How Does Expansion of Healthcare Sector Boost Medical Polymer Market?

In 2021, the medical polymer market generated $17,842.5 million, and it is expected to reach $36,035.3 million in 2030, advancing at a rate of 8.1% from 2021 to 2030, ascribed to the market proliferation, and rise in the expenditure on healthcare. 

Moreover, North America captures the massive market share, accounting for 41.8%, led by the surge of healthcare facilities and advancements in medical technology. The rise in the U.S. population is also expected to increase the demand for hip and knee implants, dental base materials, and tooth implants further increasing the demand for medical-grade polymers.

The North America medical polymer market is expected to grow by the rising demand for such plastics in pharmaceutical packaging applications, due to expansion of the Canada’s pharmaceutical industry. In addition, numerous manufacturers of medical components and devices in the U.S. are utilizing medical polymers for their products. In addition, the penetration of the major medical-grade plastics manufacturers and suppliers boosts the market.

Additionally, the prevalence of the geriatric population in the U.S. has caused an increase in the demand for home healthcare services, resulting in medical polymer market expansion. Over 55 million people are aged more than 65 years in the country, and it is projected that by 2030, the number will surpass 90 million. Thus, the U.S. government is increasingly investing in the well-being of the elderly population and those with disabilities. For instance, the U.S. government proposed an investment of $400 billion in home and community services, for over 8 years in March 2021, with increased investment.

Most companies are either investing in partnerships to outstand in the competition, by making improvements to their existing products, causing a boost in the market. For example, Benvic Group captures Chemres to expand itself geographically and reach a larger consumer base by offering a variety of products such as medical, wires & cables, and packaging.

Europe is the next-significant contributor to the medical polymer market, attributed to favorable reimbursement and growing political support for medical devices. In addition to this, the upgradation in the medical device directives is expected to enhance the medical products with technological advancements and increased safety. It is thus expected to result in a market boost, causing a significant rise in the demand for the project.

Germany is expected to witness the highest growth in the medical polymer market, accounting for 8.3% in the near future, attributed to the technological advancements in the healthcare sector. It has opened a pool of opportunities to research institutes to conduct studies on biodegradable and cost-effective medical-grade polymers.

The surge in the usage of medical polymers in the production of medical devices, packaging, and surgical instruments, resulted in the rising requirement for polymers, due to the massive increase in the healthcare industry. Moreover, plastics are widely used in the packaging of medical devices, wound care, orthopedic soft goods, and other healthcare products.

Therefore, the expansion of the healthcare industry, with increasing demand for medical devices, and the rising elderly population proliferate the market.

Source: P&S Intelligence