Medical Polymer Market Regional Outlook, Application Potential, Competitive Share & Forecast, 2021 – 2028

 

Medical Polymer

Medical polymers are polymers that are used in the manufacture of medical equipment, implants, disposables (gloves and vials), and packaging. In nature, these polymers are biocompatible. Medical polymers such as engineering plastics, silicone, standard plastics, and HPP are utilised in the production of medical equipment.

According to Coherent Market Insights, The global Medical Polymers market is projected to surpass US$ 32,540.7 million by the end of 2028, in terms of revenue, growing at CAGR of 8.3% during the forecast period (2021 to 2028).

Government agencies are promoting the pharmaceutical industry by encouraging investment in R&D to produce technologically sophisticated equipment, which will assist in the eradication of deadly illnesses in the region. Over the forecasted period, the pressing requirement to produce innovative medical devices would favourably influence the medical polymers market share. Patients' rising preference for homecare health treatment, which is both cost-effective and convenient, has resulted in increased demand for medical disposables throughout the world. Over the forecasted timeframe, this will effectively contribute to achieving a larger market share.

The increasing use of fibres and resins in the medical polymers market may be ascribed to their superiority in carrying out artificial implants as well as the product's increased biocompatibility. Furthermore, modern medical instruments and equipment are required to improve surgical processes. This is owing to the widespread use of fibres and resins (PVC, PP, PE, PS, and others) in medical device and packaging manufacture. However, changing raw material prices, combined with strict laws governing the use of polymers, are expected to be the primary factors limiting market demand.

There is a rising understanding of the need of medical device cleanliness and sterilisation. In the plastics sector, traditional plastic processing machinery may produce transparent, water-chemical-resistant, and easily processable materials. In the next years, this is projected to increase demand for these materials for medical packaging. The necessity for non-toxic biodegradable plastics has affected the expansion of the packaging sector, resulting in higher demand for biodegradable plastics; hence, the market share for biodegradable medical plastics will see promising rise by 2027.

By 2027, the medical devices and equipment category will be the largest in the business, with a demand of approximately 6 million tonnes. In the medical business, polymers such as SBC, TVC, and rubber latex are employed as bags, tubing, adhesive gloves, and thermostat rubber. Their needs have been steadily increasing due to the sensitivity of the medical sector. Cardiology and tissue culture are among the other segments with a CAGR of around 8.5 percent through 2027. Polymers are commonly utilised in coatings for drug-eluting stents, which are used to treat coronary heart disease.

The Medical Polymer market for drug-elating stents is quickly growing due to the rise of cardiac illnesses in North America and Europe, as well as the increased desire for less invasive procedures. Medical polymers are also employed as scaffolds in tissue engineering. Porous polymer scaffolds, which are created to promote the development of biological tissue, are expected to boost the medical polymers market's revenue.