Dublin, May 23, 2024 (GLOBE NEWSWIRE) -- The "Global Medical Polymer Market by Type (Medical Plastics, Medical Elastomers), Application (Medical Disposables, Medical Instruments & Devices, Prosthetics, Diagnostics Instruments & Tools), Manufacturing Technology, and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global medical polymer market is expected to grow at a CAGR of 8% during the forecast period, from an estimated USD 41.1 million in 2024 to USD 60.5 million by 2029. The demand for medical polymers is increasing due to the growing emphasis on healthcare quality and safety, leading to the development of innovative medical devices and equipment. Additionally, advancements in polymer technology have expanded the capabilities and applications of medical polymers, driving their adoption across various medical fields. This rising demand is also fueled by the need for materials that offer biocompatibility, durability, and ease of sterilization in medical settings. 
Medical elastomers accounted for the second largest share in type segment of medical polymer market in terms of value
Medical elastomers hold the second-largest market share in the medical polymer segment due to their unique properties and versatility in medical applications. These elastomers offer characteristics such as flexibility, resilience, and biocompatibility, making them ideal for use in medical devices and components that require elasticity and durability, such as catheters, seals, and surgical gloves. The demand for medical elastomers is also driven by their ability to withstand sterilization processes and harsh chemical environments commonly found in healthcare settings. Furthermore, ongoing developments in elastomer formulations and processing techniques continue to enhance their performance and expand their applications, contributing to their significant market presence in the medical polymer industry.
Medical disposables accounted for the second largest share in application segment of medical polymer market in terms of value
Medical disposables hold the second-largest market share in the application segment of the medical polymer market due to several key factors. Firstly, the increasing focus on infection control and patient safety has driven the demand for single-use medical products, such as syringes, gloves, and surgical drapes, made from medical polymers. These disposables offer convenience, sterility, and reduced risk of cross-contamination, making them essential in healthcare settings. Additionally, the rise in outpatient and home-based care has led to higher consumption of disposable medical supplies. Moreover, advancements in polymer technology have enabled the development of cost-effective and environmentally friendly disposable medical products, further fueling their adoption and contributing to their significant market share.
Injection molding accounted for the second largest share in the manufacturing technology segment of medical polymer market in terms of value
Injection molding holds the second-largest market share in the manufacturing technology segment of the medical polymer market due to its efficiency, precision, and versatility. This technology allows for the mass production of intricate and customized medical components with consistent quality and dimensional accuracy. Medical devices and products manufactured through injection molding, such as syringes, IV catheters, and implantable devices, benefit from properties like biocompatibility, sterilizability, and durability. Additionally, injection molding offers cost-effective production, shorter lead times, and reduced material wastage, making it highly favored by medical device manufacturers. Moreover, ongoing advancements in injection molding technology, including automation and digitalization, further enhance its capabilities and market competitiveness in the medical polymer industry.
Europe is the second-largest market for medical polymer
Europe holds the second-largest market share globally in the medical polymer market due to several key factors. Firstly, the region benefits from a well-established healthcare infrastructure, advanced research and development capabilities, and stringent regulatory standards, fostering innovation and quality in medical polymer products. Additionally, the increasing aging population and prevalence of chronic diseases drive the demand for advanced medical devices and equipment, which rely heavily on medical polymers. Moreover, Europe's strong emphasis on healthcare modernization, sustainability, and patient safety further propels the adoption of medical polymers. Furthermore, strategic collaborations between industry players, research institutions, and healthcare providers contribute to the region's leadership in the global medical polymer market.
Research Coverage
This report segments the market for medical polymer market on the basis of type, application, manufacturing technology, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for medical polymer market.
The medical polymer market comprises major players such as BASF SE (Germany), SABIC (Saudi Arabia), Covestro AG (Germany), Celanese corporation (US), Evonik Industries (Germany), Arkema (France), Solvay (Belgium), Kuraray Co., Ltd. (Japan), Momentive Performance Materials Inc. (US), DuPont (US), and others.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 427 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $41.1 Million |
| Forecasted Market Value (USD) by 2029 | $60.5 Million |
| Compound Annual Growth Rate | 8% |
| Regions Covered | Global |
Premium Insights
- Increasing Demand from Medical Instruments & Devices Application to Drive Market During Forecast Period
- Medical Plastics Segment to Lead Medical Polymer Market During Forecast Period
- Medical Instruments & Devices Segment to Witness Highest Growth During Forecast Period
- Extrusion Tubing Segment to Account for Largest Share of Medical Polymer Market
- India to Register Highest CAGR During Forecast Period
Market Dynamics
- Drivers
- Increasing Demand for Biocompatible Materials
- Growing Aging Population Globally
- Advancements in Medical Technology
- Regulatory Support for Medical-Grade Materials
- Restraints
- Regulatory Complexities and Approvals
- High Competition from Alternative Materials
- Environmental Sustainability Concerns
- Opportunities
- Growth in Regenerative Medicine
- Demand for Minimally Invasive Devices
- Advancements in Biodegradable Polymers
- Challenges
- Cost Constraints for Novel Materials
- Long-Term Durability and Degradation Control
Value Chain Analysis
- Raw Material
- Manufacturer
- Distribution
- End-user
Case Study Analysis
- Evonik Industries Provides Medical Polymers to Jenacell GmbH for Wound Dressings, Implantable Materials, and Drug Delivery Systems
- Ensinger Offers High-Performance, Medical-Grade Polymers for High-Frequency Surgery
Pricing Analysis
- Average Selling Price Trend, by Region
- Average Selling Price Trend, by Application
- Average Selling Price Trend of Key Players, by Application
Patent Analysis
- Methodology
- Patents Granted Worldwide, 2013-2023
- Patent Publication Trends
- Insights
- Legal Status of Patents
- Jurisdiction-Wise Patent Analysis
- Top Companies/Applicants
- Top 10 Patent Owners (US) in Last 10 Years
Companies Featured
- BASF SE
- SABIC
- Covestro AG
- Celanese Corporation
- Evonik Industries
- Arkema
- Solvay
- Kuraray Co. Ltd.
- Momentive Performance Materials Inc.
- DuPont
- Trinseo
- Kraton Corporation
- Total Plastics
- Simona America
- DSM
- Invibio
- Avient Corporation
- RTP Company
- Tekniplex
- Teknor Apex
- Mitsubishi Chemicals Advanced Materials
- Wacker Chimie
- Hardie Polymers
- Elix Polymers
- Innovative Polymer Compounds
For more information about this report visit https://www.researchandmarkets.com/r/71pg8e
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