Medical Polymers Market by Product Type (Medical resins and fibers, Medical elastomers, Biodegradable plastics and Other); By Application (Medical Devices & Equipment and Medical Packaging); and Region – Global Analysis of Market Size, Share & Trends for 2019– 2020 and Forecasts to 2030
Product Overview
Medical polymers are the collective term used in a different contexts in healthcare and medical application for biodegradable plastic, elastomers such as thermoplastic elastomers, and natural & polymers like resins and fibers. Polymers are significant part of the healthcare system due to better biocompatibility, low cost, and less weight. Polymers are extensively employed in medical industry including surgical instruments, catheters, implants, accessories, and diagnostic systems. Medical polymers are mainly utilized to manufacture facial implants, vascular grafts, dental implants, intraocular lenses, contact lenses, prosthetic heart valves, vascular skin implants, and breast implants.
Market Highlights
Global Medical Polymers is expected to project a notable CAGR in 2030.
Global Medical Polymers to surpass USD 36.78 billion by 2030 from USD 16.14 billion in 2020 at a CAGR of 8.59% in the coming years, i.e., 2021-30. Mounting adoption of polymers for implants is driving the growth of the global Medical Polymers market. Other factors that are driving the growth of the market include escalating demand for lightweight, high-strength plastic materials and enhancement in polymers and composites employed in components such as surgical instrument handle, syringes, and catheters. In addition, continuously rising demand for pharmaceutical devices is contributing in the growth of medical polymers market.
Recent Highlights in Global Medical Polymers
In March 2020, Eastman launched “Tritan MXF” a next-generation copolyester which provides chemical resistance, higher impact strength, and easier processability for the housing and hardware of electronic medical devices.
In April 2018, BASF opened a new production line for its high-temperature resistant thermoplastic “Ultrason” at its site in Yeosu, Korea.
Global Medical Polymers: Segments
Medical resins and fibers segment to grow with the highest CAGR during 2020-30
Global Medical Polymers is segmented by Product Type into Medical resins and fibers, Medical elastomers, Biodegradable plastics, and Other. Medical resins and fibers, segment held the largest market share in the year 2019. Medical resins and fibers involve polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), polystyrene (PS), and other thermoplastics. Fibers and resins are extensively used in several applications including cranial injuries, spinal implants, and hip and joint replacements on account of enhanced biocompatibility and low cost.
Medical Devices & Equipment segment to grow with the highest CAGR during 2020-30
Global Medical Polymers is divided by Source into Medical Devices & Equipment and Medical Packaging. Medical Devices & Equipment, segment held the largest market share in the year 2020 and will continue to dominate the market in the coming years. The growth of the segment of the market is driven by the rapidly increasing population along with the prevalence of chronic diseases. Moreover, rising consumer healthcare expenditure particularly in emerging economies is projected to fuel the medical devices and equipment segment. Also, negligible chemical corrosion and easy cleaning methods of medical polymers is likely to boost the product demand in the coming years.
Market Dynamics
Drivers
Surging Demand for Pharmaceutical Devices
Constantly growing demand for pharmaceutical devices is the key factor propelling the global medical polymers market. The development of innovative medical devices, rising prevalence of cardiovascular diseases, increasing occurrences of infections and other diseases, and growing general awareness is boosting the pharmaceutical device industry. This in turn is expected to augment the growth of medical polymers market. Presently polyetherimide, polyphenylsulfone, polysulfone, and polyether ether ketone are extensively used for several applications in the pharmaceutical device market.
Superior Properties as Compared to Available Substitutes
Over the last few years, polymers are gaining popularity in medical sector due to the advancements in the engineering plastics, such as PEEK, PMMA, PET, and ABS. These plastics are ideal to use in medical appliances and devices since they meet safety requirements. Engineering plastics utilized as medical polymers can match the stability, durability, structural strength, formability, and inertness of ceramics and metals as being more resource-effective and lighter. Besides medical polymers are available at cheap prices as compared to other substitutes including metals, glass, and ceramics. In addition, medical polymers find their application in packaging also owing to lightweight, durability, cost-effectiveness, and transparency which is boosting the demand for medical polymers.
