by The Medical Polymers Market is estimated to be valued at US$ 22.13 Bn or Mn 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 extensively used in various medical applications such as surgical instruments, medical devices, packaging, implants, diagnostic kits and more. Some common medical polymers are silicone, polyvinyl chloride (PVC), polyurethane (PU), polyethylene (PE), polystyrene (PS), polypropylene (PP), polycarbonate (PC) and thermoplastic elastomers (TPE). These polymers possess properties like durability, flexibility, biocompatibility and sterility which make them suitable for manufacturing medical products.
Market Dynamics:
- Rising geriatric population vulnerability to chronic diseases: The global elderly population aged 65 years or over is projected to double from 703 million in 2019 to 1.5 billion by 2050. This rising geriatric population is more vulnerable to chronic diseases such as cardiovascular, cancer and diabetes which require extensive medical care involving surgical procedures, implants and devices, thereby driving the demand for medical polymers.
- Growing demand for minimally invasive surgeries: Minimally invasive procedures require lightweight and flexible materials to manufacture devices and tools used in such surgeries. Medical polymers have emerged as ideal candidates owing to their unique combination of properties. This has augmented their use in producing catheters, guidewires, balloon inflation devices and cardiac stents.
Segment Analysis:
Medical Polymers market is dominated by thermoset sub-segment which holds around 40% share of the total market. Thermoset segment witnesses high demand owing to properties like enhanced mechanical strength, resistance to radiation and chemicals which make them suitable for wide range of medical applications like surgical instruments, implants, device components etc.
PEST Analysis
- Political: Government regulations regarding usage of different polymers in medical applications influence the market. Standardization and regulatory approvals impact product innovations.
- Economic: Rising healthcare spending globally is driving the demand. However, higher R&D costs add production cost challenges.
- Social: Growing elderly population and chronic disease incidence rate driving the demand for advanced medical products incorporating specialized polymers.
- Technological: Developments in polymer synthesis techniques and characterization tools facilitate customized material development for niche applications. 3D printing is opening new opportunities.
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 advanced medical devices and implants. North America captured around 35% share of the total market in 2023 led by technological advancements and innovation in the region. The Asia Pacific market is expected to grow at fastest CAGR over the forecast period supported by rising healthcare infrastructure, increasing medical tourism and presence of major players in the region.
The Asia Pacific region is expected to register highest growth in the medical polymers market during the forecast period. Countries like China, India, Japan and South Korea are witnessing rapid economic development and improved access to healthcare, driving the demand. Presence of major players in the region facilitating supply is another factor accelerating the market growth.
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. Leading players are focusing on new product launches, partnerships and facility expansion strategies to strengthen their market position.
