According to the latest report by IMARC Group, titled “Medical Polymers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global medical polymers market exhibited moderate growth during 2015-2020. Medical polymers refer to thermoplastic materials that are used to manufacture medical devices, implants, disposables (gloves, vials, tools), and packaging. They comprise naturally occurring polymers, such as proteins, polysaccharides and polynucleotides, and synthetic polymers like polycaprolactone (PCL), polyethylene glycol (PEG) and polyurethanes. Medical polymers are utilized as additives and fillers in medical plastics and various medical equipment. They are commonly used in tissue engineering as they offer favorable mechanical properties and are biocompatible and biodegradable.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Medical Polymers Market Trends:
In recent years, with the increasing prevalence of chronic medical ailments like cardiovascular issues, infections, generic medical conditions, and other disorders, advanced pharmaceutical devices and sophisticated medical treatments have been developed. Along with this, the expanding aging population and the growth of the home healthcare market have escalated the demand for advanced and sophisticated medical devices, requiring medical polymers for their production. Besides this, the rapid spread of the coronavirus disease (COVID-19) has encouraged governments of various countries to increase their investments in research and development (R&D) for producing medical polymers. Moreover, the development of novel materials, such as biomedical polymers in medical implants, will provide further momentum to the market. Looking forward, the market is anticipated to grow at a CAGR of 8% during the forecast period (2021-2026).
- Based on the type, the market has been segmented into medical resins and fibers (polyvinyl chloride, polypropylene, polyethylene, polystyrene and others), medical elastomers (styrene block copolymer, rubber latex and others) and biodegradable plastics.
- On the basis of the application, the market has been classified into medical equipment and devices, medical packaging, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being BASF SE, Celanese Corporation, Covestro AG, DuPont, Eastman Chemical Company, Evonik Industries AG, Exxon Mobil Corporation, Huizhou Foryou Medical Device Co. Ltd., Kraton Corporation and Solvay S.A.
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