Medical Polymer Market Size and Growth Analysis by Product (Fibers & Resins, Medical Elastomers, Biodegradable Polymers Acid, Polyhydroxyalkanoate), Application (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) – Global Industry Forecast to 2030

Market Overview

The global medical polymer market size was $17,842.5 million in 2021, and it will grow at a CAGR of 8.1% during 2021–2030, to reach $36,035.3 million by 2030. This is credited to the growing pharmaceutical industry, itself due to the increasing spending on healthcare around the world.

North America Dominates Market

In 2021, North America held a 41.8% market share, with the U.S. market for medical polymers contributing the higher revenue, due to an increase in the number of healthcare facilities and advancements in medical technology. The growing population in the U.S. is further predicted to raise the demand for knee and hip implants, tooth implants, and denture base materials, which will further encourage the usage of medical-grade polymers.

Moreover, the growing population of the elderly in the U.S. is leading to the increasing requirement for home healthcare services. As per official data, adults aged 65+ number more than 55 million in the country, and their population will cross 90 million by 2060. Therefore, the Government of the U.S is investing in the wellbeing of the older population and persons with disabilities. For instance, in March 2021, the government proposed a $400-billion investment over 8 years in home and community services.

The North American medical polymer market growth will be further fueled by the increasing demand for these plastics in pharmaceutical packaging applications, itself due to the booming pharmaceutical industry in Canada. Additionally, many medical component and device manufacturers in the U.S. are adopting medical polymers in their products. Another significant element propelling the market in the nations is the existence of leading manufacturers and suppliers of medical-grade plastics.

Many of them are investing in partnerships in order to improve their positions in the market by innovating their existing products. For instance, in August 2021, Benvic Group acquired Chemres to become a global supplier of polymers, custom compounds, and solutions for a variety of industries, including medical, packaging, and wires & cables.

Europe is the second-largest shareholder in the market, mainly due to the growing political support and favorable reimbursement regulations for medical devices. Additionally, updates to the region's medical device directives will improve the effectiveness, innovation potential, and safety of medical products. As a result, the demand for better medical devices would rise, which will likely have a favorable impact on the market.

Germany is set to have the highest medical polymer market growth rate, of 8.3%, during the forecast period. The country is known for its technological advancements, especially in the healthcare sector. This has unlocked opportunities for research institutes to invest in medical-grade polymers that are biodegradable and cost-effective.

Growing Usage of Polymers in Healthcare Sector

Medical polymers are widely employed in the production of medical devices and packaging, surgical instruments and others, as a result of which the healthcare industry's recent strong expansion has increased the demand for these polymers. As per recent statistics, the average healthcare expenditure growth was approximately 5% in 2020, while health spending as a share of the GDP increased to 9.7% across OECD countries, which has been propelling the growth of the market for medical polymers. This is essentially because plastics have wide applications in medical devices packaging, wound care, orthopedic soft goods, and other healthcare products.

Explore more about this report - Request free sample

Fibers & Resins Accounted for Largest Market Share in 2021

Fibers & resins dominated the medical polymer market with a share of 72.5% in 2021. This is due to the high chemical and electrical resistance, low weight, improved biocompatibility, and lower price of polypropylene and polyethylene, which could help them replace metal and glass in many medical products, including implants.

Medical polymers can be used to create monofilaments, which are single threadlike synthetic fibers and can be used in MRI machines as a replacement for the metal filaments. Moreover, plastic pill casings are made of tartaric-acid-based polymers, to help in breaking down the drug slowly and releasing the required medication in the required time. These casings reduce the number of pills required to get the prescribed dose.

Players in the healthcare industry are constantly innovating their portfolios in order to improve their market standing. Additionally, during the past few years, issues with the world's supply chains have compelled many manufacturers of medical devices to start constructing new domestic plants and requesting greater transparency from their suppliers. Reliability and material accessibility have risen to the top of the list of priorities when selecting suppliers.

For instance, in April 2022, M. Holland Company, a global distributor of thermoplastic resins and associated materials, created a new healthcare packaging line card. This was done in order to satisfy the product requirements of medical device and pharmaceutical packaging manufacturers and consult clients on technical resin selection, to meet the regulatory and mechanical requirements.

Biodegradable polymer acids are expected to experience the fastest growth during the forecast period. This is ascribed to the growing awareness regarding environment-friendly products, to ultimately replace conventional plastics in the coming period. The usage of these polymers is growing in the medical packaging industry, in part, due to the increasing investments of countries in R&D activities in order to produce biodegradable polymers and widen their application area in the healthcare sector.

Wound Care Is Expected To Experience Highest CAGR

Wound care applications will experience the highest CAGR, of around 9.0%, during the forecast period due to the growing geriatric population, increasing prevalence of diabetes, and surging incidence of chronic wounds. Natural polymers, synthetic polymers, and inorganic polymers are the three types of biomaterials used for wound care, including in tissue engineering and wound healing.

The aging population is a major factor in the expansion of the wound care demand. The appearance of skin damage and wounds is often amplified by aging. This is because common aging-related changes, such as decreased skin flexibility, slower collagen replacement, and weaker bodily systems, cause wounds to heal more slowly in older adults. Some synthetic polymers, such as polyurethanes, are used for the production of semi-permeable dressing materials due to their permeability to moisture and vapor and tendency to act as barriers to bacteria.

Further, polyetheretherketone (PEEK) is a thermoplastic polymer that can be used as a dental implant abutment, which is why the dental implants category is expected to experience the second-fastest medical polymer market growth. This is majorly attributed to the increasing prevalence of dental problems, which is driving the volume of dental implant surgeries. Moreover, the rising concern about oral hygiene is driving the usage of polymers over titanium in dental implants.

Medical device packaging holds the second-largest share in the market. This is ascribed to the creation of innovative biomaterials that can enhance the performance and biocompatibility of medical devices; moreover, they become malleable or hardened (set) with temperature. A medical device needs to be protected by maintaining the integrity of the packing, to prevent physical damage, biological contamination, and other external disturbances.

Additionally, biodegradable polymers in the packaging are designed to break down after use, to prevent plastic pollution.

To Increase Market Share, Companies Involved in Several Strategic Developments

The market is consolidated with the presence of major players. In recent years, they have been involved in partnerships, expansions, and product innovations in order to stay ahead of their competitors.

• In May 2022, Aveint Corporation expanded its line of bio-based Mevopur medical-grade polymer solutions, after launching Avient bio-based polyolefin materials in 2021.
• In February 2020, Clariant completed the development and testing of new polymeric materials, which are resistant to the degradation caused by exposure to high humidity and temperature.

Key Players in Medical Polymer Market Are:

• NatureWorks LLC
• Covestro AG
• Celanese Corporation
• Huizhou Foryou Medical Devices Co. Ltd.
• Arkema
• Kraton Corporation
• Evonik Industries AG
• BASF SE

Medical Polymers Market Size Breakdown by Segment

The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Product

• Fibers & Resins
• Medical Elastomers
• Biodegradable Polymers Acid
• Polyhydroxyalkanoate

Based on Application

• 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

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Spain
  • Italy
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Africa
  • Saudi Arabia