Medical Polymers Market size is forecast to reach $22 billion by 2025, after growing at a CAGR of 9.2% during 2020-2025, owning to high adoption of polymers for implants due to chemical inertness and superior fatigue resistance. In addition, Polymers are extensively used in the manufacture of healthcare devices due to their low cost, superior durability, ease of replacement and ability to prevent infection compared to metals. The rising demand for plastic materials in innovations such as plastic surgery, body implants, and orthopedic surgery is expected to create new opportunities for market growth in the coming years.
The report: “Medical Polymers Market– Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Medical Polymers Industry.
· North America dominated the medical polymer market in 2019, owning to rise in demand for advanced and sophisticated medical devices coupled with growing aging population and growth of home healthcare in the region.
· The spread of COVID-19, cardiovascular issues, infections, and other diseases, combined with an increase in the production of medical treatments and procedures and an increase in general awareness, has created the demand for new medical devices. Thus, supporting medical polymer market growth.
· Growth in investment in research and development, increased adoption of medical polymers and the development of low-cost materials are increasing demand for medical polymers in the healthcare sector.
Type - Segment Analysis
Resin segment held the largest share in the medical polymers market in 2019, owning to growing use of resins in various applications such as spinal implants, cranial injuries, and hip and joint replacements, due to benefits, such as improved biocompatibility and lower costs. In addition, the elastomer segment is also growing at faster rate during the forecast period, owning to processing versatility, absorbency, and certain key features such as high thermal and chemical resistance, toughness and dimensional stability. Elastomers such as rubber latex, styrene block copolymer, and others are widely used in medical and pharmaceutical packaging.
Application - Segment Analysis
Medical devices segment held the largest share in the medical polymer market in 2019 and is growing at a CAGR of 9.8%, owning to growing use of polymers in surgical instruments, diagnostic equipment, medical tubing, and molded components, because of the easy cleaning method and negligible chemical corrosion. The medical packaging segment is also expected to rise substantially during the forecast period, owing to the mandatory disposal norms. In addition, the development of bio-based and engineered biodegradable polymers for packaging of medical products as well as medical disposables will flourish the packaging application of the global medical polymers market.
Geography - Segment Analysis
North America held the largest share in the medical polymer market in 2019 up to 40%, owning to rising prevalence of chronic diseases coupled with the expansion of the insurance coverage. According to the American Geriatrics Society, about 30 percent of the 65-plus patient population in the U.S. needs geriatric care and by 2030, the number of patients requiring geriatric care is expected to rise approximately 21 million. Therefore, this will have a positive influence on the global medical polymers market during the forecast period. The Asia Pacific market is also expected to grow at a faster rate during the forecast period, owning to the existence of a huge target population base, enhanced disposable income and accessibility to drugs, and high unmet clinical needs in the region.
Drivers – Medical Polymers Market
• Extensive properties and low cost as compared to alternatives.
Polymers adoption in the medical sector has gained momentum over the last decade, owning to development of engineering plastics, such as PMMA, PEEK, ABS, and PET, These plastics meet safety requirements for use in medical devices and appliances. Additionally, medical polymers are available at lower cost than alternatives such as glass, ceramics, and metals. Engineering plastics used as medical polymers can match the structural strength, stability, inertness, durability, and formability of metals and ceramics while being lighter and more resource efficient. Furthermore, medical polymers are also used for packaging due to lightweight, low cost, durability, and transparency. Therefore, several benefits offered by medical polymers is increasing its demands in the medical sector, thereby fueling medical polymer market growth.
Challenges – Medical Polymers Market
· Fluctuating raw material prices.
The major challenge for the global medical polymer market is the oscillating price trends of raw materials, which are fluctuating due to volatile energy prices. According to BP statistics, in 2018, the average oil price increased to $71/ bbl from $54/bbl in 2017. Therefore, fluctuating oil prices pose a restraint on the global medical polymers market. In addition, strict regulations imposed by various medical agencies, regarding the product quality and prices may also hinder the medical polymers market growth in the coming years.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Medical Polymers Market. In 2019, the market of Medical Polymers Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Medical Polymers market Eastman Chemical Company, Evonik Industries AG, The Dow Chemical Company, Formosa Plastics Corporation USA, Arkema SA, BASF SE, Covestro AG, DSM N.V., Solvay S.A, and Celanese Corporation., among others.
Ø In March 2020, Eastman launched “Tritan MXF” a next generation copolyester that offers chemical resistance, higher impact strength, and easier processability for the housing and hardware of electronic medical devices.
Ø In April 2018, BASF opened a new production line for its high-temperature resistant thermoplastic “Ultrason” at its site in Yeosu, Korea.
List of Tables
1 US Medical Polymers Market Size 2018
2 Canada Medical Polymers Market Share 2018
3 Brazil Medical Polymers Market Outlook 2019 - 2023
4 Mexico Medical Polymers Market Research 2018
5 Germany Medical Polymers Market Trends 2019 - 2023
6 France Medical Polymers Market Growth 2019 - 2023
7 UK Medical Polymers Market Demand 2019 - 2023
8 Italy Medical Polymers Market Segmentation 2018
9 Russia Medical Polymers Market Analysis 2019 - 2023
10 China Medical Polymers Market Revenue 2019 - 2023
11 Japan Medical Polymers Market Volume 2019 - 2023
12 South Korea Medical Polymers Market Potential 2019 - 2023
13 India Medical Polymers Market Leaders 2018
14 Saudi Arabia Medical Polymers Market Forecast 2019 - 2023
15 Kuwait Medical Polymers Market Value 2018
List of Figures
For complete list of 60+ tables and 60+ figures follow the Link