Chicago, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The Global Medical Polymer Market is expected to grow at a CAGR of 8.0% during the forecast period, from an estimated USD 41.1 billion in 2024 to USD 60.5 billion by 2029, as per the recent study by MarketsandMarkets™. The demand for medical polymers is rising due to their crucial role in enhancing patient safety and reducing healthcare-associated infections. Medical polymers offer properties like sterilization compatibility, chemical resistance, and lightweight design, making them essential for the development of innovative medical devices and implants, thus fuelling market growth are pushing the industry towards bio-based and sustainable polymers, further driving market growth
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Browse in-depth TOC on “Medical Polymer Market”.
341 - Market Data Tables
56 - Figures
439 - Pages
List of Key Players in Medical Polymer Market:
- 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)
Drivers, Restraints, and Opportunities in Medical Polymer Market:
- Driver: Increasing demand for biocompatible materials.
- Restrain: Environmental sustainability concerns.
- Opportunity: Demand for minimally invasive devices.
- Challenge: Long term durability and degradation control.
Key Findings of the Study:
- Medical Plastics, by type, is expected to be the most significant medical polymer market segment during the forecast period.
- Medical Instruments & devices is anticipated to be the most significant medical polymer market segment, by application, during the forecast period.
- Extrusion tubing is anticipated to be the most significant medical polymer market segment, by manufacturing technology, during the forecast period.
- Asia Pacific is expected to be the fastest-growing region in the global medical polymer market, by region, during the forecast period.
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The medical polymer market, by type, is segmented into medical plastics, and medical elastomers. Globally, “medical plastics" type commands the largest market share in the medical polymer market due to several factors. Their versatility allows for a wide range of applications in medical devices, equipment, and packaging. They offer benefits like biocompatibility, durability, ease of sterilization, and cost-effectiveness. Advances in polymer engineering have led to the development of specialized medical plastics with enhanced properties such as high strength, flexibility, and transparency, meeting the stringent requirements of the healthcare industry. Additionally, the shift towards disposable medical products and the growing trend of minimally invasive procedures have further boosted the demand for medical plastics, driving their significant market share.
Medical polymer market, by application is segmented into medical disposables, medical instruments and devices, prosthetics, diagnostic instruments & tools, and others. Medical instruments and devices hold the largest market share in the application segment of the medical polymer market due to several key factors. Firstly, the increasing prevalence of chronic diseases and the aging population drive the demand for advanced medical devices and instruments. These devices often require materials with specific properties such as biocompatibility, sterilizability, and chemical resistance, all of which medical polymers can provide. Additionally, the shift towards minimally invasive procedures necessitates the use of lightweight and durable materials, further boosting the demand for medical polymers in this segment. Moreover, ongoing technological advancements in medical polymer formulations and manufacturing processes continue to enhance the performance and reliability of medical instruments and devices, solidifying their dominance in the market.
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Medical polymer market, by manufacturing technology, is segmented into extrusion tubing, compression molding, injection molding, and others. Extrusion tubing has garnered the largest market share in the manufacturing technology segment of the medical polymer market owing to several key factors. Firstly, extrusion tubing technology enables the production of precise and uniform medical tubing with a wide range of properties such as flexibility, transparency, and biocompatibility, meeting the diverse needs of medical applications. This technology allows for the customization of tubing dimensions, wall thickness, and material compositions, ensuring compatibility with various medical devices and procedures. Additionally, extrusion processes offer cost-effective mass production capabilities, making them highly favorable for manufacturers seeking efficient and scalable solutions for medical polymer components. The reliability, versatility, and cost efficiency of extrusion tubing manufacturing technology contribute significantly to its dominant position in the medical polymers market.
The Asia Pacific region has emerged as a leader in the global medical polymer market due to several compelling factors. Firstly, rapid urbanization, economic growth, and increasing healthcare infrastructure development in countries like China, India, and Japan have propelled the demand for medical devices and equipment, consequently driving the need for medical polymers. Moreover, the region benefits from a large patient population and rising healthcare expenditures, fostering continuous innovation and adoption of advanced medical technologies that rely on medical polymers. Additionally, favourable government initiatives, supportive regulatory frameworks, and a robust manufacturing ecosystem further contribute to the region's dominance in the medical polymers market, making it a key hub for production, consumption, and export of medical polymer materials and products.
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