Medical Polymers Market size is anticipated to surpass USD 45 billion by 2032, according to a new research report by Global Market Insights Inc.
The increasing geriatric population will act as a major influential factor driving the medical polymers industry trends. The World Health Organization (WHO) revealed that about 80% of the population in low and middle-income countries will be above the age of 60 in 2050. In terms of healthcare, an aging population may result in increased demand for health and social care, as well as a higher prevalence of chronic-degenerative illnesses. This would eventually necessitate huge investments in the global healthcare system.
The use of polymers in the medical devices industry has been noticing a significant uptick. Polymer-based single-use devices are less likely to cause HAI infections than reusable instruments, which need to be sterilized after each use. Additionally, since plastics are radiolucent, polymer-based surgical devices allow surgeons to have an unobstructed view.
Increasing need for lightweight materials to foster the demand for medical fiber and resins
The medical polymers market from the medical fiber and resins segment is valued at USD 32 billion by 2032. Increasing demand for hygienic, durable, and relatively lightweight materials in the healthcare and pharmaceutical industry escalates the use of medical polymers. Fiber composite materials have been through many types of composite manufacturing which has offered them new advantages for strength and weight especially compared to industry staples like iron, aluminum, and titanium. Studies have also revealed that carbon fibers are not only highly chemical resistant but are also five times as strong as steel.
Rising adoption of medical devices & equipment to complement industry trends
The medical polymers market from the medical devices & equipment segment is projected to exceed USD 21 billion by 2032. Polymers such as TVC, SBC, and rubber latex, are extensively used in tubing, bags, and thermostat rubber across the healthcare industry. Medical polymers help to improve the quality of healthcare delivery as well as saving many lives by making it easier to maintain sterility. They enable the production of economical, disposable tools and devices, such as catheters, syringes, and surgical gloves.
For example, prior to disposable plastic syringe availability, syringes had to be disinfected thoroughly after each use as they posed the danger of infecting the next patient when not sanitized adequately after use. Furthermore, they also improve healthcare safety by enabling the production of safety measures such as tamper-proof lids on medical packages.
Browse key industry insights spread across 320 pages with 505 market data tables & 24 figures & charts from the report, “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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Rise in pharmaceutical R&D activities to push LATAM market forecast
The LATAM medical polymers market size cross USD 3 billion by 2032. Increasing government spending to enhance the pharmaceutical sector is augmenting the regional product demand. Mexico, for example, has signed a total of 12 Free Trade Agreements with 33 countries, including the European Union, Japan, the United States, Canada, and Israel. Mexico has access to the most established and expanding pharmaceutical markets in North and Latin America as a member of the North American Free Trade Agreement (NAFTA). Such initiatives will boost investments in pharmaceutical research and production, thereby accelerating the demand for medical polymers in the region.
Strategic product developments to define the competitive landscape
The medical polymers market consists of prominent corporations such as 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, and Solvay SA. These companies are heavily investing in product R&D to retain their existing customers and attract new clientele.
To cite an instance, Celanese Corporation announced the addition of a pharmaceutical drug delivery feasibility lab to its Florence, Kentucky R&D site in July 2021. This move enabled the firm to increase its manufacturing capacity and meet the medical industry's expanding product demand.
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