Email
Print
Overview
Medical Polymers
Market size is forecast to reach $22 billion by 2025, after growing at a CAGR
of 9.2% during 2020-2025, owning to high adoption of polymers for implants
due to chemical inertness and superior fatigue resistance. In addition, Polymers
are extensively used in the manufacture of healthcare devices due to their low
cost, superior durability, ease of replacement and ability to prevent infection
compared to metals. The rising demand for plastic materials in innovations such
as plastic surgery, body implants, and orthopedic surgery is expected to create
new opportunities for market growth in the coming years.
Report Coverage
The report: “Medical Polymers Market– Forecast
(2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments
of the Medical Polymers Industry.
Key Takeaways
·
North America dominated the medical polymer market in 2019, owning to rise
in demand for advanced and sophisticated medical devices coupled with growing
aging population and growth of home healthcare in the region.
·
The spread of COVID-19,
cardiovascular issues, infections, and other diseases, combined with an increase
in the production of medical treatments and procedures and an increase in
general awareness, has created the demand for new medical devices. Thus, supporting
medical polymer market growth.
·
Growth in investment in
research and development, increased adoption of medical polymers and the
development of low-cost materials are increasing demand for medical
polymers in the healthcare sector.
Type - Segment Analysis
Resin segment
held the largest share in the medical polymers market in 2019, owning to growing
use of resins in various applications such as spinal implants, cranial
injuries, and hip and joint replacements, due to benefits, such as improved biocompatibility
and lower costs. In addition, the elastomer segment is also growing at faster
rate during the forecast period, owning to processing versatility, absorbency,
and certain key features such as high thermal and chemical resistance,
toughness and dimensional stability. Elastomers such as rubber latex, styrene block copolymer, and others are
widely used in medical and pharmaceutical packaging.
Application - Segment Analysis
Medical devices segment
held the largest share in the medical polymer market in 2019 and is growing at
a CAGR of 9.8%, owning to growing use of polymers in surgical instruments,
diagnostic equipment, medical tubing, and molded components, because of the easy cleaning method
and negligible chemical corrosion. The medical packaging segment is also expected
to rise substantially during the forecast period, owing to the mandatory
disposal norms. In addition, the development of bio-based and engineered
biodegradable polymers for packaging of medical products as well as medical
disposables will flourish the packaging application of the global medical
polymers market.
Geography - Segment Analysis
North America held
the largest share in the medical polymer market in 2019 up to 40%, owning to rising
prevalence of chronic diseases coupled with the expansion of the insurance
coverage. According to the American Geriatrics Society, about 30 percent of the
65-plus patient population in the U.S. needs geriatric care and by 2030, the
number of patients requiring geriatric care is expected to rise approximately
21 million. Therefore, this will have a
positive influence on the global medical polymers market during the forecast
period. The Asia Pacific market is also expected to grow at a faster rate
during the forecast period, owning to the existence of a huge target population
base, enhanced disposable income and accessibility to drugs, and high unmet
clinical needs in the region.
Drivers – Medical Polymers Market
• Extensive
properties and low cost as compared to alternatives.
Polymers adoption in the medical sector has gained momentum over the
last decade, owning to development of engineering plastics, such as PMMA, PEEK,
ABS, and PET, These plastics meet safety requirements for use in medical
devices and appliances. Additionally, medical polymers are available at lower
cost than alternatives such as glass, ceramics, and metals. Engineering plastics
used as medical polymers can match the structural strength, stability,
inertness, durability, and formability of metals and ceramics while being
lighter and more resource efficient. Furthermore, medical polymers are also
used for packaging due to lightweight, low cost, durability, and transparency.
Therefore, several benefits offered by medical polymers is increasing its
demands in the medical sector, thereby fueling medical polymer market growth.
Challenges – Medical Polymers Market
·
Fluctuating raw
material prices.
The major challenge for the global medical polymer market is the
oscillating price trends of raw materials, which are fluctuating due to
volatile energy prices. According to BP
statistics, in 2018, the average oil price increased to $71/ bbl from $54/bbl in
2017. Therefore, fluctuating oil prices pose a restraint on the global medical
polymers market. In addition, strict regulations imposed by various medical agencies,
regarding the product quality and prices may also hinder the medical polymers
market growth in the coming years.
Market Landscape
Technology launches, acquisitions
and R&D activities are key strategies adopted by players in the Medical
Polymers Market. In 2019, the market of Medical Polymers Market has been consolidated
by the top five players accounting for xx% of the share. Major players in the Medical
Polymers market Eastman Chemical Company, Evonik Industries AG, The Dow
Chemical Company, Formosa Plastics Corporation USA, Arkema SA, BASF SE,
Covestro AG, DSM N.V., Solvay S.A, and Celanese Corporation., among others.
Acquisitions/Technology
Launches
Ø In March 2020, Eastman
launched “Tritan MXF” a next generation copolyester that offers chemical
resistance, higher impact strength, and easier processability for the housing
and hardware of electronic medical devices.
Ø In April 2018,
BASF opened a new production line for its high-temperature resistant
thermoplastic “Ultrason” at its site in Yeosu, Korea.