WASHINGTON, March 29, 2023 (GLOBE NEWSWIRE) -- Global Medical Polymers Market is valued at USD 16.5 Billion in 2021 and is projected to reach USD 32.5 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 9.3% over the forecast period 2022-2028. The growth of the market can be attributed to the increasing demand for medical implants, rising geriatric population, and increasing incidence of chronic diseases.
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Market Dynamics
Medical polymers are used in a wide range of medical applications, including implants, medical devices, disposables, and packaging. They are also used in the production of wound care products, such as bandages and dressings.
Some of the key factors driving the growth of the medical polymers market include:
- Increasing demand for medical implants: The increasing demand for medical implants is one of the major factors driving the growth of the medical polymers market. Medical implants are used to replace or repair damaged or diseased bones, joints, and other body parts. Medical polymers are used in the manufacturing of a wide range of medical implants, including hip and knee implants, stents, and pacemakers.
- Rising geriatric population: The rising geriatric population is another major factor driving the growth of the medical polymers market. The geriatric population is more susceptible to chronic diseases, such as arthritis, osteoporosis, and heart disease. These diseases require the use of medical implants, which in turn increases the demand for medical polymers.
- Increasing incidence of chronic diseases: The increasing incidence of chronic diseases is another major factor driving the growth of the medical polymers market. Chronic diseases, such as cancer, diabetes, and heart disease, are on the rise globally. These diseases require the use of medical implants, which in turn increases the demand for medical polymers.
Some of the key restraints on the growth of the medical polymers market include:
- High cost of medical implants: The high cost of medical implants is one of the major restraints on the growth of the medical polymers market. Medical implants are expensive, and this can be a major barrier for patients who cannot afford the cost of these implants.
- Lack of awareness about medical polymers: Lack of awareness about medical polymers is another major restraint on the growth of the medical polymers market. Many people are not aware of the benefits of medical polymers, and this can be a major barrier for the growth of the market.
- Stringent regulations: Stringent regulations are another major restraint on the growth of the medical polymers market. Medical polymers are regulated by the government, and this can be a major barrier for the growth of the market.
Top Players in the Global 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
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Top Report Findings
- The global medical polymers market size was valued at USD 16.5 Billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2022 to 2028.
- The growth of the market can be attributed to the increasing demand for medical implants, rising geriatric population, and increasing incidence of chronic diseases.
- The market is segmented on the basis of type, application, and region. Based on type, the market is segmented into polyalkenes, polyamides, polyetheretherketone (PEEK), and others.
- Based on application, the market is segmented into medical devices, medical packaging, medical implants, and others.
- Based on region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
- The top report findings provide a comprehensive overview of the medical polymers market. The findings are based on a comprehensive analysis of the market, including a review of the latest industry trends and developments. The findings are also based on interviews with key industry stakeholders, such as manufacturers, suppliers, and end users.
Top Trends in the Global Medical Polymers Market
- The increasing use of medical polymers in the development of new medical technologies. Medical polymers are being used in the development of new medical technologies, such as 3D printing and nanomedicine. These technologies are being used to develop new medical devices and implants that are more effective and efficient than traditional medical devices.
- The increasing demand for medical implants. The increasing demand for medical implants is one of the major factors driving the growth of the medical polymers market. Medical implants are used to replace or repair damaged or diseased bones, joints, and other body parts. Medical polymers are used in the manufacturing of a wide range of medical implants, including hip and knee implants, stents, and pacemakers.
- The rising geriatric population. The rising geriatric population is another major factor driving the growth of the medical polymers market. The geriatric population is more susceptible to chronic diseases, such as arthritis, osteoporosis, and heart disease. These diseases require the use of medical implants, which in turn increases the demand for medical polymers.
- The increasing incidence of chronic diseases. The increasing incidence of chronic diseases is another major factor driving the growth of the medical polymers market. Chronic diseases, such as cancer, diabetes, and heart disease, are on the rise globally. These diseases require the use of medical implants, which in turn increases the demand for medical polymers.
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Global Medical Polymers Market Segmentation
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
- Middle East & Africa
Browse market data Tables and Figures spread through 169 Pages and in-depth TOC on Medical Polymers Market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 16.5 Billion |
| Revenue Forecast by 2028 | USD 32.5 Billion |
| CAGR | 9.3% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Evonik Industries AG, DSM N.V., BASF SE, Celanese Corporation, Eastman Chemical, Exxon Mobil Corporation, Kraton Performance Polymers Inc., Formosa Plastics Corporation |
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Regional Analysis
- North America is the largest market for medical polymers and is followed by Europe, Asia Pacific, and the Rest of the World. The growth of the North American market can be attributed to the increasing demand for medical implants, rising geriatric population, and increasing incidence of chronic diseases. The growth of the European market can be attributed to the increasing use of medical polymers in the development of new medical technologies, such as 3D printing and nanomedicine. The growth of the Asia Pacific market can be attributed to the increasing demand for medical devices and medical packaging.
- Asia Pacific is projected to be the fastest growing market for medical polymers during the forecast period. The growth of the Asia Pacific market can be attributed to the increasing demand for medical devices and medical packaging, rising geriatric population, and increasing incidence of chronic diseases.
Key Questions Answered in the Medical Polymers Market Report are:
- What is the current market size of the medical polymers market, and what is its projected growth rate over the forecast period?
- What are the major drivers, challenges, and opportunities for the medical polymers market?
- What are the various types of medical polymers available in the market, and what are their respective market shares?
- What are the applications of medical polymers in the healthcare industry, and what are the emerging trends in this market?
- Who are the key players in the medical polymers market, and what are their market shares, strategies, and product portfolios?
- What are the regulatory frameworks and standards for medical polymers, and how do they impact the market?
- What are the regional trends and market dynamics in the medical polymers market?
- What are the future prospects and potential of the medical polymers market?
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