The global medical polymer market is projected to reach USD 36.77 billion by 2030, growing at a CAGR of 8.0%, according to a recent report by Grand View Research, Inc. This growth is primarily attributed to the increasing adoption of polymers in medical implants due to their chemical inertness and excellent fatigue resistance. Furthermore, the growing demand for in-house and advanced medical devices is expected to boost the need for medical device packaging.

High healthcare spending, especially in countries such as the U.S., China, and Germany, is anticipated to support the expansion of various application segments in the coming years. Additionally, the global rise in COVID-19 cases has increased the demand for medical devices, which in turn is fueling the medical polymer market.

The raw materials used in medical polymer production include ethylene, propylene, caprolactam, corn starch, and silica stone (SiO2). Silica stone, a major element of the Earth's crust, is obtained through sand mining and quartz purification and is essential in the production of silicone elastomers widely utilized in the medical field. Meanwhile, corn starch is used in creating biodegradable polymers like polylactic acid (PLA) and polyhydroxyalkanoates (PHA).

Medical Polymer Market Report Highlights

• In 2022, medical components emerged as the leading application segment in terms of revenue and are projected to maintain strong growth throughout the forecast period.

• The medical components segment accounted for over 40.0% of the revenue share in 2022, driven by the lightweight, high bacterial resistance, and chemical resistance characteristics of polymers.

• North America held more than 42.0% of the global revenue share in 2022, supported by high healthcare spending in the U.S. and a rapidly developing pharmaceutical industry in Mexico and Canada.

• Industry leaders are actively expanding their production capacities to meet rising demand. For example, in July 2021, Celanese Corporation expanded its R&D facility in Florence, Kentucky, adding a lab focused on pharmaceutical drug delivery feasibility.

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Regional Insights
North America was the dominant region in 2022, contributing over 42.0% to the global revenue. In the region, medical components led both in volume and revenue in 2021. The rising application of medical polymers in pharmaceutical packaging, along with rapid pharmaceutical sector growth in Mexico and Canada, is expected to drive further market expansion. For instance, regulatory easing by the Mexican government has facilitated the establishment of new pharmaceutical manufacturing units by global firms like Takeda and Astellas.

The growing elderly population and increasing prevalence of chronic diseases in the region are boosting the need for medical devices, subsequently raising demand for medical polymers used in equipment production. Government investments in healthcare infrastructure and a growing home healthcare market are also expected to contribute to continued market growth.

Key Companies in the Medical Polymer Market

• BASF SE

• NatureWorks LLC

• Covestro AG

• Celanese Corporation

• Eastman Chemical Corporation

• Evonik Industries AG

• Dow Inc.

• Exxon Mobil Corporation

• Arkema

• Koninklijke DSM NV

• Formosa Plastics Corporation

• Foryou Medical

• KRATON CORPORATION

• SABIC

• Trinseo S.A.

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