Restraint
Unstable Prices of Raw Material
Varying prices of raw materials is the major factor that is likely to hamper the global medical polymers market in the near future. The prices are fluctuating due to the unpredictable energy prices. In 2018, as per the BP Statistics average price of oil increased from $54/bbl. to $71/ bbl. in 2017. Furthermore, rigorous regulations levied by several medical organizations in regard with product quality and prices is expected to restrict the medical polymers market growth.
Global Medical Polymers: Key Players
BASF SE
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Bayer Material Science AG,
Celanese Corporation,
DSM N.V.,
E. I. du Pont de Nemours Company,
Eastman Chemical,
Evonik Industries AG,
Exxon Mobil Corporation,
The Dow Chemical Company,
Huizhou Foryou Medical Device Co. Ltd.,
Kraton Performance Polymers Inc.,
Other Prominent Players
Global Medical Polymers: Regions
Global Medical Polymers is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa. Global Medical Polymers in North America held the largest market share in the year 2019. North America will continue to dominate the global Medical Polymers owing to rising healthcare expenditure and the rising awareness about health and fitness among consumers. Besides, growing occurrence of chronic diseases and rising geriatric population in the region is predicted to proliferate the Medical Polymers market. Furthermore, flourishing pharmaceutical packaging industry in the region and increasing number of spinal implants is inducing regional market growth.
Global Medical Polymers is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Medical Polymers report also contains analysis on:
Medical Polymers Segments:
By Product Type
Medical resins and fibers
Medical elastomers
Biodegradable plastics
Other
By Application
Medical Devices & Equipment
Medical Packaging
Medical Polymers Dynamics
Medical Polymers Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Contents
1. Executive Summary
2. Global Medical Polymer Market
2.1. Product Overview
2.2. Market Definition
2.3. Segmentation
2.4. Assumptions and Acronyms
3. Research Methodology
3.1. Research Objectives
3.2. Primary Research
3.3. Secondary Research
3.4. Forecast Model
3.5. Market Size Estimation
4. Average Pricing Analysis
5. Macro-Economic Indicators
6. Market Dynamics
6.1. Growth Drivers
6.2. Restraints
6.3. Opportunity
6.4. Trends
7. Correlation & Regression Analysis
7.1. Correlation Matrix
7.2. Regression Matrix
8. Recent Development, Policies & Regulatory Landscape
9. Risk Analysis
9.1. Demand Risk Analysis
9.2. Supply Risk Analysis
10. Global Medical Polymer Market Analysis
10.1. Porters Five Forces
10.1.1. Threat of New Entrants
10.1.2. Bargaining Power of Suppliers
10.1.3. Threat of Substitutes
10.1.4. Rivalry
10.2. PEST Analysis
10.2.1. Political
10.2.2. Economic
10.2.3. Social
10.2.4. Technological
11. Global Medical Polymer Market
11.1. Market Size & forecast, 2020A-2030F
11.1.1. By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
11.1.2. By Volume (Billion Units) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12. Global Medical Polymer Market: Market Segmentation
12.1. By Regions
12.1.1. North America:(U.S. and Canada), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2. By Product Type: Market Share (2020-2030F)
12.2.1. Medical resins and fibers, By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2.2. Medical elastomers, By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2.3. Biodegradable plastics, By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2.4. Other, By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3. By Application: Market Share (2020-2030F)
12.3.1. Medical Devices & Equipment, By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3.2. Medical Packaging, By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
13 Company Profile
13.1. BASF SE
13.1.1. Company Overview
13.1.2. Company Total Revenue (Financials)
13.1.3. Market Potential
13.1.4. Global Presence
13.1.5. Key Performance Indicators
13.1.6. SWOT Analysis
13.1.7. Product Launch
13.2. Bayer Material Science AG
13.3. Celanese Corporation
13.4. DSM N.V.
13.5. E. I. du Pont de Nemours Company
13.6. Eastman Chemical
13.7. Evonik Industries AG
13.8. Exxon Mobil Corporation
13.9. The Dow Chemical Company
13.10. Huizhou Foryou Medical Device Co. Ltd.
13.11. Kraton Performance Polymers Inc.
13.12. Other Prominent Players
14 Consultant Recommendation
**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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