The Medical Polymers Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medical Polymers Global Market Report 2024, The medical polymers market size has grown strongly in recent years. It will grow from $22.31 billion in 2023 to $24.53 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to rise in minimally invasive procedures, advancements in surgical techniques, increased aging population, focus on infection prevention, expanding applications in drug delivery.
The medical polymers market size is expected to see rapid growth in the next few years. It will grow to $36.01 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to increasing demand for biocompatible materials, rapid expansion of healthcare infrastructure, shift towards home healthcare, focus on sustainable and eco-friendly materials, technological integration in healthcare, rising incidence of chronic diseases. Major trends in the forecast period include recyclable and sustainable polymers, personalized implantable polymers, collaboration for polymer research, polymer coatings for medical devices, polymeric materials in wearable medical devices.
The increase in demand for medical devices is expected to boost the growth of the medical polymer market going forward. Medical devices are instruments, apparatuses, machines, appliances, implants, materials, or any similar product designed for medical practice. Medical polymers form an essential part of developing and manufacturing medical devices because of their low cost and lightweight properties. For instance, in October 2021, according to an article published by the FDA Center for Devices and Radiological Health, there were 2039 medical devices get authorization from January 2020-December 2020. In addition, in 2021, CDRH gave the breakthrough designation to 213 products and marketing permission to 13 breakthrough devices. Therefore, the increase in demand for medical devices is driving the growth of the medical polymer market.
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The medical polymers market covered in this report is segmented –
1) By Product: Fibers And Resins, Medical Elastomers, Biodegradable Polymers, Other Products
2) By Application: Medical Components, Orthopedic Soft Goods, Wound Care, Cleanroom Supplies, BioPharm Devices, Other Applications
3) By End-User: Hospitals And Clinics, Ambulatory Surgical Centers, Research And Academic Institutes, Other End-Users
Innovation in medical polymer material is a key trend gaining popularity in the medical polymer market. Companies operating in the medical polymer market are developing innovative medical polymer materials to sustain their position in the market. For instance, in November 2021, Arkema SA, a France-based manufacturer of specialty materials, announced the launch of Advanced Bio-Circular Polyamide 11 medical polymer. This new high-rigidity material offers an amalgamation of features in terms of physical performance, lightweight, and sustainability. It is intended to replace metal and traditional polymers in medical and healthcare applications. The new Rilsan MED polyamide 11 grade, which has a high glass fiber content (65%), has a tensile modulus of 18.5GPa, making it a perfect candidate to replace metal in the production of extremely demanding surgical equipment.
The medical polymers market report table of contents includes:
1. Executive Summary
2.Medical Polymers Market Characteristics
3. Medical Polymers Market Trends And Strategies
4. Medical Polymers Market – Macro Economic Scenario
5. Medical Polymers Market Size And Growth
6. Medical Polymers Segmentation
7. Medical Polymers Regional And Country Analysis
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27. Medical Polymers Competitive Landscape And Company Profiles
28. Medical Polymers Key Mergers And Acquisitions
29. Medical Polymers Future Outlook and Potential Analysis
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