Medical Devices Is Fastest Growing Segment Fueling The Growth of Medical Polymers Market.

 Single-use medical devices - HOSPITALS MAGAZINE

The global Medical Polymers Market is estimated to be valued at US$ 22.13 Bn 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 synthetic or semi-synthetic polymers used in various medical devices and equipment owing to their flexibility, durability and biocompatibility. These polymers find wide application in medical tubing, surgical tools, drug delivery systems and prosthetic devices due to their light weight and durability.

Market Key Trends:

Growing demand for minimally invasive procedures is one of the major trends witnessed in the medical polymers market. Minimally invasive surgeries require high performance medical polymers for the manufacturing of catheters, guidewires, balloons and stents. Miniaturization of medical devices has increased the adoption of polymers with enhanced mechanical properties, flexibility and biocompatibility. This is expected to fuel the demand for medical polymers during the forecast period.

Segment Analysis

The global medical polymers market is segmented based on type, application, and region. On the basis of type, the market is classified into medical elastomers, medical plastic, and biodegradable plastic. Medical elastomers segment accounted for the largest market share in 2021 as these polymers offer superior mechanical properties and are widely used in single use medical devices like catheters, balloons, gloves, etc. Biodegradable plastic segment is anticipated to witness highest growth over the forecast period due to advantages like no toxic by-products after disposal and environmentally friendly properties.

Key Takeaways

The global medical polymers market size was valued at US$ 22.13 Bn in 2023 and is anticipated to grow at a CAGR of 10% over the forecast period. The medical polymers market is growing due to increasing demand for medical devices and equipment with better functionality, biocompatibility and flexibility.

Regional analysis shows that Asia Pacific region dominated the global market in 2023 and is projected to witness highest growth during the forecast period. This is attributed to growing population, increasing healthcare expenditure and rising number of surgeries in countries like China and India. North America is also expected to witness significant growth owing to advanced healthcare infrastructure and higher adoption of advanced medical polymers in the region.

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, Evonik Industries AG, and The Dow Chemical Company. Key players are focused on new product launches, strategic partnerships and mergers & acquisitions to gain a competitive edge in the market. For instance, in 2022, BASF SE collaborated with Exone to develop 3D printed polymers for medical applications.

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