Medical Polymer Market To Generate Revenue worth $36,035.3 Million by 2030
- Published: July 2022
The global medical polymer market will generate revenue of $36,035.3 million in 2030, and the market size will advance at a CAGR of 8.1% between 2021 and 2030. This is attributed to the growing usage of polymers in the pharmaceutical industry and medical devices and their packaging and the increasing healthcare expenditure across the globe.
Healthcare Plastic Demand in APAC Region To Gain Momentum
The APAC market is expected to grow the fastest, with a CAGR of 8.5%, during the forecast period due to the presence of the two most-populated countries in the world, i.e., India and China. China is among the top players in medical clothing and diagnostic kits exports. During the COVID-19 pandemic, governments provided incentives to the manufacturers of medical clothing, which increased the medical polymer demand in the Chinese market.
The market is also growing in India due to the development of healthcare infrastructure. Moreover, India is extensively dependent on imports for meeting its medical device requirements. Hence, in order to fulfill the rising demand for important healthcare equipment, the Government of India has expanded its dependence on domestic producers through its "Make in India" policy. Additionally, the government launched the "Atma Nirbhar Bharat" campaign in May 2020 to promote domestic manufacturing and help the nation's economy recover from the effects of the pandemic.
Europe holds the second-largest medical polymer market size, as it is among the leading producers of chemicals and plastics. Moreover, Germany is investing in research and development since more than 500 small and large pharmaceutical companies are located in the country. Thus, a strong industry base for not only chemical and polymers but also for medical devices is the major driver for the market in the nation.
Moreover, numerous other European nations, including Hungary, Bulgaria, Belgium, and the Netherlands, have a vast potential for growth as a result of the rise in medical tourism activities, which raises the need for medical implants made from PEEK.
Partnerships Are Most-Effective Strategic Measures for Market Players
Key players in the medical polymer market have been involved in partnerships to remain competitive. For instance:
- In March 2021, BASF SE invested $29.57 million in its hygiene business, specifically to increase the innovation capabilities for its superabsorbent polymer.
- In December 2020, Evonik signed an agreement to acquire the LACTEL business of biodegradable polymers from DURECT Corporation, to strengthen its healthcare solution business and global position as a drug delivery solution provider.
Some of the major players in the medical polymer market are NatureWorks LLC, Covestro AG, Celanese Corporation, Huizhou Foryou Medical Devices Co. Ltd., Arkema, Kraton Corporation, Evonik Industries AG, and BASF SE.