According to this study by Fact.MR, the medical polymers market is projected to surge at a CAGR of 8.2% over the period of 2021 to 2031. Higher anticipated surge in demand is primarily due to rise in spending of regional governments to strengthen their healthcare infrastructure, post COVID-era.
To cash-in on the rising demand for polymers from the healthcare sector, especially for pharmaceutical packaging and medical devices, prominent manufacturers such as LyondellBasell, Sinopec, Borealis, and ExxonMobil have expanded their medical polymer production facilities. This has, in turn, had a cascading effect and normalized price growth over Q3 and Q4 of FY2020.
Consumption of medical polymers surpassed 5 MMT in 2020, and this statistic is anticipated to burgeon at a pace of 6.7% CAGR through 2031.
Key Takeaways from Market Study
- The medical polymers market is estimated to expand 2.2X its current market value by 2031.
- Polypropylene dominated the demand pie of commodity polymers with nearly 53% market share in 2020, and is anticipated to gain 30 BPS by 2031-end.
- Medical device application growth is set to be at 6.9% CAGR over the period of 2021-2031, and is set to remain the most prominent application among all other segments.
- Top 5 players capture nearly 25% of medical polymer sales across the globe.
“Inelastic nature of market to provide bundle of opportunities for manufacturers to cash-in on,” says a Fact.MR analyst.
Top manufacturers of medical polymers include
- Lotte Chemical Corporation
- LG Chem
- Exxon Mobil Corp
- Hyosung Corporation
- Total Plastics
- Formosa Plastics
Of these manufacturers, prominent companies are LyondellBasell, ExxonMobil, Sinopec, and SABIC, who control nearly 20% of the global supply of medical polymers across the globe.
How Has Covid-19 impacted the Medical Polymers Business?
The COVID-19 pandemic was at its worst in 2020, and the world is still fighting to recover from its impact on global public health. The role played by medical-grade polymers, with plastics as the main material, in medical devices and personal protective equipment for healthcare workers, is sizeable. Advantageous possibilities for sterilization, lower costs, and easier disinfection of polymeric materials gave them significant importance in the healthcare sector.
The pandemic has altered the landscape of medical equipment and device demand around the world. In the third and fourth quarters of 2020, hospitals across both, developed and developing countries suffered from critical medical equipment shortages. This cascaded the demand for medical polymers over the same quarters and pushed prices up by nearly 7%.
Medical Polymers Industry Key Segments
- Commodity Polymers
- Medical Grade Polypropylene
- Medical Grade Polyvinyl Chloride
- Medical Grade Polyethylene
- Medical Grade Polyesters
- Engineering Thermoplastics
- Polyvinyl Pyrrolidone (PVP)
- Commodity Polymers
- Medical Bags
- Medical Tubes
- Pharmaceutical Blisters and Trays
- Blister Packs
- Breast Implants
- Orthopedic Implants
- Spinal Implants
- Medical Wear
- Face Shields
- Masks & Gowns
- Medical Devices
- Dental & Orthodontic Devices
- Contact Lenses
By Processing Method
- Blow Fill Seal
- Injection Stretch Blow Molding
- Extrusion Blow Molding
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