Selbyville, Delaware, Aug. 24, 2021 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global Medical Polymers Market size was estimated at $16.5 billion in 2020 and is slated to exceed $31 billion by 2027, registering a CAGR of 9.4% from 2021 to 2027. The report offers a comprehensive analysis of the worldwide market size & estimations, opportunities & drivers, major pockets of investment, top winning strategies, competitive outlook, and wavering trends in the market.
The market for medical polymers is primarily driven by the surging demand for medical devices and equipment worldwide. The market will benefit from the increasing share of R&D investments in the pharmaceutical sector in developed countries such as the U.S., the U.K., and Germany. Meanwhile, in developing economies, active initiatives and investments by the respective governments to advance R&D efforts could generate substantial demand for medical-grade polymers.
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In terms of the product landscape, the fiber & resin segment held a significant share of the medical polymers industry in 2020. The widespread prevalence of numerous chronic and lifestyle-associated diseases, a large geriatric population base, and increasing healthcare expenditure will be pivotal factors augmenting the demand for fibers and resins in medical equipment.
Key reasons for medical polymers market growth:
- Increasing pharmaceutical R&D in developed countries.
- Active government investment in the medical sector across emerging economies.
- Presence of leading healthcare companies in Europe.
- Promising opportunities amid the COVID-19 pandemic.
2027 projections show the medical equipment segment retaining its dominance:
Among the applications, the medical equipment segment captured a substantial share of the medical polymers industry in 2020, mainly due to the outbreak and rapid spread of COVID-19. The global rise in hospitalization rates amid the pandemic and the subsequent surge in the demand for medical equipment and supplies has created a notable demand for medical-grade polymers.
Europe to continue its top status in terms of revenue:
Europe accounted for over 25% of the medical polymers market in terms of revenue during 2020. The presence of leading medical device manufacturers such as Evonik and Royal DSM who are laying emphasis on R&D and new product development is amplifying the regional product demand.
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Promising opportunities amid COVID-19 pandemic:
The COVID-19 pandemic has accelerated the trend of diversifying medical devices and equipment manufacturing, resulting in increased production. The pandemic saw numerous medical device makers ramp up their production capacities to meet the shortage of medical supplies. Therefore, polymers being a crucial constituent of a number of medical equipment have witnessed monumental demand throughout the COVID-19 crisis.
Leading market players:
The key market players analyzed in the global medical polymers market report include Evonik Industries, Celanese, Dow Chemical, Bayer AG, Eastman Chemical, DuPont, and Huntsman Corporation among others.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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