GVR Report cover Medical Polymers Market Size, Share & Trends Report

Medical Polymers Market Size, Share & Trends Analysis Report By Product (Medical Resins & Fibers, Medical Elastomers), By Application (Medical Devices & Equipment, Medical Packaging), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: May, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-143-6
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 101

Report Overview

The global medical polymers market size was valued at USD 15.01 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 8.0% from 2021 to 2028. Increasing demand for medical polymers in the manufacturing of medical devices and equipment and medical packaging is expected to drive growth. Medical Polymers or medical-grade polymers are synthetic materials that are usually categorized into elastomers, fibers, and resins. Medical Polymers are utilized as additives and fillers to medical plastics and various medical equipment and packaging. The demand is expected to majorly increase due to the rising demand to tackle the COVID-19 pandemic situation worldwide. The continuously rising demand for medical packaging products for COVID-19 is projected to influence the market positively. North America is expected to dominate the rising demand as the region has major healthcare product manufacturers.

U.S. medical polymers market size, by product, 2016 - 2028 (USD Billion)

Polymers, including fibers and resins, biodegradable plastics, and elastomers, are increasingly used for manufacturing medical devices. The growth of the home healthcare market on account of low costs compared to hospital care and intensive care has resulted in the rise in demand for medical devices. Some of the important factors influencing the market for medical devices are availability, awareness, affordability, and adaptability. Emerging economies, including India, are expected to witness a huge growth of medical devices due to the rise in manufacturing activities. Growing demand for better health care facilities coupled with the rising number of hospitals has augmented the development of the medical devices sector, driving demand for medical polymers.

Engineering polymers including polystyrene, polypropylene, polyvinyl chloride (PVC), polyethylene (PE), and polyethylene terephthalate (PET) are some of the key medical-grade polymers used for manufacturing equipment and devices. The industry has witnessed an increasing consumption of polyetheretherketone (PEEK) in various applications, including spinal implants, cranial injuries, and hip and joint replacements, owing to its improved bio-compatibility and lower cost over traditional materials such as titanium. This is expected to boost the demand for medical polymers over the forecast period.

Application Insights

The medical devices segment was the largest application segment in 2020, accounting for 53.80% of the global revenue share. Medical equipment such as surgical instruments, catheters, insulin pens, and portable devices, which require a low coefficient of friction, are a major contributor to the rise in demand for medical devices and equipment in the last few years, and this trend is expected to continue during the forecast period. In addition, medical components such as X-Ray machines, ECG machines, and other diagnostic devices are also manufactured with the help of medical polymers.

Medical packaging is the second-fastest-growing segment in terms of applications for medical polymers. Medical packaging includes designing packaging systems for blood bags, oral solids and liquids, syringes, and surgical instruments. Pharmaceutical packaging also includes designing catheters and surgical gloves, which require medical polymers due to their flexible characteristics. Growing demand for these products is expected to drive the demand for medical polymers during the forecast period.

Product Insights

The fibers and resins segment emerged as the largest product segment in the global medical polymers market, accounting for 74.36% of the total value share in 2020. Fibers and resins, including PVC and PP, occupy most of the market on account of their wide range of applications in medical devices and equipment. The rise in demand for advanced and sophisticated medical devices, coupled with the growing aging population and growth of the home healthcare market, has resulted in a very high penetration for these medical polymers.

Global medical polymers market share, by product, 2020 (%)

Medical elastomers such as styrene block copolymer, rubber latex, and others are growing in importance due to their increasing medical and pharmaceutical packaging applications. Their applications include medical tubing, medical gloves, and surgical drapes. These elastomers have a very potential for growth on account of their various abilities, including lubricity, bio-compatibility, and producing long length and thin-walled devices.

Regional Insights

North America is the largest market for medical polymers in terms of production and consumption. The region occupied a revenue share of 42.22% in 2020. The rise of the medical device manufacturing sector on account of the growing need to provide better healthcare facilities, the rise in the home health care devices market, and the growth in the aging population have resulted in the tremendous growth of the regional market. The U.S. constitutes most of the regional demand and is a major consumer of medical polymer on account of advancements in medical technology and a rise in demand for more sophisticated medical instruments.

Emerging economies, including India and China, are expected to witness considerable growth of medical devices due to improved standard of living, rising awareness about the benefits of medical polymers as compared to their traditional counterparts, and a rise in home healthcare devices in the region. Growing support from the Chinese government by increased investments toward research and development for producing medical polymers has also contributed to the surge in demand in the region.

Key Companies & Market Share Insights

The industry is characterized by extensive integration by key players through various stages of the value chain. The companies distribute their product through dedicated supply networks and provide customized products by the application for which the product is to be used. The industry is subject to multiple technological advancements in the production of advanced polymers for use in the healthcare industry. The companies in the market resort to new product developments as one of the major strategies to achieve market growth and develop plastic-based composite materials to propel growth. The players in the market are also engaged in vertical integration across the value chain to lower their production costs and increase the profit margin. Some prominent players operating in the global medical polymers market are:

  • Evonik Industries AG

  • DSM N.V.

  • BASF SE

  • Celanese Corporation

  • Eastman Chemical

  • Exxon Mobil Corporation

  • Kraton Performance Polymers Inc.

  • Formosa Plastics Corporation

Medical Polymers Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 16.23 billion

Revenue forecast in 2028

USD 27.75 billion

Growth Rate

CAGR of 8.0% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in Tons, Revenue in USD million, and CAGR from 2021 to 2028

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country Scope

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; China; India; Japan; Brazil; Argentina; Saudi Arabia; South Africa

Key companies profiled

BASF SE; Bayer Material Science AG; Celanese Corporation; DSM N.V.; DuPont; Eastman Chemical; Evonik Industries AG; Exxon Mobil Corporation; Dow, Inc.; Huizhou Foryou Medical Device Co. Ltd.; Kraton Performance Polymers Inc.; Tianjin Plastics Research Institute Co. Ltd.; Formosa Plastics Corporation; Shanghai New Shanghua Polymer Material Co. Ltd; Sinopec Beijing Yanshan Company

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global medical polymers market report based on product, application, and region:

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

    • Medical Resins & Fibers

      • Polyvinyl Chloride

      • Polypropylene

      • Polyethylene

      • Polystyrene

      • Others

    • Medical Elastomers

      • Styrene Block Copolymer

      • Rubber Latex

      • Others

    • Biodegradable Plastics

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

    • Medical Equipment & Devices

    • Medical Packaging

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • Saudi Arabia

      • South Africa

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