Dublin, Nov. 19, 2021 (GLOBE NEWSWIRE) -- The "Global Medical Polymers Market Size, Share & Trends Analysis Report by Product (Medical Resins & Fibers, Medical Elastomers), by Application (Medical Devices & Equipment, Medical Packaging), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global medical polymers market size is anticipated to reach a value of USD 27.75 billion and is projected to expand at a CAGR of 8.0% from 2021 to 2028
Growing demand for medical and pharmaceutical packaging, especially flexible packaging for medicines, blood bags, surgical gloves, and medical drapes, has been driving the market growth over the last few years.
The growing importance of medical polymers in hip and joint replacement applications, and spinal and cranial implants, is gaining popularity and is expected to significantly impact the market growth.
The medical devices and equipment was the largest application segment for medical polymers, with a market share of 53.80% in 2020. The growing scope of flexible packaging in medical goods is anticipated to drive the growth of the segment. The increasing consumer awareness of hygiene further supports the demand for flexible packaging in medical goods.
The rise of the home healthcare market has contributed to the growing popularity of medical polymers, and this trend is expected to continue in the forthcoming years.
Increasing R&D spending for biodegradable plastics coupled with application development by market participants is anticipated to create promising prospects for market growth. PVC and PP occupy the largest market share due to various superior attributes such as high mechanical, thermal, chemical strength, wear and corrosion resistance, and high resilience and endurance levels.
This allows these materials to be consumed in various medical applications. However, raw material price volatility and crude oil price fluctuation can impact market growth.
Medical Polymers Market Report Highlights
- In terms of product, the fibers and resins segment occupied a market share of 74.36% in 2020. The high demand can be attributed to the better thermal and chemical resistance properties of the product
- The biodegradable plastics segment is anticipated to register a CAGR of 15.7% during the forecast period. The rising adoption of biodegradable plastics in the manufacturing of a range of medical equipment and its growing use in prosthetics for replacement procedures is anticipated to drive the demand during the forecast period
- The medical devices and equipment segment is projected to dominate the demand in terms of application, with a market share of 53.8% in 2020. Increasing use of polymers in the manufacturing of implants, joint & hip replacements, and cardiology stents are projected to drive the market growth during the forecast period
- The Asia Pacific region is anticipated to dominate the demand for medical polymers in terms of production and consumption. The region is estimated to expand at a CAGR of 9.2% during the forecast period. Improvement in the standard of living, rising awareness about the benefits of medical polymers compared to their traditional counterparts, and rise in home healthcare devices have been the factors driving the regional demand
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market summary
2.2. Segmental Outlook
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Lineage Outlook
3.1.1. Global Polymer Foam Market
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Raw Material Trends
3.3.2. Manufacturing Trends
3.4. Technology Overview
3.5. Regulatory Framework
3.6. Market Dynamics
3.6.1. Market Driver Analysis
3.6.2. Market Restraint Analysis
3.7. Business Environment Analysis: Chrome Plating on Automotive Plastics Market
3.7.1. Industry Analysis - Porter's
3.7.2. PESTEL Analysis
Chapter 4. Medical Polymers Market: Product Estimates & Trend Analysis
4.1. Product movement analysis & market share, 2016 & 2028
4.2. Medical Resins and Fibers
4.3. Medical Elastomers
4.4. Biodegradable plastics
Chapter 5. Medical Polymers Market: Application Estimates & Trend Analysis
5.1. Application movement analysis & market share, 2016 & 2028
5.2. Medical devices and equipment
5.3. Medical packaging
Chapter 6. Medical Polymers Market: Regional Estimates & Trend Analysis
6.1. Regional movement analysis & market share, 2016 and 2027
Chapter 7. Competitive Landscape
7.1. Key Global Players & Recent Developments & Their Impact On The Industry
7.2. Key Company/Competition Categorization (Key innovators, Market leaders, Emerging players)
7.3. Vendor Landscape
7.3.1. List of key Distributors And Channel Partners
7.3.2. Key Potential Customers
7.4. Public Companies
7.4.1. Company Market Position Analysis
7.4.2. Competitive Dashboard Analysis
7.5. Private Companies
7.5.1. List of Key Emerging Companies/Technology Disruptors/Innovators
7.5.2. Geographical Presence
Chapter 8. Company Profiles
8.1. Company Overview
8.2. Financial Performance
8.3. Product Benchmarking
8.4. Strategic Initiatives
- BASF SE
- Bayer Material Science AG
- Celanese Corporation
- DSM N.V.
- DuPont
- Eastman Chemical
- Evonik Industries AG
- Exxon Mobil Corporation
- Dow, Inc.
- Huizhou Foryou Medical Device Co. Ltd.
- Kraton Performance Polymers Inc.
- Tianjin Plastics Research Institute Co. Ltd
- Formosa Plastics Corporation
- Shanghai New Shanghua Polymer Material Co. Ltd
- Sinopec Beijing Yanshan Company
For more information about this report visit https://www.researchandmarkets.com/r/z2j4rl
