The global medical polymers market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 7% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Medical polymers comprise bulk materials, coatings, and pharmaceutical nano-carriers used for making drugs in regenerative medicine and tissue engineering. They offer versatility, strength, flexibility, biodegradability, biocompatibility, sterilization stability, and fatigue, heat, and electrical resistance. Several manufacturers are currently proving different types of medical polymers with adjusted molecular weight, crosslinking and crystallization degrees, copolymers and blends, and additional bioactive surface functionalization. Moreover, the growing demand for new and innovative medical devices is escalating the need for medical polymers worldwide to support device development and sustainability.
The rising need for swabs, medical devices, disposable masks, and personal protective equipment (PPE) to diagnose and treat individuals with coronavirus disease (COVID-19) represents one of the key factors impelling the demand for medical polymers. Apart from this, the increasing prevalence of infectious, chronic, cardiovascular, and other chronic diseases is propelling the adoption of advanced medical devices, which, in turn, is contributing to the market growth. Additionally, governments of numerous countries are financing medical research and development (R&D) projects to improve healthcare infrastructure. Besides this, the increasing need for organ transplantation due to the growing geriatric population and escalating number of accidents is driving the market. Furthermore, the emerging trend of medical tourism and the increasing popularity of home healthcare services are promoting the market growth. The leading market players are also focusing on introducing new and sophisticated biopolymers, which is projected to enhance the application of medical polymers in orthopedic stabilizing materials and vascular stents.
IMARC Group provides an analysis of the key trends in each sub-segment of the global medical polymers market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product type and application.
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The competitive landscape of the industry has also been examined along with the profiles 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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