Medical Polymers Market Size Worth $27.75 Billion By 2028 | CAGR

8.0%: Grand View Research, Inc.

SAN FRANCISCO, May 11, 2021 /PRNewswire/ -- The global medical polymers market size is anticipated to reach a value of USD 27.75 billion by the end of the forecast period in 2028, as per a new market study by Grand View Research, Inc. It is projected to expand at a CAGR of 8.0% from 2021 to 2028. Growing demand for medical and pharmaceutical packaging, especially flexible packaging for medicines, blood bags, surgical gloves, and medical drapes, has been driving the market growth over the last few years. The growing importance of medical polymers in hip and joint replacement applications, and spinal and cranial implants, is gaining popularity and is expected to significantly impact the market growth.

Key suggestions from the report:

• In terms of product, the fibers and resins segment occupied a market share of 74.36% in 2020. The high demand can be attributed to the better thermal and chemical resistance properties of the product
• The biodegradable plastics segment is anticipated to register a CAGR of 15.7% during the forecast period. The rising adoption of biodegradable plastics in the manufacturing of a range of medical equipment and its growing use in prosthetics for replacement procedures is anticipated to drive the demand during the forecast period
• The medical devices and equipment segment is projected to dominate the demand in terms of application, with a market share of 53.8% in 2020. Increasing use of polymers in the manufacturing of implants, joint & hip replacements, and cardiology stents are projected to drive the market growth during the forecast period
• The Asia Pacific region is anticipated to dominate the demand for medical polymers in terms of production and consumption. The region is estimated to expand at a CAGR of 9.2% during the forecast period. Improvement in the standard of living, rising awareness about the benefits of medical polymers compared to their traditional counterparts, and rise in home healthcare devices have been the factors driving the regional demand.

Read 101 page research report with ToC on "Medical Polymers Market Size, Share & Trends Analysis Report By Product (Medical Resins & Fibers, Medical Elastomers), By Application (Medical Devices & Equipment, Medical Packaging), By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/medical-polymers-market