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Medical Polymers Market

Medical Polymers Market

Medical Polymers Market Analysis Report By Polymer Material (Commodity Polymers, Engineering Thermoplastics), By Application (Packaging, Implants), By Processing Method (Blow Fill Seal, Injection Stretch Blow Molding), By Region - Global Insights 2018 to 2028

Medical Polymers Market

Medical Polymers Market Outlook

The medical polymers market is projected to surge at a CAGR of 8.2% over the period of 2021 to 2031. Higher anticipated surge in demand is primarily due to rise in spending of regional governments to strengthen their healthcare infrastructure, post COVID-era.

To cash-in on the rising demand for polymers from the healthcare sector, especially for pharmaceutical packaging and medical devices, prominent manufacturers such as LyondellBasell, Sinopec, Borealis, and ExxonMobil have expanded their medical polymer production facilities. This has, in turn, had a cascading effect and normalized price growth over Q3 and Q4 of FY2020.

Consumption of medical polymers surpassed 5 MMT in 2020, and this statistic is anticipated to burgeon at a pace of 6.7% CAGR through 2031.

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Medical Polymers Industry Report Scope

Attribute Details
Medical Polymers Market Size Value in 2020 USD 8.19 Bn
Medical Polymers Market Size Value by 2031 USD 20.1 Bn
Global Growth Rate CAGR 8.2%
North America Market Size in 2020 USD 2.8 Bn
Latin America Market Size in 2020 USD 511 Mn
Europe Market Size in 2020 USD 2,672 Mn
East Asia Market Size in 2020 USD 1.3 Bn
South Asia & Oceania Market Size in 2020 USD 644 Mn
Middle East and Africa Market Size in 2020 USD 256 Mn
Forecast Period 2021-2031
Historical Data Available for 2016-2020
Market Analysis Value in US$ Mn, Volume in KT
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East Africa
Key Regions Covered
  • U.S.
  • Canada
  • Mexico
  • Brazil
  • Mexico
  • Argentina
  • Germany
  • Italy
  • France
  • U.K
  • Nordic
  • Spain
  • Japan
  • China
  • India
  • Malaysia
  • Thailand
  • Australia
  • GCC Countries
  • South Africa
  • Turkey
Key Market Segments Covered
  • Polymer Material
  • By Processing Method
  • By Application
  • Region
Key Companies Profiled
  • Exxon Mobil Corporation
  • Formosa Plastics
  • Hyosung Chemicals
  • Ineos
  • LG Chem
  • LOTTE Chemical Corporation
  • LyondellBasell
  • Others
  • Simona America
  • Sinopec
  • Total Plastics
Pricing Available upon Request

Consumption Analysis of Medical Polymers for 2016-2031

Over the past half-decade, medical polymer prices grew at a pace higher than conventional commodity polymers due to exclusivity of product application and cost of the product produced.

In FY2020, medical grade polymer prices surged to new heights, opening up avenues for manufacturers to enhance and retrofit existing facilities to capture higher short-term absolute $ opportunity. Anticipated short-run (2021-2024) absolute dollar opportunity created in the business is valuated at more than US$ 2.5 Bn.

Over medium-run to long-run, demand growth is set to normalize owing to lower price rise speculation and cyclical changes in the healthcare sector. Moreover, rate of adoption and cost curves also play a prime role in assessing demand over the long-run

Below points summarize the over the long-run forecast period:

  • Currently, medical polymers capture nearly 2% of overall global polymer industry in terms of volume. Despite holding minimal share, the market generates higher revenue on the back of exclusive price points of polymers.
  • Medical devices is the most prominent application with expected market growth of 6.9% through 2031.
  • LyondellBasell, SABIC, Lotte Chemicals, ExxonMobil, and Formosa Plastics hold the pricing throne to some extent.

An Adaptive Approach to Modern-day Research Needs

How are Medical Polymer Manufacturers Mitigating the Risk of Investment?

