WASHINGTON, Feb. 28, 2022 (GLOBE NEWSWIRE) -- The Global Medical Polymers Market size is expected to reach USD 32.5 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period. Medical Polymers are used in the manufacturing of medical devices and packaging, the sturdy growth in pharmaceuticals in past years led to an increased demand for Medical Polymers and subsequently boosting the marker growth, states Vantage Market Research, in a report, titled “Medical Polymers Market by Product (Medical resins & fibers, Medical elastomers, Biodegradable plastics), by Application (Medical equipment & devices, Medical packaging, Others), by Region (North America, Europe, Asia-Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”. The market size valued at USD 16.5 Billion in 2021.
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List of Prominent Players in the Medical Polymers Market:
- Evonik Industries AG
- DSM N.V.
- BASF SE
- Celanese Corporation
- Eastman Chemical
- Exxon Mobil Corporation
- Kraton Performance Polymers Inc.
- Formosa Plastics Corporation
Market Dynamics:
Government Initiatives to Boost the Pharmaceutical Sector
Government organizations in countries are taking initiatives for growth and development of pharmaceutical sector by investing in R&D activities to come up with technically advanced equipment, helping in eradicating fatal diseases around the globe is expected to positively influence the Medical Polymers Market demand during the forecast period. Additionally, shifting preference of patients toward the homecare health treatment as they are cost-effective as well as convenient in nature has resulted in high demand for medical disposables worldwide. These factors will contribute in attaining higher market share during the forecast period.
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Technological Advancements to Fuel the Market Growth
Higher application of fibers and resins in the Medical Polymers Market is resulting as their excellence in carrying out the artificial implants as well as higher biocompatibility of the product coupled with improving surgical procedures need advanced medical devices & equipment are factors accelerating market growth. On the other side, price fluctuations in raw material and presence of stringent rules & regulations related to usage of polymers are factors expected to hinder the market growth.
COVID-19 Impact Analysis
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the chemical industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Medical Polymers Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Medical Polymers Market
North America is witnessed higher market share in 2021. This is owing to the increasing awareness for personal healthcare and hygiene. With this, the presence of key players like The Lubrizol Corporation, Formosa Plastics Corporation, U.S.A., and Kraton Corporation and substantial investments in R&D are factors boosting market demand. The demand from end user industries is rising and likely to enhance the Medical Polymers Market in the region.
Recent Developments:
December 2021: SABIC has launched a new portfolio of biobased ULTEM resins that offer sustainability benefits while delivering the same high performance and processability as incumbent ULTEM materials.
January, 2022: Ampacet, a global masterbatch leader, has introduced ProVital+ Colors, a range of medical-grade colour solutions specifically designed for pharmaceutical packaging, medical devices and in-vitro diagnostic equipment. In addition to the standard ProVital+ Colors range, custom solutions can be designed with the pre-tested pigments and different polymers.
Browse market data Tables and Figures spread through 169 Pages and in-depth TOC on "Medical Polymers Market by Product (Medical resins & fibers, Medical elastomers, Biodegradable plastics), by Application (Medical equipment & devices, Medical packaging, Others), by Region (North America, Europe, Asia-Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/medical-polymers-market-056270
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Medical Polymers Market?
- How will the Medical Polymers Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Medical Polymers Market?
- What is the Medical Polymers market drivers and restrictions?
- What will be the CAGR and size of the Medical Polymers Market throughout the forecast period?
This market titled “Medical Polymers Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 16.5 Billion |
| Projected Market Size in 2028 | USD 32.5 Billion |
| CAGR Growth Rate | CAGR of 9.3% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Product: - Medical Resins & Fibers, Medical Elastomers, Biodegradable Plastics Application: - Medical Equipment & Devices, Medical Packaging, Others |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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