Medical Polymer Market Revenue to Reach Approx. $36,035 Million by 2030, says P&S Intelligence

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Jul 26, 2022, 04:15 ET

NEW YORK, July 26, 2022 /PRNewswire/ -- According to the market research study published by P&S Intelligence, the size of the medical polymer market was around $17,843 million in 2021, and it is projected to grow at a rate of above 8% over this decade, to reach about $36,035 million by 2030. This is due to the expanding pharmaceutical sector, itself owing to the increasing expenditure on healthcare globally.

North America holds a share of about 42% in the medical polymer market, with the U.S contributing the higher proceeds, because of a surge in the number of healthcare services and progressions in medical technologies. The rising population in the country will raise the requirement for tooth implants, hip and knee implants, and denture base materials, which will additionally inspire the use of medical-grade polymers.

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Europe has the second-largest share, mostly attributable to the growing political support and promising reimbursement guidelines for medical devices. Moreover, updates to the region's medical device regulations will advance the innovation potential, effectiveness, and safety of such products.

Polymers are extensively used in surgical instruments, medical devices, and packaging, as a consequence of which the healthcare sector's recent expansion has augmented the requirement for these materials. The average healthcare spending growth was about 5% in 2020, while it increased to about 10% across OECD countries.

Fibers & resins were the medical polymer market dominators, with a share of around 73%, in 2021. This is because of the high electrical and chemical resistance, low weight, better biocompatibility, and low cost of polypropylene and polyethylene, which help them replace glass and metals in numerous medical products, such as implants.

Polymers are utilized for creating monofilaments, which are threadlike synthetic fibers that can be utilized in MRI machines as a substitute for filaments made from metal. Furthermore, plastic pill casings made from plastics containing tartaric acid help in slowly breaking down the drug and releasing it timely. These casings also decrease the count of pills essential to get the set dose.

Browse detailed report on Global Medical Polymer Market Trends, Segment Analysis, Growth Drivers and Forecast Report 2030

Wound care applications will have the highest growth rate, of about 9%, in the medical polymer market in the years to come because of the growing elderly population, increasing cases of diabetes, and rising prevalence of chronic wounds. Synthetic polymers, natural polymers, and inorganic polymers are utilized for wound care, such as for the healing of wounds and tissue engineering.

Medical device packaging is the second-largest market contributor. This is because of the creation of advanced biomaterials that can improve the biocompatibility and performance of medical devices; furthermore, they become hardened or malleable with temperature. A medical device requires to be protected by preserving the integrity of the packing, to avoid biological contamination, physical damage, and other external disturbances.

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