Home > Polymers & Advanced Materials > Medical Polymers Market

Medical Polymers Market Size, Share and Industry Analysis Report by Product (Medical Fibers & Resins [PVC, PP, PE, Polystyrene], Medical Elastomers [SBC, Rubber Latex], Biodegradable Medical Plastics) and Application (Medical Devices & Equipment, Medical Packaging), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI1126
  • Published Date: Aug 2021
  • Report Format: PDF

Industry Overview

Medical Polymers Market size was valued at over USD 16.5 billion in 2020 and is estimated to exhibit 9.4% CAGR from 2021 to 2027 driven by strong growth in the pharmaceutical industry primarily in the U.S., which is attributed to heavy investments in the medical R&D that has led to the development of technically advanced medical devices and equipment. With regards to volume, the market will reach a CAGR of 8.3% while recording a yearly projection of 13,416.5 Kilo Tons.

Medical polymers are extensively used in the manufacturing of medical devices and packaging, and henceforth sturdy growth in the pharmaceutical sector over the past few years has led to the increasing demand for medical polymers, which will subsequently boost the industry share by 2027.

Medical Polymers Market Outlook

Get more details on this report - Request Free Sample PDF

The government organizations are taking initiatives to boost the pharmaceutical sector by encouraging investment in R&D to develop technically advanced equipment, aiding in eradicating fatal diseases in the region. The pressing need to develop advanced medical devices will positively influencing the medical polymers market share over the projected timeframe.

The growing preference of patients toward homecare health treatment due to its cost-effective and convenient nature has led to the increasing demand for medical disposables across the globe. This will effectively contribute to attaining a higher market share over the projected timespan.

Increasing fibers & resins application in medical polymers market is attributed to their excellence in carrying out artificial implants and higher biocompatibility of the product. In addition, improving surgical procedures require advanced medical devices & equipment. This is due to the extensive application of fibers & resins (PVC, PP, PE, PS and others) in manufacturing medical devices and packaging. However, fluctuating raw material prices coupled with the presence of stringent regulations relating to the use of polymers are anticipated to be the major factor restraining the market demand.  

The fibers & resins segment was the highest revenue-generating segment in 2020

  Medical Polymers Market by Gloves

Get more details on this report - Request Free Sample PDF

In 2020, the fiber & resin segment generated over USD 12 billion and is projected to witness significant growth over the forecast period. Increasing demand for hygienic, durable, and relatively lightweight materials is expected to drive the growth of the market for thermoplastics in the medical industry in developing nations, such as China and India, over the next few years.

There is a growing awareness about hygiene and sterilization of medical devices. Transparent, water-chemical resistant and easily process-able materials can be manufactured on conventional plastic processing machinery in the plastic industry. This is expected to boost the demand for these materials for medical packaging in the coming years.

The biodegradable segment is anticipated to witness over 12% CAGR in terms of revenue through 2027. The escalation of the packaging industry is influenced by the need for non-toxic biodegradable plastics, resulting in the increased demand for biodegradable plastics; thus, the market share for biodegradable medical plastics will witness promising growth by 2027.

Medical devices & equipment will be the leading application throughout the assessment period

  Medical Polymers Market by End-use

Get more details on this report - Request Free Sample PDF

The medical devices and equipment segment leads the industry and will generate a demand for over 6 million tons by 2027. Polymers, such as SBC, TVC, and rubber latex, are used as bags, tubing, adhesive gloves, and thermostat rubber in the medical industry. Due to the sensitivity of the medical market, their demands have been consistently growing.

The others segment includes cardio, tissue culture, and will witness over 8.5% CAGR through 2027. Polymers are widely used in coatings that are applied in drug-eluting stents for the treatment of coronary heart diseases.

With the growth in heart diseases in North America and Europe in addition to the rising demand for minimally invasive procedures, the demand for drug elating stents is rapidly increasing in the market. Moreover, medical polymers are also used in tissue engineering as scaffolds. Porous polymer scaffolds that are fabricated to support the growth of biological tissue are anticipated to further augment the revenue of the medical polymers market.

North America will be the leading market

Medical Polymers Market by Region  

Get more details on this report - Request Free Sample PDF

North America will lead the industry with over 30% revenue share by 2027 due to the high awareness regarding personal healthcare has driven the healthcare expenditure per person in this region. The presence of major players, substantial investments in R&D, and significant demand in end user industries, such as medical devices & equipment, are likely to support the medical polymers market in North America.

Key players in North America, such as The Lubrizol Corporation, Formosa Plastics Corporation, U.S.A., and Kraton Corporation, are principally investing in R&D activities, signing patent license agreements, and launching new products based on polymers and resins catering to wide ranging applications.

Strategic collaboration by industry players to increase region presence

Industry players are collaborating with companies to expand their service network. In June 2020, Eastman Chemical Company partnered with IMCD Group to expand its distribution network for specialty plastics in the EMEA. The company’s specialty product portfolio includes polymers and compounds including Eastman Tritan, copolyester, Eastar copolyesters, DuraStar polymers, and Eastman Tr?va. The major players operating in the global medical polymers industry include Evonik Industries, Celanese, Bayer AG, Dow Chemical, DuPont, Eastman Chemical, Huntsman Corporation among others.

Medical Polymers Market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2017 to 2027, for the following segments:

By Application

  • Fibers and resin
    • PVC
    • PP
    • PE
    • PS
    • Others
  • Medical Elastomer
    • Styrene Block Copolymer
    • Rubber latex (NR + Butyl Rubber+Silicone rubber)
    • Others
  • Biodegradable

By End-user Type

  • Medical devices and equipment
  • Medical packaging
  • Others (cardio, tissue culture)

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • India
    • Australia
    • Japan
    • Indonesia
    • Malaysia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • GCC
    • South Africa
Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

Medical polymers market to cross $31 billion by 2027 and will observe a CAGR of over 9.4% from 2021 to 2027.

Fiber & resin segment had generated over USD 12 billion revenue in 2020 owing to increasing demand for hygienic, durable, and relatively lightweight materials.

Biodegradable segment will register a CAGR of over 12% through 2027 with the expansion of packaging industry and rising demand for non-toxic biodegradable plastics.

Demand for polymer-based medical devices and equipment segment will cross 6 million tons by 2027 for polymers like SBC, TVC, and rubber latex for producing bags, tubing, adhesive gloves, etc.

North America will capture a revenue share of over 30% by 2027 owing to increasing awareness about personal healthcare and growing healthcare expenditure in the region.

Buy Now

Access to only 1 person; cannot be shared; cannot be printed
Access for 2 to 5 users only within same department of one company
Access to a company wide audience; includes subsidiary companies or other companies within a group of companies

Premium Report Details

  • Base Year: 2020
  • Companies covered: 16
  • Tables & Figures: 280
  • Countries covered: 17
  • Pages: 180

Get a report that explains COVID-19 impact on this market

 Request Free Sample

Budget constraints? Get in touch with us for special pricing

Request Discount