several government initiatives and programs geared toward the medical industry.
The region’s escalating chronic diseases and growing elderly population are projected to increase the demand for medicinal polymers.
Recent Developments Related to Major Players
Celanese Corporation announced in July 2021 that it would add a Pharmaceutical Drug Delivery Feasibility Lab to its Florence, Kentucky, research, and development facility.
Clariant introduced a therapeutic polymer molecule resistant to hydrolytic breakdown in February 2020.
At its facility in Yesou, Korea, BASF began operating a new production line in April 2018 for their high-temperature resistant thermoplastic ultrasonic (Polyarylsulfone).
- With over 100 competitors, the global market for medical polymers is fiercely competitive. These competitors are both globally diverse and country-specific, as well as a large number of regional competitors who specialize in producing several products for different medical purposes.
- By competitor type, regional competitors held the majority. At the same time, 15% are significant worldwide players.
Some of the main players in the market include
- BASF SE
- Evonik Industries AG
- Covestro AG
- Kraton Corporation
- Eastman Chemical Company
- Celanese Corporation
Due to the rise in chronic diseases and the world’s aging population, the global market for medical polymers experienced considerable growth between 2017 and 2021. Throughout the forecast period, the growth rate is anticipated to be considerable.
With about 100 participants, the industry is fiercely competitive, but most regional players dominate the market share by type, and global players account for a sizeable portion of the market.