Driven by the growing number of diseases, and surging investment in medical infrastructure. The Global Medical Polymer Market is forecasted at approximately US$ 25 Bn by 2028 says Ken Research Study
Medical polymer is a material arranged into elastomers, filaments, and saps. Medical grade polymers are an essential part of the new-gen medical and healthcare system. These materials are specifically engineered and manufactured for medical use under global regulatory requirements. Medical-grade polymers are used in manufacturing medical devices, medical packaging, medical wear, cleanroom supplies, mobility aids, implants, wound care, denture-based materials, and others.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study.”
1. Growing Investment in Healthcare Industry Worldwide, is a Driving Factor for This Market.
According to Ken Research Analysis, the global medical polymer market was valued at US$ 10 billion in 2017, it is estimated to be ~US$ 15 billion in 2022 and is forecasted to reach a market size of ~US$ 25 billion opportunities by 2028.
As per Canadian Institute for Health Information, total health spending in Canada is expected to reach US$ 308 billion in 2021. It is anticipated that health spending will represent 12.7% of Canada’s gross domestic product (GDP).
The Indian Government is planning to introduce a credit initiative program worth US$ 6.8 billion to boost the country’s healthcare infrastructure. The program will allow firms to leverage the fund to expand hospital capacity or medical supplies.
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The growing investment and initiative towards the healthcare industry are likely to boost the medical components, implants, medicine packaging, and others. Furthermore, increased investment in medical devices is likely to boost the medical polymer market.
2. Increasing Geriatric Population, is Likely to Fuel the Medical Polymer Market Growth.
According to The American Geriatric Society, ~30% of the 65-plus patient population will need to be cared for by a geriatrician, and each geriatrician can care for a patient panel of 700 older adults. ~30,000 geriatricians will be needed by 2030 to care for about 21 million older Americans.
As per the USA Department of Economics and Social Affairs, World Population Ageing 2017 publication, stated that the global population aged 60 years or over numbered 962 million in 2017, more than twice as large as in 1980, when there were 382 million older persons worldwide. The number of older people is expected to double again by 2050 when it is projected to reach nearly 2.1 billion.
The rise in the geriatric population requires serious medical conditions and healthcare needs, thereby fuelling the market growth of medical polymers. A rise in the aging population is also surging chronic diseases worldwide, which is escalating the demand for medical devices and products.
3. High Raw Material Prices, is Likely to Hamper the Growth of the Medical Polymer Market.
Enerdata, an energy intelligence company, stated in a report that global crude oil output rose by less than 1% in 2021 after a 7.4% drop in 2020. International oil prices rose by almost 70% in 2021.
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Synthetic polymers like polyethylene (PE), polypropylene (PP), nylon, polyester (PS), polytetrafluoroethylene (PTFE), and epoxy (plastics), are produced from petroleum hydrocarbons. Highly fluctuating prices and lower production of crude oil is a restraining factors for the medical polymer market.
Key Topics Covered in the Report
- Snapshot of the Global Medical Polymer Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Medical Polymer Market
- Historic Growth of the Overall Global Medical Polymer Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Medical Polymer Industry
- Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
- COVID-19 Impact on the Overall Global Medical Polymer Market
- Future Market Forecast and Growth Rates of the Total Global Medical Polymer Market and by Segments
- Market Size of Type / End-Users Segments with Historical CAGR and Future Forecasts
- Analysis of the Global Medical Polymer Market
- Major Production/Supply and Consumption/Demand Hubs in Each Major Region
- Major Continent-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Continent
Major Players Mentioned in the Report
- BASF SE
- Evonik Industries AG
- Covestro AG
- Kraton Corporation
- Eastman Chemical Company
- SABIC
- Celanese Corporation
- DSM
- Arkema
- INEOS
Notable Emerging Companies Mentioned in the Report
- Cocoon Biotech
- ADBioplastics
- BioMed Element
- XAMPLA
- Cypris Materials
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Medical Polymer Manufacturing Companies
- Medical Polymer Marketing Companies
- Medical Polymer Material Suppliers
- Potential Investors in Medical Polymer Companies
- Bio Polymer Manufacturers
- Medical Packaging and Component Manufacturers
- Consulting Companies in the Chemical and Healthcare Market
- Government And Research Organizations Working in the Chemical and Healthcare Industries
- Investment Banks Targeting the Chemical and Healthcare Industry
- Medical Machine and Equipment Manufacturers
- Medical Plastics Manufacturers
- Laboratory Equipment Manufacturers
- Healthcare Products Manufacturers
- Medical Device Packaging Manufacturers
- Plastics Chemical Manufacturers
- Organic Polymers Manufacturers
- Medical Implant Packaging Manufacturers
- Medical Soft Goods Manufacturers
- Biopharma Devices Manufacturers
- Government Healthcare Departments
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022-2028F
For more insights on the market intelligence, refer to the link below: –
Global Medical Polymer Market: Ken Research
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