July 20, 2024

Rising Global Healthcare Expenditure Projected To Boost The Growth of Medical Polymers Market

The global Medical Polymers Market is estimated to be valued at US$ 22.13 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Medical polymers are plastics used in various medical devices and pharmaceutical applications. Some common medical polymers include silicone, PVC, polyolefins, engineering plastics and latex. They are used to manufacture implants, prosthetics, catheters, syringes, disposables, tubing sets and others. Due to their properties of biocompatibility, strength, durability and flexibility, medical polymers are becoming increasingly popular for making healthcare products. They play a vital role in ensuring patient health and safety. With growing global healthcare needs, the demand for medical devices incorporating polymers is rising steadily.

Market Key Trends:

One of the key trends in the medical polymers market is the rising demand for biodegradable polymers. With growing environmental concerns regarding disposal of polymeric medical waste, biodegradable polymers are gaining popularity. Some examples include polylactic acid (PLA), polyhydroxyalkanoates (PHA) and polyglycolic acid (PGA) which can safely degrade after use. Another trend is the development of polymers with antimicrobial properties in order to prevent hospital acquired infections. Many players are focusing on R&D to produce polymers integrated with silver, zinc and other agents having antibacterial effect. Additionally, 3D printing of medical polymers is emerging as an important manufacturing technique enabling personalized healthcare solutions. It helps create custom implants, prosthetics and other complex products using CAD software.

Porter’s Analysis:

  • Threat of new entrants: Low barrier of entry in terms of capital requirement and technology. However, presence of dominant players poses threat to relatively new entrants.
  • Bargaining power of buyers: Medical polymers have diverse applications in healthcare industry. Presence of substitute products provides bargaining power to the buyers.
  • Bargaining power of suppliers: Commodity nature of raw materials for medical polymers production results in higher supplier power. Suppliers can impact prices.
  • Threat of new substitutes: Potential threat from new generations of engineering plastics with advanced properties. Continuous R&D provides opportunity for new substitutes.
  • Competitive rivalry: Intense competition among major players to gain higher market share. Players differentiate products based on properties and applications.

Key Takeaways

The global Medical Polymers market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing demand for lightweight medical devices and high growth in healthcare sector.

Regionally, North America dominated the global market in 2023 with a share of around 35%, owing to presence of advanced healthcare infrastructure and research facilities in the region. However, Asia Pacific is expected to witness fastest growth during the forecast period with CAGR of over 12%, due to rising healthcare expenditure, large patient pool and growing preference for polymeric medical devices in countries like China and India.

Key players operating in the Medical Polymers market are BASF SE, Bayer MaterialScience AG, Celanese Corporation, DSM N.V., E. I. du Pont de Nemours Company, Eastman Chemical Company, ExxonMobil Corporation, Evonik Industries AG, and The Dow Chemical Company. These players are focusing on new product launches, partnerships and capacity expansion strategies to gain higher market share.