Medical Polymer Market

Market Overview

The global medical polymer market size was valued at USD 20.32 billion in 2022. It is estimated to reach USD 37.21 billion by 2031, growing at a CAGR of 7.5% during the forecast period (2023 & 2031). The COVID-19 epidemic and expanding worldwide population boosted the medical industry, which directly contributed to the medical polymers market's growth.

Medical polymers include all polymers used in medicine or the healthcare industry. Medical equipment device housings and enclosures, oxygen concentrators and compressors for medical applications, labware and diagnostic equipment, radiation and non-radiation-based medical devices, medical packaging, lab trays and kits, catheters and tubing, and drug delivery systems (DDS) are all manufactured using polymers. ABS plastic of medical grade is produced by polymerizing styrene and acrylonitrile with polybutadiene. The polymer possesses tensile strength, high abrasion resistance, chemical resistance, and anti-corrosion qualities.

Injection molding, blast molding, and extrusion are all compatible manufacturing techniques. The essential characteristics of polymers used as biomaterials are low density, high molecular weight, biocompatibility, nontoxicity, simple sterilization, excellent mechanical properties that support the application until the tissue is scarred, absorption, and slow degradation. Bioresorbable polymers are polymers implanted in the body that can be safely absorbed, metabolized, and excreted without the patient experiencing any adverse effects.

Market Dynamics

Medical Polymer Market Drivers

Expansion of the Medical Industry

The medical industry has grown due to the rising global population and the COVID-19 pandemic. Polymers, such as polyethylene, polypropylene, polyvinyl chloride, and other engineering polymers, are increasingly being utilized in the manufacturing of medical devices. Various medical tests conducted by hospitals have also contributed to the increasing demand for medical components. In addition, medical polymers manufacture housings and other medical device components due to their favorable properties, such as chemical resistance, low weight, heat resistance, electrical insulation, sterilization temperature resistance, and impermeability. The increasing prevalence of cardiovascular diseases and osteoarthritis due to changing lifestyles and a growing senior population globally has also contributed to the growth of the medical industry.

Numerous Benefits and Low Costs Compared to Alternatives

Over the past ten years, engineered plastics' development has led to increased use of polymers in the medical industry. The use of these plastics in appliances and medical technology is safe. Medical polymers are less expensive than alternatives like glass, ceramics, and metals. In addition, engineering plastics can match the structural strength, stability, inertness, durability, and formability of metals and ceramics while being lighter and more resource-efficient. Since medical polymers are transparent, lightweight, inexpensive, and durable, they are also used for packaging. As a result, the demand for medical polymers from the medical sector is rising, fueling the medical polymer market's growth.

Medical Polymer Market Restraint

Strict Governmental Regulations

The global medical polymer market is primarily affected by medical device regulations. Government emphasis on high-quality, safe, and efficient medical equipment will positively impact polymer choice and quality over the projected period. Polymers are used to make syringes, IV bottles and bags, surgical tools, disposables, diagnostic components, medication delivery systems, and implants. In Europe, safety regulations for medical devices are stricter than in other regions. Due to marketing and product quality demands, small European medical device companies expect higher production expenses. Therefore, medical polymers will face growth restrictions during the projection period.

In addition, Eucomed expects the current European Medical Device Directive (MDD) to hinder regional innovation and research, slowing the medical polymers industry growth. The U.S., China, Germany, and India rules limit healthcare polymers' growth. The healthcare sector is also important despite the inherent dangers it presents. The tight standards may dissuade polymer makers from making medical polymers, limiting the market's growth.

Medical Polymer Market Opportunities

Rising Use of Biodegradable Polymers in Medicine

In response to concerns about synthetic polymer disposal and its consequences, polymer makers and medical industry organizations are developing biodegradable polymers. Recently developed biodegradable polymers can carry genes, regenerate tissue, and deliver medications. Biodegradable polymers are promoted for their non-toxicity and biodegradability. Biodegradable polymers can be biologically excreted, eliminating the need for post-surgical suture removal. This characteristic makes biodegradable polymers ideal for use in scaffolds for three-dimensional tissue engineering and temporary implants.

Medical professionals can now use polylactic acid instead of polyethylene. It could be employed in medicine because it's sterilizable and does not induce inflammation. In addition, the need for ampoules has increased due to the spread of COVID-19. The distribution of vaccines and the storage of medical compounds are two factors that could increase demand. Standard ampoules are made out of glass. Ampoules present a significant problem for the healthcare sector because they must be discarded after use. As a result of its shortcomings, glass has been replaced by polymers. Such factors create opportunities for market growth.

Regional Analysis

Based on region, the global medical polymer market share is bifurcated into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.

