CHICAGO, May 10, 2024
/PRNewswire/ -- The report "Medical Polymer
Market by type (Medical plastics, Medical elastomers),
Application (Medical Disposables, Medical Instruments and Devices,
Prosthetics, Diagnostics Instruments and Tools), Manufacturing
Technology, and Region - Global Forecast to 2029", is expected
to grow at a CAGR of 8.0% during the forecast period, from an
estimated USD 41.1 billion in 2024 to
USD 60.5 billion by 2029.
The growth of the medical polymer market is fueled by several
key factors. Technological advancements, especially in areas like
3D printing and nanotechnology, have expanded the possibilities for
medical polymer applications. Increasing awareness about infection
control and patient safety has led to the development of
antimicrobial and biocompatible polymers. Moreover, the trend
towards personalized medicine and minimally invasive procedures
drives the demand for specialized polymers that offer precise
properties. Additionally, environmental concerns are pushing the
industry towards bio-based and sustainable polymers, further
driving market growth.
Browse in-depth TOC on "Medical Polymer
Market"
341 – Tables
56 – Figures
439 –
Pages
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Medical Plastics, by type, is expected to be the most
significant medical polymer market segment during the forecast
period.
Medical plastics are poised to maintain the most significant
market share in the medical polymer market due to their
unparalleled versatility and suitability for a wide range of
medical applications. The demand for medical plastics is driven by
their exceptional properties such as biocompatibility, durability,
and ease of sterilization, which are crucial for medical device
manufacturing. Additionally, the ongoing advancements in polymer
engineering continue to enhance the performance and functionality
of medical plastics, making them indispensable in modern healthcare
settings. Moreover, the shift towards disposable medical products
and the rising demand for minimally invasive procedures further
propel the adoption of medical plastics, solidifying their position
as the dominant type in the medical polymer market.
Medical Instruments & devices is anticipated to be the
most significant medical polymer market segment, by application,
during the forecast period.
The medical instruments and devices application segment is
poised to capture the most significant market share in the medical
polymer market due to several compelling factors. Firstly, the
increasing demand for advanced medical technologies and the growing
prevalence of chronic diseases are driving the need for innovative
medical devices and instruments. These devices require materials
with specific properties like biocompatibility, stabilizability,
and chemical resistance, all of which medical polymers can provide.
Additionally, the trend towards minimally invasive procedures is
driving the development of lightweight and durable medical devices,
further boosting the demand for medical polymers in this segment.
Furthermore, ongoing technological advancements in medical polymer
formulations and manufacturing processes are enhancing the
performance and reliability of medical instruments and devices,
reinforcing their dominance in the market.
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Extrusion tubing is anticipated to be the most significant
medical polymer market segment, by manufacturing technology, during
the forecast period.
Extrusion tubing manufacturing technology is poised to maintain
the most significant market share in the manufacturing technology
segment of the medical polymer market due to its efficiency,
versatility, and cost-effectiveness. This technology enables the
production of precise and uniform medical tubing with a wide range
of properties such as flexibility, transparency, and
biocompatibility, meeting the diverse needs of medical
applications. The customizable nature of extrusion processes allows
for tailored tubing dimensions, wall thickness, and material
compositions, ensuring compatibility with various medical devices
and procedures. Additionally, the scalability and mass production
capabilities of extrusion technology make it highly favorable for
manufacturers seeking efficient solutions for medical polymer
components. These factors collectively contribute to the dominance
of extrusion tubing manufacturing technology in the medical polymer
market's manufacturing technology segment.
Asia Pacific is expected to
be the fastest-growing region in the global medical polymer market,
by region, during the forecast period.
The Asia Pacific region is
experiencing rapid growth in the global medical polymer market due
to several key factors. Firstly, the region's burgeoning population
and rising middle-class income levels are driving increased
healthcare spending, leading to higher demand for medical devices
and equipment that rely on medical polymers. Additionally, the
region benefits from a robust manufacturing infrastructure and a
skilled workforce, allowing for cost-effective production of
medical polymers and related products. Moreover, favourable
government policies, investments in healthcare infrastructure, and
technological advancements are further propelling market growth in
the Asia Pacific. The region's
dynamic economies, coupled with a growing focus on healthcare
modernization and innovation, position it as the fastest-growing
region in the global medical polymer market.
To enable an in-depth understanding of the competitive
landscape, the report includes the profiles of some of the top
players in the medical polymer market. These are BASF SE
(Germany), SABIC (Saudi Arabia), Covestro AG (Germany), Celanese Corporation (US), and
Evonik Industries (Germany).
Browse Adjacent Market: Resins and Polymers Market Research
& Consulting
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