To moderate the existing risk of pharmaceutical packaging, such as extensive approval cycle of polymer batch for their utilization in aseptic packaging of medical solutions, coupled with dynamic changes in FDA rules, is forcing polymer producers to redraft their medium- and long-run business strategies.

Polymer producers are inclining towards providing exclusive commodity polymers and engineering thermoplastics to medical device manufacturers owing to the static nature of regulatory bodies over medical devices.

Moreover, low interest rates and high profit margins have motivated suppliers of medical polymers to scale up their production.

Medical polymers market region regional analysis by Fact.MR

Country-wise Analysis

What Makes the U.S. a Prominent Market for Medical Polymers?

The United States is currently the flag bearer in terms of medical polymer consumption, on the back of extensive utilization of polymers in pharmaceutical packaging and medical device manufacturing. In 2020, the country surpassed the demand bar of 2 MMT, and this number is set to double by the end of 2031.

According to CMS, U.S. healthcare spending was valued at US$ 3.8 Tn in 2019, and around US$ 200 Bn added to the succeeding year. This incline in spending in 2020 has provided an impetus to medical polymer demand for various applications, ranging from packaging, implants, medical wear, and medical devices.

What was the Scenario of the Market in Germany for Medical Polymers Over the Past Half-decade?

Germany is known for its technological prowess in the healthcare sector in terms of innovation. Over the past-half decade, bundle of medical devices have been restructured, modified, and newly built to suffice growing demand from the healthcare sector. This has opened up avenues for research institutes in the country to scale up production and cash in on the deficit of exclusive medical devices.

This phenomenon has provided a positive impact on driving demand for medical polymers, especially engineering plastics, in the country. Demand for engineering thermoplastics is anticipated to grow 2X by 2031 as compared to 2021.

How Has Medical Polymer Demand been Shaping across Established & Evolving Markets?

China: In 2020, China held the top spot in medical wear and diagnostic kits exports. Comprehending the opportunistic scenario in the pandemic era, its government has motivated regional producers with incentives over the production of medical wear. This has cascaded a positive impact on medical polymers, and demand is anticipated to expand at 9.9% CAGR over the forecast period. In 2020, medical polymer sales surpassed US$ 875 Mn

India: India is primarily dependent on imports with more than 75% of medical devices consumed in the country. Currently, the country is extensively investing in restructuring and expanding the healthcare sector, and sales of medical grade polymers are anticipated to increase at 6.4% CAGR over 2021-2031.

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Category-wise Analysis

How Has Circular Economy Assisted Growth of Medical Elastomers and Polymers?

The fundamental processes of a circular economy for medical-grade polymers include initial separation, clarity, treatment, and separate or combined processing of plastic in plants. Building a recycling factory is just as difficult as starting a new medical polymer production line.

Despite a recycling plant's high startup costs, long-term operating costs, capacity utilization, and plant depreciation play a significant influence in determining the comparative margins and costs generated.

Over the past half-decade, leading manufacturers have reaped the benefits of using a circular economy for polymers, such as polyethylene, polypropylene, PEEK (Polyetheretherketone), etc., and have been effective in lowering manufacturing costs while simultaneously ensuring higher margins.

Around 5% of medical polymers were recycled of the 6 MMT consumed in 2020. This share of recycled polymers is anticipated to surpass 10% by the end of 2031.

Why Does Choice of Material Play a Prominent Role in Compatibility of Devices?

Material durability is one of the most important factors to consider in the long-term, life-critical, and implantable devices such as defibrillators, pacemakers, and neurostimulator systems where parts cannot be easily serviced or replaced.

As per the recent Food and Drug Administration (FDA) report, materials were identified as the primary root cause of device failure for ∼40% of medical device recalls. Polymers were implicated in two-thirds of the top ten medical device recalls (failures attributed to a material root cause) over the last five years.

Medical device including surgical instruments failure is frequently caused by poor material selection. Due to this, OEMs may face major penalties, including costly warranty claims, legal battles, and product recalls. Choosing the wrong polymer might lead to serious product problems, which is especially true in chemical attack and environmental stress cracking applications.

