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Medical Polymers Market - By Product (Medical Fibers & Resins [PVC, PP, PE, Polystyrene], Medical Elastomers [SBC, Rubber Latex], Biodegradable Medical Plastics), Application (Medical Devices & Equipment, Medical Packaging), & Forecast, 2023 - 2032

  • Report ID: GMI1126
  • Published Date: Dec 2022
  • Report Format: PDF

Medical Polymers Market Size

Medical Polymers Market size was valued at USD 20 billion in 2022 and is expected to observe over 8% CAGR through 2032. Rapid growth of the pharmaceutical devices sector over the past few years has significantly impacted the industry expansion.
 

Medical Polymers Market

In the current scenario, chronic medical ailments such as infections, cardiovascular issues, generic medical conditions, and other disorders are becoming increasingly prevalent. This has necessitated the development of advanced pharmaceutical devices and sophisticated medical treatments. Medical-grade polymers have established themselves as an essential component of the global healthcare ecosystem. They are employed in a wide range of devices, from surgical tools to implants and catheters. Single-use medical devices are also less likely to transmit healthcare-associated illnesses than reusable equipment as they are radiolucent, allowing light weighting, with minimized stress shielding.

Stringent regulations for governing new products to hamper medical polymers market demand

Presence of stringent norms for assessing the credibility of new products is expected to negatively impede the industry expansion. A significant concern regarding the use of polymers in the medical device industry is its safety and reusability. Recent studies have linked DEHP to a range of adverse effects in the reproductive tract, liver, kidneys, the heart, and lungs. These factors may have a crucial impact on the product uptake.

 

Medical Polymers Market Analysis

Global Medical Polymer Market, By Product

Medical polymers market share from biodegradable medical plastics segment is expected to grow at more than 10% CAGR through 2032. Owing to their product benefits, such as strong chemical and microbiological resistance, low weight and costs, biodegradable polymers are likely to see significant expansion in medical applications.  The manufacturing of these polymers revolves around less energy compared to traditional plastics, resulting in fewer GHG emissions that harm the planet. Since the material can be molded into exact proportions as per requirement, it calls for high demand in the syringe industry.
 

Global Medical Polymer Market, By Application

Based on application, medical packaging segment is projected to showcase more than 8% CAGR through 2032. The stringent need for the effective packaging of medical devices and pharmaceuticals coupled with the increasing hygiene awareness is driving the market growth. Medical polymer barrier packaging and films protect the products from vibration, stress, magnetic fields, and compression. Key regulatory authorities, such as the European FDA and the U.S. F.D.A. are encouraging medical plastics usage in disposables, which is boosting the growth of the medical polymers market.
 

Global Medical Polymer Market

MEA (Middle East and Africa) medical polymers market size is likely to depict over 9% CAGR through 2032. The increasing demand for polymers in medical packaging applications is contributing to industry share in the region. The stringent requirements for effective pharmaceutical and medical device packaging have led to the development of a diverse variety of innovative medical polymer films. Plastics that can withstand radiation sterilization have made way for a wide range of polymer compositions for rigid and semirigid thermoforms, as well as films with thicknesses ranging from 0.5 to 10.0 mil. Such technological advancements are likely to boost the market dynamics in the region.
 

Medical Polymers Market Share

Some leading medical polymer companies include

  • Bayer Material Science AG
  • BASF SE
  • Celanese Corporation
  • Eastman Chemical
  • DSM N.V.
  • Evonik Industries AG
  • The Dow Chemical Company
  • Exxon Mobil Corporation
  • Sinopec
  • Lubrizol Corporation
  • SABIC Innovative Plastics
  • Huntsman Corporation
  • Solvay SA.

To unlock optimized market participation, these firms are turning to several marketing strategies, including mergers and acquisitions, partnerships, new product launches, etc.

 

COVID-19 Impact

COVID-19 pandemic had a positive impact on the medical polymers market. The product demand was significantly influenced by the growing requirement for single use syringes for vaccinations. Additionally, the thriving pharma industry has also been a key contributor to the growth of the polymers industry, driven by the surging need for medication packaging. It is expected that the medical polymers industry is likely to see considerable upheaval in the years to come with the global threat of various infectious and chronic illnesses on the rise.
 

The medical polymers market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2018 to 2032 for the following segments:

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by Product

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

by Application

  • 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, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Market size for medical polymers was valued at USD 20 billion in 2022 and is expected to observe over 8% CAGR through 2032, driven by the rapid growth of the pharmaceutical devices industry.

Medical polymers industry share from biodegradable medical plastics segment is expected to grow at more than 10% CAGR through 2032, as it utilizes less energy than traditional plastics and is better for the environment.

MEA medical polymers size is likely to depict over 9% CAGR through 2032, owing to increasing product demand for medical packaging applications.

Some of the leading medical polymer manufacturers include Bayer Material Science AG, BASF SE, Eastman Chemical, DSM N.V., Celanese Corporation, Evonik Industries AG, The Dow Chemical Company, Exxon Mobil Corporation, Sinopec, Lubrizol Corporation, SABIC Innovative Plastics, Huntsman Corporation, and Solvay SA.

Medical Polymers Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 14
  • Tables & Figures: 529
  • Countries covered: 17
  • Pages: 320
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