Wilmington, Delaware, United States, July 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global medical grade polyolefin market was valued at US$ 3.1 Bn in 2022. It is estimated to grow at a CAGR of 6.5% from 2023 to 2031 and reach US$ 5.5 Bn by the end of 2031.
Increase in adoption of medical grade polyolefins in medical and healthcare applications is fueling the medical grade polyolefin market. Medical grade polyolefins are a class of thermoplastic polymers that are extensively used in the medical sector for their high purity, chemical resistance, and biocompatibility.
Rise in demand for healthcare services and increase in initiatives for infection prevention and control are boosting market development. Vendors are investing in R&D activities to launch novel products, ensure regulatory compliance, and establish strong brand recognition.
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Competitive Landscape
The global industry is highly consolidated, with a handful of large-scale vendors accounting for the majority of market share. Companies in the medical grade polyolefin market are investing in R&D activities in order to create environmentally friendly products.
Prominent players in the medical grade polyolefin market include LyondellBasell Industries Holdings B.V., Mitsui Chemicals, Total Energies, Sumitomo Chemical Co. Ltd., Borouge, LG Chem Ltd., Repsol, Reliance Industries Ltd., ExxonMobil Corporation, and Borealis AG.
Medical grade polyolefins refer to a class of compounds that have been specifically developed to meet the stringent regulatory requirements of the healthcare and medical sector.
Key Findings of Study
Increase in Demand for Sustainable Medical Packaging Driving Market Expansion – Demand for polyolefins in the manufacture of pharmaceutical packaging materials and medical devices is creating lucrative market opportunities.
Healthcare OEMs are increasingly becoming aware of the advantages of using thermoplastic for manufacturing medical devices. Rapid shift from metal to plastic, resulting in the increasing development of polymer-based modern medical devices, is boosting market size.
According to estimates from a leading producer of polyolefins, nearly a quarter of disposable devices and one third of non-disposable devices are manufactured using polypropylene.
Rise in Focus on Sustainability and Circular Economy Driving Market Development – Polyolefins have numerous applications, ranging from domestic use products to specialized industrial use products. They are the most commonly used plastics, constituting half of the world’s demand for plastics.
High-quality recycled polyolefins obtained from waste drive circularity in several industry sectors, including packaging, building & construction, and electronics. Thus, rise in focus on sustainability and the circular economy in various end-use industries is steering market progress.
Large Volume Demand for Polyethylene – Based on type, the polyethylene (PE) segment is anticipated to dominate the global market during the forecast period. Polyethylene is one of the most commonly used polyolefins for medical applications. It is known for its superior durability, strength, and chemical resistance. Therefore, it is best suited for medical applications that require high-performance materials. Moreover, it is biocompatible, which makes it safe to come into contact with human tissues and fluids without resulting in a severe reaction.
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Growth Drivers
- Extensive utilization of medical grade polyolefins in medical and healthcare applications, due to their range of superior material properties, is fueling the medical grade polyolefin market
- Increase in demand for healthcare services and the increase in initiatives for infection prevention and control are augmenting market growth
Regional Analysis
Asia Pacific is anticipated to dominate the global medical grade polyolefin market during the forecast period. The region accounted for 49.1% market share in 2022.
Increase in incidence of chronic diseases, leading to a rise in demand for medical devices and packaging materials for medical applications, is fueling the market dynamics of the region. Population growth, increase in the incidence of chronic diseases, and rise in healthcare expenditure in countries such as Japan, China, and India are creating lucrative market opportunities in the region.
The medical grade polyolefins market in North America is estimated to expand at a significant pace during the forecast period. Presence of several well-established pharmaceutical and medical device companies is steering market progress in the region.
The market in Europe is driven by the presence of advanced healthcare facilities and several large medical device manufacturers.
The global medical grade polyolefin market is segmented as follows:
Global Medical Grade Polyolefin Market, by type
- Polyethylene
- High-density Polyethylene (HDPE)
- Low-density Polyethylene (LDPE)
- Linear Low-density Polyethylene (LLDPE)
- Polypropylene (PP)
- Polymethylpentene
- Polybutene-1 (PB-1)
- Polyisobutylene (PIB)
- Others
Global Medical Grade Polyolefin Market, by Application
- Medical Implants
- Medical Films
- IV Solution Bag
- CAPD Bag
- Blood Bag
- Ostomy Bag
- Enteral Feeding Bag
- Bile Collection Bag
- Single-use Bioreactor
- Medical Devices
- Surgical Devices
- Catheters
- Trays
- Others
- Diagnostic Devices
- Disposable Devices
- Surgical Devices
- Medical Tubing
- Medical Syringes
- Labware
- Medical Containers
- Ophthalmic Container
- IV Solution Bottle
- Others
- Caps & Closures
- Others
Global Medical Grade Polyolefin Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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