Today, the aging population is rapidly growing all over the world and around two-thirds of cancer occurs mainly in people who are 65 years old or above. With aging, the physiological functions of the body get affected such as impairment of vision and hearing, reduced gastrointestinal motility, kidney function, and reduced cardiovascular function. The rise in the geriatric population coupled with overspreading of infectious diseases, and the rising prevalence of cancer, arthritis, and cardiovascular diseases, which require complex surgical treatments propel the medical polymer market growth. In addition, now, countries are focusing more on improving the healthcare sector, which in turn is likely to fuel the market.
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According to UnivDatos Market Insights (UMI)’ research report “Global Medical Polymer Market”, the market is expected to showcase a growth of around 8% during the forecast period. Increasing investment in healthcare infrastructure owing to COVID-19, rising preference for the minimally invasive devices or surgical procedures, and rising need for robotic assistance in surgical procedures, are some of the key attributable factors to the growth of the market
Based on type, the market is categorized into commodity polymer, engineering polymer, and high-performance polymer. Among these, the high-performance polymer is likely to showcase robust growth owing to the increasing adoption of these polymers in prosthetics, medical devices, and drug delivery devices applications due to their resilience against a majority of body substances and are highly heat resistant and inert, thereby which makes them ideal for medical devices that come into direct contact with blood and tissue.
Based on application, the market is categorized into medical disposables, prosthetics, medical instruments & tools, drug delivery, and others. Among these, medical disposables accounted for a significant share of the market and is likely to showcase considerable growth during the forecast period. Medical disposables are single-use products that are prerequisite supplies before any surgery or procedure. As the cases of chronic diseases are increasing, demand for surgery and other procedure will eventually grow. Thereby, increasing the demand for medical disposables. Further, changing lifestyles of people, demand for better healthcare services, and the growing geriatric population are also contributing to the segment growth.
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North America accounted for a considerable share of the Medical Polymer market
North America accounted for a prominent share in the medical polymer market on account of the presence of a highly diversified medical devices market and it offers a wide range of products for the diagnosis and treatment of patients, ranging from medical catheters to implants and vascular grafts. Moreover, the high investment in R&D and the development of high-quality products using advanced technology are also expected to propel market growth. The innovations, for example, stent technologies, biomarkers, neuro-stimulators, robotic assistance, and implantable electronic devices in the medical device, further drive the market growth. In November 2019, Cardiology devices developer Baylis Medical has launched one of the smallest 2-French (2F) EPstar fixed electrophysiology catheters in the North American market to reach different areas of the heart to perform procedure mapping.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global medical polymer market include SABIC, BASF SE, Celanese Corporation, Evonik Industries AG, Solvay S.A., Arkema S.A., The Lubrizol Corporation, The Ensinger Group, Covestro AG, and Victrex plc. These companies are taking several strategic decisions to meet the growing demand and increase their market share. For instance:
- In August 2021, BASF SE Irgastab enables LOTTE Chemical to deliver high-clarity medical polypropylene for syringes used in COVID-19 vaccinations. Irgastab improves the high clarity of medical polypropylene
“Global Medical Polymer Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Type (Commodity Polymer, Engineering Polymer, and High-Performance Polymer)
- By Structure (Amorphous and Crystalline)
- By Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery, and Others)
- By Region (North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)
- By Company (SABIC, BASF SE, Celanese Corporation, Evonik Industries AG, Solvay S.A., Arkema S.A., The Lubrizol Corporation, The Ensinger Group, Covestro AG, and Victrex plc)
Key questions answered in the study:
- What are the current and future trends of the global medical polymer industry?
- How the industry has been evolving in terms of type, structure, and application?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global medical polymer industry?
- What are the customer orientation, purchase behavior, and expectations from the global medical polymer suppliers across various region and countries?