Medical Polymer Market: Fibers & Resins Across The Product Segmentation Dominated In Terms Of Both Volume And Revenue

 Medical Polymer Industry Overview

The global medical polymer market size was valued at USD 18.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.0% from 2022 to 2030. Factors, such as increasing demand from the medical industry are anticipated to fuel the demand for medical-grade polymers. Polymers are classified as synthetic and natural polymers based on raw materials. Naturally occurring polymers include wood, bio-based polymers, and natural rubber, whereas synthetic polymers include thermosets & thermoplastic resins, elastomers, and fibers.

Increasing per capita healthcare spending in the form of health insurance in the U.S. has been one of the significant trends impacting the growth of the market in North America. This is expected to augment the demand for generic drugs and medical devices in the coming years, thereby driving the market in North America during the forecast period. This industry's critical applications include medical components manufacturing and pharmaceutical packaging.

The presence of key government initiatives such as the Affordable Care Act (ACA) and Medicaid has enabled a large percentage of the population to gain access to healthcare facilities and services in the U.S. This has further boosted the demand for branded drugs, medical devices, and healthcare services, thereby driving the need for medical polymers in the country, primarily in applications such as medical components, packaging, and wound care.

Gather more insights about the market drivers, restrains and growth of the Global Medical Polymer market

 

The Canadian healthcare industry is attracting significant investments from both the public and private sectors. According to Canadian Institute for Health Information (CIHI), the government planned to spend USD 308 billion in 2021 on the healthcare sector. The country is characterized by high health consciousness and high life expectancy, viz., 85 years for women and 79 years for men, thus, posing lucrative growth opportunities for medical polymer manufacturers in Canada.


Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

  • Polylactic Acid Market - The global polylactic acid market size was valued at USD 566.74 million in 2021 and is expected to advance at a compound annual growth rate (CAGR) of over 26.6% from 2022 to 2030. Growing demand for the product is mainly driven by the end-use industries such as agriculture, transport, textile, and packaging.

  • Plastic Dielectric Films Market - The global plastic dielectric films market size was estimated at USD 1.28 billion in 2022 and is expected to exhibit a compound annual growth rate (CAGR) of 4.5% over the forecast period. The increasing demand for electronic goods and the growing food packaging industry are driving the industry.

 

Medical Polymer Market Segmentation

Grand View Research has segmented the global medical polymer market based on product, application, and region:

Medical Polymer Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Fibers & Resins
  • Medical Elastomers
  • Biodegradable Polymers
  • Polylactic Acid (PLA)
  • Polyhydroxyalkanoate (PHA)
  • Others

Medical Polymer Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Medical Device Packaging
  • Medical Components
  • Orthopedic Soft Goods
  • Wound Care
  • Cleanroom Supplies
  • BioPharm Devices
  • Mobility Aids
  • Sterilization & Infection Prevention
  • Tooth Implants
  • Denture Based Materials
  • Other Implants
  • Others

Medical Polymer Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)


Market Share Insights

  • July 2021: Celanese Corporation announced the expansion of its Florence, Kentucky research and development center with the addition of a pharmaceutical drug delivery feasibility lab, through the development of a new feasibility lab long-acting controlled release drug delivery will be driven.

 

Key Companies profiled:

Some prominent players in the global medical polymer market include:

  • BASF SE
  • NatureWorks LLC
  • Covestro AG
  • Celanese Corporation
  • Eastman Chemical Corporation
  • Evonik Industries AG
  • Dow Inc.
  • Exxon Mobil Corporation
  • Arkema
  • Koninklijke DSM NV
  • Formosa Plastics Corporation
  • Foryou Medical
  • KRATON CORPORATION
  • SABIC
  • Trinseo S.A.


Order a free sample PDF of the Medical Polymer Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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