Medical Polymers Market Research Report 2022-2028 | Growing demand for medical diagnostics, treatments and surgeries

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The key factors driving the medical polymers market are the rapid growth of the medical industry and the technological advancements resulting in increasing demand for the growth of the industry

NEW YORK CITY, NEW YORK, USA, May 6, 2022 /EINPresswire.com/ — The global medical polymers market size was significantly robust in 2020 and is expected to register a double-digit revenue CAGR during the period forecast. The major revenue growth factors of the market include increasing number of patients, especially the elderly suffering from different types of health complications, requiring special hospital care. Rapid growth in the medical industry and advancements in technology are other factors driving the growing demand for medical polymers, which in turn is expected to drive the revenue growth of the global market in the future.

Medical polymers are widely used in healthcare devices for different applications such as pharmaceutical packaging, surgical instruments, disposable medical products including gloves, syringes, forceps, etc. The growing demand for biodegradable medical polymers for 3D printed implants, medical and surgical tubing, hip joint replacement, dental and spinal implants, etc. is another major driver of revenue growth in the global medical polymers market.

Medical resins and fibers, medical elastomers and biodegradable medical polymers are the main types of medical polymers. Medical resins and fibers include polystyrene, polyvinyl chloride, polyethylene, polypropylene and others. Growing demand for medical elastomers such as rubber latex and styrene block copolymer is a contributing factor to the growth of the global medical polymers market. Properties such as high thermal and chemical resistance, flexibility and strength are driving the increasing use of these polymers to replace metal and glass in medical applications. Medical polymers are commonly used in disposable medical products and pharmaceutical packaging due to their lightweight properties, biocompatibility and cost effectiveness.

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Leading companies profiled in the global market report include– SABIC, Bayer, BASF SE, Evonik Industries, Celanese Corporation, DuPont, Solvay SA, The Dow Chemical Company, Covestro, Eastman Chemical Company, Huntsman Corporation, Borealis AG, Huizhou Foryou Medical Device Co., Ltd., Kraton Corporation and Victrex plc.

Market Overview:

Consumers are placing greater importance on sustainability and as a result are choosing items based on factors such as circularity and carbon footprint. In addition, consumer concerns about carbon emissions have led to increased investment in renewable energy, energy efficiency and decarbonization of transport. These developments have had a considerable impact on the final chemical sectors, particularly in the automotive and construction industries. COVID-19 has exacerbated the situation by bringing down the automotive and construction industries (along with many others) and disrupting current supply lines.

The adoption of digital technologies by oil, gas and chemical companies has been primarily driven by cost savings and greater reliability. Many organizations in these areas have seen great benefits from advanced market sensing, improved operational optimization, and extensive use of “in silico” simulations. Companies’ existing digital technologies provided an advantage with the sudden onset of COVID-19 and the accompanying shutdown of facilities and construction sites, but they were often insufficient for the level of remote working and cybersecurity that was suddenly required.

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Prospects of the region:

The North American market is expected to account for a substantially large revenue share over the forecast period. Well-established healthcare industry and infrastructure in countries like the United States and Canada are driving the growth of the North American medical polymers market. High-volume production of biodegradable plastic materials widely used in hospitals and surgical centers is expected to continue propelling the growth of the medical polymers market in North America. Additionally, increasing investment in technological advancements by manufacturers operating in the region is further driving the growth of the market.

The Asia-Pacific market revenue registered a rapid CAGR in 2020, and this trend is expected to continue during the forecast period. Factors such as rapid developments in developing economies, rising healthcare expenditures coupled with growing demand for medical polymers for manufacturing medical devices and equipments are expected to propel the growth of the medical polymers market in Asia- Pacific during the forecast period. Rapid increase in geriatric population, rise in health complications, and ongoing research and development in medical technologies are key factors supporting the growth of medical polymers markets in India, Japan, and China. This is expected to further support the growth of the Asia-Pacific market and contribute to the growth of the global medical polymers market in the future.

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Product Outlook (Revenue, USD Billion; 2018 – 2028)

Medical Resins and Fibers
Polyvinyl chloride (PVC)
Polypropylene (PP)
Polyethylene (PE)
Polystyrene (PS)
Medical elastomers
Styrenic Block Copolymer (SBC)
Latex Rubber
Biodegradable plastics

Application Outlook (Revenue, USD Billion; 2018 – 2028)

Medical devices and equipment
medical packaging
Others

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Regional Outlook (Revenue, USD Billion; Volume, Million Tons, 2018-2028)

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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