Medical Polymer Market To Rise At Modest Growth With CAGR And Revenue Till 2030|Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on October 17th, 2023 San Francisco, 17 October 2023: The ReportMedical Polymer Market Size, Share & Trends Analysis Report By Product, By Application (Medical Device Packaging, Tooth Implants, Wound Care, Mobility Aids, Denture-based Materials), By Region, And Segment Forecasts, 2023 - 2030 The global medical polymer market size is expected to reach USD 36.77 billion by 2030, registering a CAGR of 8.0%, according to a new report by Grand View Research, Inc. The industry is expected to register growth due to the high adoption of polymers in implants on account of their chemical inertness and superior fatigue resistance. The demand for medical device packaging is likely to be driven by the rise in the demand for in-house and advanced medical devices. In addition, a high level of consumer expenditure on healthcare, primarily in the U.S., China, and Germany, is expected to drive the application segment in the forthcoming years. Moreover, rising positive coronavirus cases across the globe are positively influencing the demand for medical devices, thereby propelling the demand for medical polymers. Raw materials used for medical polymers include ethylene, propylene, caprolactam, corn starch, and silica stone (SiO2). Silica stone is the most significant component found in the Earth's crust and is derived from sand mining and the purification of quartz. It is used in the production of silicone elastomers, which are widely used in the medical industry. Corn starch is used in the production of biodegradable polymers such as polylactic acid (PLA) and polyhydroxyalkanoates (PHA). Factors, such as increasing demand from the medical industry are anticipated to fuel the demand for medical-grade polymers. Polymers are classified as synthetic and natural polymers based on raw materials. Naturally occurring polymers include bio-based polymers, wood, and natural rubber, whereas synthetic polymers include thermosets & thermoplastic resins, elastomers, and fibers. Increasing per capita healthcare spending in the form of health insurance in the U.S. has been one of the significant trends impacting the growth of the market in North America. This is expected to augment the demand for generic drugs and medical devices in the coming years, thereby driving the market in North America during the forecast period. This industry's critical applications include medical components manufacturing and pharmaceutical packaging. The presence of key government initiatives such as the Affordable Care Act (ACA) and Medicaid has enabled a large percentage of the population to gain access to healthcare facilities and services in the U.S. This has further boosted the demand for branded drugs, medical devices, and healthcare services, thereby driving the need for medical polymers in the country, primarily in applications such as medical components, packaging, and wound care. Request sample report of Medical Polymer Market@https://www.grandviewresearch.com/industry-analysis/medical-polymers-market/request/rs1 The Canadian healthcare industry is attracting significant investments from both the public and private sectors. According to Canadian Institute for Health Information (CIHI), the government planned to spend USD 308 billion in 2021 on the healthcare sector. The country is characterized by high health consciousness and high life expectancy, viz., 85 years for women and 79 years for men, thus, posing lucrative growth opportunities for medical polymer manufacturers in Canada. Fibers & resins across the product segmentation dominated the market in 2022 in terms of both volume and revenue owing to the high chemical & electrical resistance offered by resins such as polypropylene (PP) and polyethylene (PE). Furthermore, polycarbonate polymer resins offer heat resistance, strength, and toughness, which enables them to replace metal and glass in many medical products. The optical clarity is a vital characteristic in clinical and diagnostic contexts where blood, tissues, and other fluids must be visible. Medical Polymer Market Report Highlights
Extrusion of medical polymers can result in monofilaments, which are single threadlike synthetic fibers. These medical-grade monofilaments can be used in magnetic resonance imaging (MRI) as an alternative to metal filaments. Also, medical polymer fibers exhibit a high strength-to-weight ratio, making them an ideal choice for many minimally invasive devices and medical clothing. Medical Polymer Market Report Scope
Silicone is a widely used medical elastomer in medical applications. Its favorable characteristics include the ability to operate in temperatures ranging between -50°C and +250°C, water repellency, non-allergic nature, excellent resistance to ozone, weather, and UV rays, and compatibility with steam, ETO, and gamma radiations making it ideal for use in medical applications. List of Key Players in the Medical Polymer Market
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