Medical Polymer Market Overview
The medical polymer industry has garnered $17,842.5 million revenue, and it is ascribed to the expansion of the pharmaceutical sector, led by worldwide rising healthcare expenditure.
North America holds a 41.8% industry share. The U.S.-based industry captures a substantial revenue share, led by the rising penetration of healthcare facilities, and advanced medical technology.
The rising population in the U.S is expected to fuel the demand for hip and knee implants, denture base materials, and tooth implants, which will fuel the application of medical-grade polymers.
Supply and Demand
According to official data, around 55 million people are aged more than 65+ years, and it is predicted to cross 90 million in 2060.
Therefore, the U.S. government is highly investing in the well-being of the geriatric population, and specially-abled people. For instance, the government has proposed an investment of $ 400 billion in home and community services.
The North American medical polymer industry is projected to rise due to growing demand for such plastics in pharmaceutical packaging applications, led by the expansion of the pharma industry in Canada.
End-Use Industries
Another major element that fuel the industry growth in the countries is presence of major medical-grade plastics manufacturers and suppliers in the industry.
In August 2021, Benvic Groups captured Chemres to become the worldwide major supplier of polymers, solutions, and custom compounds in various industries, such as packaging, medical, cables & wires.
Europe is the next significant shareholder in the industry, it is ascribed to rising political support, and beneficial reimbursment policies for medical devices. In addition, the advancements in the medical device directives of the region, are projected to improve the effectiveness, medical products safety, and innovation potential of medical products. Thus, the demand for improved medical devices is projected to rise, and fuel the industry growth.
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Business Opportunities
Germany is projected to experience the highest growth, at the rate 8.3% in the coming years. The nation is popular for technological advancements, more specifically in the healthcare sector. It has offered numerous opportunities for research institutes to invest in biodegradable and low-cost medical-grade polymers.
Medical polymers are massively used in the manufacturing of medical devices, surgical instruments and others, which has resulted in the expansion of healthcare industry, and fuelled the polymer requirement.
Growth Potential
Fibers & resins hold the largest industry share, of 72.5%, and it is ascribed due to the high electrical and chemical resistance, low weight, better biocompatiblity, and low cost of polyethylene, and polypropylene.
Healthcare industry players are focusing on improving their portfolio to remain on the competitive edge. In addition, over the years, issues in the worldwide supply chains have resulted in manufacturers of medical devices to set up new production facilities.
Therefore, the expansion of the pharmaceutical sector is projected to fuel the demand for medical polymer.
The research offers market size of the Medical Polymer market for the period 2017–2030.
Product
- Fibers & Resins
- Medical Elastomers
- Biodegradable Polymers Acid
- Polyhydroxyalkanoate
- Others
Application
- Medical devices packaging
- Medical Components
- Orthopedic Soft Goods
- Wound care
- Cleanroom Supplies
- BioPharma Devices
- Mobility Aids
- Sterilization and Infection Prevention
- Tooth Implants,
- Denture Base Materials
- Other Implants
- Others
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