Medical Polymers Market

Market Synopsis:

Global Medical Polymers market is valued at USD 17.44 Billion in 2022 and is estimated to reach a value of USD 34.73 Billion by 2030 at a CAGR of 9.00% during the forecast period. Medical Polymers are predicted to see increased demand in the manufacturing of medical devices and equipment, as well as medical packaging. Medical Polymers, often known as medical-grade polymers, are synthetic materials classified as elastomers, fibers, and resins. Medical Polymers are used in medical plastics, medical equipment, and packaging as additives and fillers. Due to the increased demand to combat the COVID-19 pandemic situation around the world, demand is likely to rise. The market is expected to be positively influenced by the increased demand for medical packaging goods for COVID-19. North America is projected to lead the expanding demand because the region includes big healthcare product manufacturers.

Key businesses in the industry are known for their substantial integration at various levels of the value chain. The companies sell their products through dedicated supply networks and offer tailored items based on the application for which they will be utilized. Multiple technological breakthroughs in the production of sophisticated polymers for usage in the healthcare business are affecting the industry. Companies in the market rely on new product development as one of their primary tactics for achieving market expansion, as well as the creation of plastic-based composite materials. Vertical integration across the value chain is also being used by market players to reduce production costs and boost profit margins.

Medical tubes have shrunk in size and thickness as they have become more popular in procedures like angioplasty, endoscopy, and drug delivery. Microtubes are an essential component of surgical tools and suction and fluid delivery devices that operate on the patient's organs and tissues. The medical tubing market is projected to continue very competitively in the future, as businesses in this sector are under enormous pressure to provide high-quality products.

Market Segmentation:

The global Medical Polymers market is segmented on the basis of Product(Medical resins & fibers,Medical elastomers,Biodegradable plastics),Application(Medical equipment & devices,Medical packaging,Others),Region(North America,Europe,Asia-Pacific,Latin America,Middle East & Africa). Based on product, the market is segmented as Medical Resins & Fibres Which Is Further Bifurcated As (Polyvinyl Chloride, Polypropylene, Polyethylene, Polystyrene, Others), Medical Elastomers As (Styrene Block Co-Polymer, Rubber Latex, Others) and Biodegradable Plastics. By application, the market is segmented as Medical equipment & devices, Medical packaging and Others.

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Medical devices are increasingly made of polymers, such as fibers and resins, biodegradable plastics, and elastomers. The surge in demand for medical devices has been fuelled by the growth of the home healthcare industry, which is cheaper than hospital and intensive care. The availability, awareness, price, and adaptability of medical equipment are all major elements influencing the market. As manufacturing operations increase in emerging economies, such as India, medical device sales are likely to skyrocket. The growing desire for better health care facilities, as well as an increase in the number of hospitals, has aided the growth of the medical device industry, driving demand for medical polymers.

In terms of Medical Polymers applications, medical packaging is the second-fastest-growing area. Designing packaging systems for blood bags, oral solids and liquids, syringes, and surgical tools is part of medical packaging. Designing catheters and surgical gloves, which require Medical Polymers due to their flexibility, is also part of pharmaceutical packaging. During the projected period, rising demand for these goods is likely to increase demand for Medical Polymers.

Extensive Properties And Low Cost As Compared To Alternatives Are Expected To Drive Growth Of The Medical Polymers Market

Polymers have gained traction in the medical field during the last decade, thanks to the development of engineering plastics such as PMMA, PEEK, ABS, and PET. These plastics are suitable for use in medical devices and appliances and meet the necessary safety standards. Furthermore, medical polymers are less expensive than alternatives like glass, ceramics, and metals. Engineering plastics used as medical polymers can rival metals and ceramics in structural strength, stability, inertness, durability, and formability while being lighter and more resource-efficient. Due to their lightweight, cheap cost, durability, and transparency, medical polymers are also utilized for packaging. As a result of the numerous advantages offered by medical polymers, their demand in the medical sector is increasing, supporting the expansion of the medical polymer market.

Encouraging Investment in R&D Are Expected To Drive Growth Of The Medical Polymers Market

The varying price trends of raw materials, which fluctuate due to volatile energy prices, are a major problem for the worldwide medical polymer industry. According to BP data, the average oil price rose to $71/bbl in 2018 from $54/bbl in 2017. As a result, the global medical polymers market is hampered by shifting oil costs. Furthermore, rigorous regulations set by various medical agencies regarding product quality and costs may stifle the expansion of the medical polymers market in the future years.

Patients' growing preference for homecare health treatment, which is both cost-effective and convenient, has resulted in increased demand for medical disposables around the world. Over the forecasted timeframe, this will effectively contribute to achieving a higher market share.

Significant investments and time required for product development

The fabrication of Medical Polymers necessitates a significant financial investment as well as a significant amount of time. Delays in regulatory approvals lengthen the total development process, resulting in a drop in medical product development technology investment. To minimize technical and biocompatibility concerns, which incur additional costs and time, the market is undergoing continual product innovation. Selecting the best polymer for a specific medical application and examining the application areas for each polymer in medical tubing, for example, is critical and necessitates extensive R&D and technical knowledge. Distinct polymers and medical devices have different approval processes, which can take a long period. FDA regulations, for example, are likely to become more intricate and expensive in the future, thereby lengthening the time it takes to approve medical devices.

North America Medical Polymers Market to Grow at the Fastest CAGR

In terms of production and consumption, North America is the largest market for Medical Polymers. The increase of the medical device manufacturing industry as a result of the growing need for better healthcare facilities, the rise of the home health care devices market, and the aging population have all contributed to the regional market's enormous growth. Because of developments in medical technology and an increase in demand for more sophisticated medical instruments, the US accounts for the majority of regional demand and is a key consumer of medical polymers.

Emerging nations, such as India and China, are likely to see significant growth in medical devices as a result of increased knowledge of the advantages of medical polymers over their traditional equivalents, as well as an increase in home healthcare equipment in the region. The Chinese government's increasing expenditure in research and development for the production of medical polymers has also contributed to the region's growth in demand.