Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The "Global Medical Polymer Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product, Processing Method, Application, and Region" report has been added to ResearchAndMarkets.com's offering.
Global Medical Polymer Market grew from approximately US$ 10 Billion in 2017 to approximately US$ 15 billion in 2022 and is forecasted to grow further into approximately US$ 25 Billion opportunities by 2028, owing to the growing chronic diseases, rising number of patients worldwide, and surging healthcare infrastructure by government active participation and investments.
The medical polymer market is driven by surging chronic diseases such as cancer, diabetes, stroke, and other infectious viruses. According to World Health Organization, stated that nearly 10 million deaths in 2020 are caused by cancer worldwide, the most common cases of cancer were lung, prostate, skin, stomach, colon, and rectum.
Globally, more than two third of all death are occurred due to one or more of these five chronic diseases including heart disease, cancer, stroke, diabetes, and chronic obstructive pulmonary diseases. The increasing number of cases due to chronic diseases worldwide, enforcing governments and players to upgrade technology via medical devices or surgeries to cure the disease, which is likely to benefit the medical polymer market.
Government strict rules and restrictions on the usage of polymer material in the healthcare and medical industry, are restraining the growth of the medical polymer market. For instance, the USA Food and Drugs Administration (FDA), stated that numerous types of materials, including metals, polymers, and ceramics, are commonly used in medical devices. FDA is taking active measures to control the quality of raw materials used in medical devices.
COVID-19 has helped in the growth of the medical polymer market. Since the start of the pandemic, the requirement for medicines and other medical products has been rising, it requires special packaging, which helped the medical polymer market to accelerate. As the pandemic is slowing down, it is estimated that the medical polymer market remains significant in the forecasted period, owing to the growing medical conditions and surgeries worldwide.
Key Trends by Market Segment
Increasing government initiatives and investment in the medical and healthcare sector, along with the growing home healthcare market are expected to boost the demand for medical devices. Increased demand for medical equipment and devices, is likely to positively impact the medical polymer market.
By Product: Fibers & resins segment held the largest market share of the global medical polymer market in 2021, owing to its extensive usage in various applications.
Fibers & resins include multiple sub-segments including polypropylene, polyethylene, polystyrene, and others. Polycarbonate polymer provides high chemical and electrical resistance, which assists them to replace metal and glass in medical products.
Increased usage of resins in numerous medical applications such as spinal implants, cranial injuries, hip, and joint replacements, and others.
By Processing Method: The extrusion blow molding segment accounted for the largest market share in 2021, owing to the easier and cost-effective process.
Extrusion blow molding is used to create medium to large hollow parts with complex geometries or highly technical equipment such as DEF tanks, HVAC ducts, lawn mower seats, and others.
By Application: The medical component application segment held the largest market in 2021, owing to an increased usage of polymers in medical equipment and devices.
Polymer and polymer matrix composite helped the healthcare and medical industry to provide quality services, with multiple benefits such as enhanced safety, maintaining sterility, and others.
Suring in the usage of polymer in surgical instruments, diagnostics equipment, medical tubing, molded components, and others.
By Geography: North America accounted for the largest market share within the global medical polymer market in 2021, owing to the rising geriatric population, and surging government initiatives and programs towards the medical sector.
The rising geriatric population and surging chronic diseases in the region, are likely to fuel the demand in the medical polymer market.
Recent Developments Related to Major Players
In July 2021, Celanese Corporation announced an expansion of its Florence, Kentucky research and development center with the addition of a Pharmaceutical Drug Delivery Feasibility Lab.
In February 2020, Clariant launches a medical polymer compound resistant to hydrolytic degradation.
In April 2018, BASF has started up a new production line for its high-temperature resistant thermoplastic Ultrason (Polyarylsulfone) at its site in Yesou, Korea.
The global medical polymer market is significantly competitive with ~100 players which include globally diversified players, and country-niche players as well as a majority number of regional players having their niche in medical polymer manufacturing multiple products for various medical applications
Regional players held the largest share by competitor type. While large global players constitute about 15%.
Some of the major players in the market include
Evonik Industries AG
Eastman Chemical Company
The global medical polymer market witnessed significant growth during the period 2017-2021, owing to the increasing number of chronic diseases, and growing geriatric populations worldwide. The growth rate is expected to remain significant during the forecast period.
Though the market is significantly competitive with ~100 participants, the majority of regional players dominate the market share by type, and global players hold a significant market share.
Key Topics Covered in the Report
Snapshot of the Global Medical Polymer Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Medical Polymer Market
Historic Growth of the Overall Global Medical Polymer Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Medical Polymer Industry
Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
COVID-19 Impact on the Overall Global Medical Polymer Market
Future Market Forecast and Growth Rates of the Total Global Medical Polymer Market and by Segments
Market Size of Type/End-Users Segments with Historical CAGR and Future Forecasts
Analysis of the Global Medical Polymer Market
Major Production/Supply and Consumption/Demand Hubs in Each Major Region
Major Continent-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Continent
For more information about this report visit https://www.researchandmarkets.com/r/f2gbnz
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