Medical Polymers Market Size to Grow USD 21320 Million by 2029 at a CAGR of 3.1% | Valuates Reports
BANGALORE, India, Feb. 7, 2024 /PRNewswire/ -- Medical Polymers Market is Segmented by Type (Medical Resins and Fibers, Medical Elastomers, Biodegradable Plastics), by Application (Medical Devices and Equipment, Medical Packaging).
The Global Medical Polymers Market Revenue was USD 17170 Million in 2022 and is forecast to a readjusted size of USD 21320 Million by 2029 with a CAGR of 3.1% during the forecast period (2023-2029).
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Major Factors Driving the Growth of Medical Polymers Market
The market for medical polymers is expected to grow due to a number of factors, including the growing need for biocompatible materials in healthcare applications, technological developments that are driving the creation of novel polymers customized for particular medical applications, the growing trend of minimally invasive procedures that call for flexible and lightweight polymer-based devices, and the rising incidence of chronic diseases that call for cutting-edge medical solutions. The market is also growing as a result of rising healthcare costs, an aging population, environmental concerns driving the creation of eco-friendly polymers, burgeoning applications in personalized medicine, and new regions with developing healthcare infrastructure.
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TRENDS INFLUENCING THE GROWTH OF MEDICAL POLYMERS MARKET
The growing need for biocompatible materials in the healthcare industry is driving the expansion of the medical polymers market. Biocompatible polymers, including polyethylene, polypropylene, and polyvinyl chloride (PVC), find widespread application in drug delivery systems, implants, and medical devices. Their capacity to resemble genuine tissues while avoiding negative responses makes them perfect for a range of medical applications, which propels market growth. The need for medical polymers has increased due to patient preferences for less intrusive surgical treatments. Catheters, stents, and other medical equipment needed for minimally invasive procedures are made of polymers. Their biocompatibility, flexibility, and lightweight make them ideal for accurate, minimally invasive operations, which in turn promotes market expansion.
The need for medical polymers is being driven by the rising incidence of chronic illnesses including cancer, diabetes, and cardiovascular ailments, which need sophisticated medical treatments. In order to manage and treat these illnesses, implanted devices, medication delivery systems, and diagnostic tools are developed, and this leads to the expansion of the polymer industry. Global increases in healthcare spending have led to more funding for medical research and development, which includes the creation of medicinal polymers. The market for medical polymers is being stimulated by governments and healthcare organizations spending substantial expenditures towards the progress of technology and the improvement of healthcare infrastructure.
Due to the increased risk of numerous medical diseases among the aging population, there is a growing need for medical equipment and therapies. The market is expected to increase as a result of the widespread use of polymers in prostheses, wound care products, and orthopedic implants that address the healthcare demands of the aging population. In addition, the emergence of personalized medicine which tailors medical care to each patient's unique characteristics has created new opportunities for medical polymers. Tissue engineering, regenerative medicine, and customized drug delivery systems all use polymers, which support the changing healthcare environment and stimulate industry growth.
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MEDICAL POLYMERS MARKET SHARE ANALYSIS
The top companies in the worldwide market for medical polymers include BASF SE, Bayer, Celanese, DSM, Du Pont, and others. About 20% of the worldwide market is occupied by the top 5 competitors.
With more than 60% of the world market, North America and Europe are the two largest marketplaces.
Medical Resins and Fibers is the main type, with a share of about 80%.
Medical Packaging is the main application, which holds a share of about 50%.
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Key Companies:
- Celanese
- BASF SE
- Bayer
- Bayer AG
- DSM
- DuPont
- Solvay S A
- Eastman Chemical
- Evonik
- Hexpol
- EXXON MOBIL
- Formosa Plastics
- INEOS
- Victrex
- Colorite Compounds
- Raumedic
- Kraton
- Tianjin Plastics
- Shanghai New Shanghua
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