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LONDON , March 22, 2022 /PRNewswire/ -- The Medical Polymers Market Value is expected to record a valuation of USD 34.68 Billion by 2028, Registering to Accelerate at a 9.5% CAGR, According to the most recent study by Brandessence Market Research.
The Global Medical Polymers Market size was Valued at USD 18.37 Billion in 2021.
Rising used of surgical instruments, increasing use of mask, gloves etc., and rising cases of Covid-19 are some of the major factors expected to accelerate demand for the Medical Polymers market. Covid-19 has shown a positive impact on the growth of the medical polymers market. The demand is increased due to the rising polymer demand to the increased demand for disposable masks, face shields, and swabs. The polymer latter is used to collect fluid samples for testing Covid-19. And also continuous rise in the demand for medical packaging products for Covid-19 has also influenced the market positively.
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Medical Polymers Market Scope of Report
The global medical polymers market has been expected to see a huge amount of growth in the coming years with there being a lot of investment in the medical and pharmaceutical industry in the last few years. Also, there is expected to be a lot of the investments made in the medical R&D sector which in turn is anticipated to the development of medical devices and the equipment that is advanced with technology. As a result, the global medical polymers market is expected to reach an unprecedented growth level in the coming years.
Key players for medical polymers are:
Market Drivers: Medical polymers market drivers include the fact that the medical polymers find their usage extensively in the manufacturing of medical devices and its packaging; therefore, it is going to see a sturdy amount of growth in the pharmacy and medical sector in the coming years. This has been leading to the increased demand for the medical polymers which is going to boost the share in this industry in the near future. Medical polymers recent developments also include the breakout of the coronavirus pandemic which is impacting the global medical polymers market favorably as the medical expenditure increases.
Market Trends: Medical polymers market trends show that while medical polymers have been used in the industry for a very long time, the adoption has now gained momentum in the last few years. There is a sudden rise which may be allocated to the increasing research and development of alternatives to the traditional materials which includes the polymers for usage in medical applications. There is development of engineering plastics like the PEEK, PET, PMMA, and PMMA which has been causing an acceleration in the growth rate as these plastics are able to conform to the requirements in terms of safety and security for usage in the medical devices and implants.
There are government organizations which are taking a lot of initiatives for boosting the pharma sector by the investment in research and development for the development of the equipment which has all the technical advancements and it aids in the eradication of fatal diseases in this region. The need for developing the advanced medical devices is going to influence the medical polymers share in the global medical polymers market in the coming years. There is also a growth in the preference towards the home care and that is going to grow the demand as it is convenient and also cost-effective. This has been increasing the demand for the medical disposables all over the world. This is going to contribute effectively in the attainment of a higher market share in the coming years. Medical polymers industry is likely to benefit from the government expenditure as well.
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Global Medical Polymers Market Segmentation:-
The segments of biodegradable medical polymers is going to drive the global medical polymers market. This is due to an escalation that is going on in the packaging industry which is also influenced by the demand for the non-toxic and recyclable plastics which has resulted in the demand for the biodegradable plastic increase. Therefore, this is a market share which will witness steady amount of growth. The industry which will lead in the global market is going to be the medical devices and equipment segment. It is expected to generate a huge demand in the coming years. The polymers like rubber latex, TVC, SBC have been used as bags, adhesive gloves, tubing and thermostat rubber in medical industry. This is because of the sensitivity of the medical market and the continuous growth in the coming years. The other segments are like the tissue culture and cardio which will witness a lot of growth as the polymers will be used widely in the coatings which are applied in the stents for the heart diseases.
The application of fibers and resins has increased in the last few years and their attribution has been excellent and has carried out the artificial implants. It also has a higher biocompatibility. Further, there has been improvement in the surgical procedures which has a requirement for the advanced devices and equipment. This is because of the extensive application of the resins and fibers in the manufacturing of the medical devices and their packaging. The prices of raw material though fluctuate heavily and therefore it is a major restraining factor. Another restraining factor is the stringent regulations which are imposed and that will be anticipated to restrain the global medical polymers market in the coming years.
The segment of fiber and resin has been expected to grow the highest in the coming years as it is increasing the demand for the durable, hygienic and lightweight materials which will be driving the global medical polymers market for thermoplastics in the coming years particularly in the developing nations. There is also a growth in the awareness of the sterilization of the medical devices. The transparent and chemical-resistant material is easily processable and can be manufactured on the conventional machinery in the plastic industry. Therefore, this is a field which will be boosting demand for materials required for the medical packaging in forthcoming years.
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Evonik Offered Customizable RESOMER Print Powder for 3D Printing of Personalized, Implantable Medical Devices: On November 17 th, 2021; Evonik offered a broader range of RESOMER Print Powder polymers to enable the 3D printing of personalized implantable medical devices. The new powders are available globally for 3D printing through selective laser sintering (SLS).
Eastman Introduced New Family of Medical-Grade Polymers: On July 1 st, 2021; Eastman Chemical Co. announced the launch of a new family of medical-grade polymers at the MedTec Europe trade show in Stuttgart, Germany . Medical grades of Eastman Tritan copolyester are clear polymers that deliver a balance of design, molding and end-product properties for medical devices.
BASF to Invested €25 Million in its Superabsorbent Polymer Business: On March 25 th, 2021; BASF announced it is going to increase innovation capabilities for its superabsorbent polymer business by building a state-of-the-art Superabsorbent Excellence Center at its Verbund site in Antwerp, Belgium .
There is a growth in heart diseases in the North American region and in the European region which will increase the demand for the procedures which are minimally invasive and the demand for the elating stents has also been growing significantly. Furthermore, the medical polymers are being used in the tissue engineering in the form of scaffolds. The porous polymers scaffolds that support the growth are fabricated of the biological tissue and have been expected to grow the market a lot more. This will be expected to further grow the market in terms of demand. In terms of the region, North America is going to lead this industry with the higher awareness in the personal healthcare and the expenditure which is incurred by the people in this region. There is also the presence of a lot of the medical polymers top manufactures who are willing to invest in research. This is a factor which will increase the use of the medical polymers in the region.
On Special Requirement Medical Polymers Market Report is also available for below region:
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