Asia-Pacific Dominates the Global Market

Asia-Pacific is the most significant global medical polymer market shareholder and is estimated to exhibit a CAGR of 8.6% over the forecast period. The regional medical polymer industry is expected to grow rapidly due to rising demand for polymers used in wound dressings, food packaging, and assistive devices for people with disabilities. In addition, hospitals in large economies such as China, India, and Singapore are seeing an increase in demand for high-quality medical devices and components due to expanding healthcare spending. Hospitals are anticipated to raise their service and safety standards over the forecast period, which is expected to drive market growth. Furthermore, major economies with high healthcare expenses and rising government spending on public and private health systems are projected to benefit market growth. Increased private investment in healthcare is anticipated to improve infrastructure and services and provide top-notch medical care in nations.

North America is estimated to exhibit a CAGR of 8.0% over the forecast period. Rising U.S. health insurance spending per capita is an important trend affecting North American market growth. The North American market for medical polymer is expected to grow as generic drugs and medical equipment become more popular. This industry's main uses are medical components and pharmaceutical package manufacturing. Medical polymer applications in North America include dental implants, assistive devices, wound care, packaging for medical devices, and medical components.

In addition, the rapidly growing pharmaceutical industry in Mexico and Canada will boost the medical polymers market, as will the rising demand for medical polymers in pharmaceutical packaging. For instance, Takeda and Astellas established new pharmaceutical manufacturing facilities in Mexico after the government repealed restrictive legislation. Lifestyle-related disorders, including diabetes and cardiac arrests, have increased healthcare spending in the area. This will boost demand for medical polymers, generic drugs, and healthcare services over the forecast period.

Europe requires more medical equipment as a result of aging and chronic illnesses. This should increase equipment manufacturing demand for medical polymers. Government healthcare initiatives and home healthcare growth are expected to boost medical device demand. The safety and efficacy of medical devices in the region should increase once regulations are modernized. Therefore, high-quality, creative, biocompatible, and recyclable polymers will be in demand in the upcoming years. In addition, medical plastics are subject to stringent regulation by the European Commission. Plastic polymers of the highest quality are needed by local medical facilities, propelling market growth.

Central and South American healthcare costs will rise over the next few years. Despite budget constraints, governments are starting regional efforts to improve public healthcare systems. Other measures are being taken to boost private healthcare investment in Brazil, Argentina, Colombia, and Venezuela to improve healthcare infrastructure. However, brazil's healthcare industry has been harmed by COVID-19-related monetary tightening, political unpredictability, and consumer confidence.

Segmental Analysis

The global medical polymer market is bifurcated into products and applications.

Based on the product, the global medical polymer market is bifurcated into fibers and resins, medical elastomers, biodegradable polymers (polylactic acid (PLA), polyhydroxyalkanoate (PHA)), and others.

The fibers and resins segment dominates the global market and is estimated to grow at a CAGR of 7.9% over the forecast period. In addition to polypropylene and polyethylene, PVC polymer compounds are widely used in medical applications. They are appropriate for sterilization due to their resistance to steam temperatures between -40°C and 121°C. In addition to ethylene oxide (ETO) and gamma irradiation electron beam, these polymer resins can be sterilized with ethylene oxide (ETO) while retaining their essential properties, such as chemical resistance, tear resistance, abrasion resistance, and flexibility.

Medical polymers can be extruded to generate monofilaments, synthetic fibers of a single thread. These monofilaments are of sufficient quality for medical applications, and they can replace metal filaments in magnetic resonance imaging (MRI). In addition, the high strength-to-weight ratio of medical polymer fibers makes them an ideal material for a variety of minimally invasive devices and medical apparel. Common medical polymers in fiber include polyester, polyamide or nylon, polyurethane, and polypropylene.

Based on application, the global medical polymer industry is bifurcated into 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, and others.

The medical components segment owns the highest market share and is predicted to exhibit a CAGR of 8.0% over the forecast period. Due to their advantageous characteristics, such as high bacterial and chemical resistance, lightness, and low cost, polymers are anticipated to be in high demand for medical components. They are widely used in the production of medical disposables. In addition, they can be readily molded into precise dimensions based on requirements, resulting in high demand for syringes.

Increasing incidences of COVID-19 across the globe are driving tremendous demand for medical polymers in testing equipment, ventilators, syringes, and medical containers, among others. In addition, expanding these medical component manufacturers' production capacities, such as Covestro AG, Celanese Corporation, Evonik Industries AG, Foryou Medical, and others, presents lucrative opportunities for medical polymers.

Recent Developments

• October 2022- Celanese Corporation announced an expansion of its capabilities to address the rising worldwide demand for pharmaceutical-grade polymers to produce implants and inserts for sustained-release medication administration.
• December 2022- ExxonMobil announced the successful launch of its new polypropylene manufacturing unit at the Polyolefins Plant in Baton Rouge, Louisiana.