Medical Polymers Market
Medical Polymers Market Analysis by Commodity Polymers and Engineering Thermoplastics for Packaging and Implants from 2023 to 2033
Analysis of Medical Polymers Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Medical Polymers Market Growth Outlook (2023 to 2033)
Based on the analysis by Fact.MR, the global medical polymers market is valued to be US$ 10.4 billion in 2023 and it is anticipated to grow at a CAGR of 8.4% to reach US$ 23.4 billion by the end of 2033.
COVID-19 pandemic has exposed gaps in healthcare systems across the world. It has put countries under immense pressure to bring changes in their healthcare setups. As a result, governments around the world have started investing heavily to strengthen their healthcare infrastructure.
This is expected to accelerate the growth of medical polymers market during the forecast period. Medical polymers are lightweight, they offer better biocompatibility, and are available at low cost which makes them ideal for application in packaging of various medical devices.
Report Attributes |
Details |
Medical Polymers Market Size (2022A) |
US$ 9.6 Billion |
Estimated Market Value (2023E) |
US$ 10.4 Billion |
Forecasted Market Value (2033F) |
US$ 23.4 Billion |
Global Market Growth Rate (2023-2033) |
~8.4% CAGR |
North America Market Share (2023) |
~32.3% |
US Market Growth Rate (2023-2033) |
~8.7% CAGR |
Key Companies Profiled |
|
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Historic and Future Pathway Analysis for the Medical Polymers Market
Due to the specialized nature of the product application and higher production costs, medical polymer prices have increased more quickly than those of traditional commodity polymers during the previous five years. Due to the dramatic increase in demand for medical supplies and equipment during the COVID-19 pandemic, medical polymer prices skyrocketed, providing manufacturers with opportunities to upgrade and retrofit existing facilities in order to increase short-term absolute $ potential.
Currently, the amount of the worldwide polymer industry that medical polymers make up is less than 2%. Despite having a small volume market share, the market earns more money due to exclusive price points for specialty polymers.
- Short Term (2023-2026): Rising health concerns and use of medical devices at home will drive the demand for medical polymers in short run.
- Medium Term (2026-2029): Market will grow at a steady pace due to cyclical changes in healthcare sector during the medium term.
- Long Term (2029-2033): Growing market of at home / self-use medical devices will drive the demand for medical polymers in long run.
According to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 8.4% CAGR between 2023 and 2033.
“Rising government focus on Circular Economy Paving Growth for Medical Polymers”
The initial separation, treatment, and combined processing of waste plastic in processing plants are the basic steps of a circular economy for medical-grade polymers production. Starting a new production line for medical polymers and building a recycling facility are both challenging.
Various governments are now making policies and regulations that promote the use of products that are recyclable and bio-degradable in nature. This is being done with focus on preserving environment from getting affected by dumping of used plastics and other non-recyclable materials. Medical polymers are recyclable and thus, its demand is expected to rise in future.
“Wide range of favorable properties and low cost compared to alternatives”
Over the past ten years, the use of polymers in the medical field has increased due to the advancement of engineered plastics. These plastics are safe to use in appliances and medical equipment. Medical polymers are also more affordable than alternatives like glass, ceramics, and metals.
While being lighter and more resource-efficient, engineering plastics can equal the structural strength, stability, inertness, durability, and formability of metals and ceramics. Medical polymers are also utilized for packaging since they are transparent, lightweight, affordable, and durable. As a result, the medical industry is increasingly demanding medical polymers, which is driving the expansion of the medical polymer market.
Country-wise Insights
Why the demand for medical polymers is highest in US markets?
In 2023, around 1/3rd of worldwide demand for medical polymers will come from North America, which now dominates the market. The growing market for home healthcare devices, the high incidence of chronic diseases, and the existence of top packaging and medical device firms all contribute to the region's growth.