When it comes to medical polymer failure, design is another factor to consider after material selection. A product must be created not just with its function in mind but also with the qualities of the chosen polymer. By carefully considering a material’s mechanical, thermal, environmental, electrical, and chemical aspects, manufacturers can select a material that will serve its appropriate function.

Considering the aforementioned factors, medical packaging manufacturers choose commodity polymers that are available at low price and are compatible with norms of utilization. Therefore, ease of formability and compatibility provided a magnificent share of 87% to commodity medical grade polymers in 2021. Consumption of these polymers over the same year stood at 5.3 MMT.

Medical polymers market application value share and opportunity by application by Fact.MR

How Has Covid-19 impacted the Medical Polymers Business?

The COVID-19 pandemic was at its worst in 2020, and the world is still fighting to recover from its impact on global public health. The role played by medical-grade polymers, with plastics as the main material, in medical devices and personal protective equipment for healthcare workers, is sizeable. Advantageous possibilities for sterilization, lower costs, and easier disinfection of polymeric materials gave them significant importance in the healthcare sector.

The pandemic has altered the landscape of medical equipment and device demand around the world. In the third and fourth quarters of 2020, hospitals across both, developed and developing countries suffered from critical medical equipment shortages. This cascaded the demand for medical polymers over the same quarters and pushed prices up by nearly 7%.

In Q3, commodity medical polymer prices stabilized at 3% points, whilst soaring prices of engineering thermoplastics was observed on the back of rising production of medical devices and equipment.

Competitive landscape

Top manufacturers of medical polymers include

  • LyondellBasell
  • Lotte Chemical Corporation
  • LG Chem
  • Exxon Mobil Corp
  • Hyosung Corporation
  • Ineos
  • Total Plastics
  • Sinopec
  • Formosa Plastics
  • SIBUR.

Of these manufacturers, prominent companies are LyondellBasell, ExxonMobil, Sinopec, and SABIC, who control nearly 20% of the global supply of medical polymers across the globe.

Medical Polymers Industry Key Segments

  • Polymer Material

    • Commodity Polymers
      • Medical Grade Polypropylene
      • Medical Grade Polyvinyl Chloride
      • Medical Grade Polyethylene
        • LDPE
        • HDPE
        • LLDPE
      • Medical Grade Polyesters
    • Engineering Thermoplastics
      • Polyvinyl Pyrrolidone (PVP)
      • PEEK
      • Polycarbonate
      • Others
  • By Application

    • Packaging
      • Injections
      • Medical Bags
      • Medical Tubes
      • Pharmaceutical Blisters and Trays
      • Microplates
      • Vials
      • Blister Packs
      • Others
    • Implants
      • Breast Implants
      • Orthopedic Implants 
      • Spinal Implants
      • Others
    • Medical Wear
      • Gloves
      • Face Shields
      • Masks & Gowns
      • Others
    • Medical Devices
      • Pacemakers
      • Dental & Orthodontic Devices
      • Catheters
      • Contact Lenses
      • Others
  • By Processing Method

    • Blow Fill Seal
    • Injection Stretch Blow Molding
    • Extrusion Blow Molding
    • Others

- FAQs -

In 2020, medical polymers market valuation was US$ 9.1 Bn.

Sales of medical polymers are projected to increase at a CAGR of 8.2% during 2021 – 2031.

Sales of medical polymers increased at a CAGR of over 7.8% during 2016 – 2020.

Polymer modification and additives to strengthen molecular structure are prominent trends in this space.

Economies of scale and low cost of production are prime factors driving the revenue of stakeholders in the market.

Tier-1 manufacturers of medical polymers account for around 25% share in the market.

The top 5 countries for medical polymers are the U.S., China, Germany, Italy, and Russia.

North America accounted for nearly one-third of global medical polymer demand in 2020.

The European market for medical polymers is projected to expand at a CAGR of 7.9% during 2021 – 2031.

China’s medical polymers business is set to surge at 9.7% CAGR, with market coverage of more than 67%.

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