A significant portion of the population now has access to healthcare facilities and services in the United States because to important government efforts like the Affordable Care Act (ACA) and Medicaid. This has increased the demands for branded medications, medical equipment, and healthcare services, which has increased the demand for medical polymers in the nation, particularly in applications like medical components, packaging, and wound care, among others.
Why the growth for medical polymers is highest in Asia Pacific countries?
To meet the expanding demand from the healthcare industry, a number of medical devices have been reformed, changed, and freshly constructed over the previous five years. The country's research institutions now have more opportunities to increase production and take advantage of the shortage of distinctive medical products.
China is the leading country in exports of diagnostic tools and medical clothing were led by China. Understanding the pandemic era's opportunistic scenario, its government has provided incentives to regional manufacturers to encourage the manufacturing of medical apparel. China is now making significant investments in reorganizing and growing the healthcare industry, particularly in the wake of the COVID-19 pandemic.
Pertaining to above mentioned factors, sales of medical polymers in China is anticipated to increase at CAGR of 8.9% during the forecast period 2023-2033.
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Category-wise Insights
Why commodity medical polymers are having the largest share in market?
Commodity medical polymers are highly sought-after in healthcare industry. These polymers offer various advantages such as flexibility, compatibility, durability, light weight, and ease of fabrication. Hence, consumption of commodity polymers will reach around 6.1 MMT in 2023. The study forecasts the consumption of medical polymers to grow in the future.
After material choice, design is another aspect to take into account when it comes to medical polymer failure. The properties of the chosen polymer must also be taken into consideration while designing a product, in addition to its intended use. Manufacturers can choose a material that will perform its intended function by carefully weighing its mechanical, thermal, environmental, electrical, and chemical properties.
Medical packaging makers select commodity polymers that are inexpensive, suitable with usage standards, and readily available by taking into account the aforementioned considerations. Therefore, in 2021, medical grade commodity polymers enjoyed a magnificent share of more than 3/4 due to their ease of formability and compatibility.
Why medical packaging applications demand the maximum of medical polymers?
Medical polymers are expected to develop as a result of the rising demand for medical equipment and other pharmaceutical drugs to be packaged effectively while also being more hygienic. Barrier packaging and medical-grade films protect the item inside from a variety of external factors.
The demand for medical polymers will increase during the forecast period as a result of numerous governments and other bodies pushing their use in the production of disposables and other packaging items also.
Eminent Players Key Stratagems
Prominent medical polymer manufacturers are Exxon Mobil Corporation, Formosa Plastics, Hyosung Chemicals, Ineos, LG Chem, LOTTE Chemical Corporation, Lyondell Basell, SABIC, SIBUR, Simona America, Sinopec, Total Plastics among others.
Manufacturers are consistently spending money on research & development activities to create better, more sustainable medical polymers. This has increased the use of medical polymers in implants and cosmetic surgery. Leading producers including Lyondell Basell, Sinopec, Borealis, and ExxonMobil have increased the size of their medical polymer manufacturing facilities in capitalizing on the growing demand for polymers from the healthcare industry, particularly for pharmaceutical packaging and medical equipment.
Fact.MR has provided detailed information about the price points of key manufacturers of medical polymers positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Medical polymers Industry Research
-
By 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
- Commodity Polymers
-
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
- Packaging
-
By Processing Method :
- Blow Fill Seal
- Injection Stretch Blow Molding
- Extrusion Blow Molding
- Others
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
What was the Global Medical polymers Market Size in 2022?
The global medical polymers market is valued at US$ 9.6 billion in 2022.
What is the medical polymers market valuation expected for 2033?
The global medical polymers market is projected to reach the valuation of US$ 23.4 Bn at the end of year 2033.
What is the projected CAGR for the medical polymers market from 2023 to 2033?
The global medical polymers market is projected to grow at a CAGR of 8.4% during the forecast period 2023-2033.
Which regional medical polymers market accounts for leading market share?
North America in the global medical polymers market is anticipated to account for 32.3% market share in 2023.