Medical Polymers Market Overview
Polymers are being employed in the pharmaceutical / medical sector for a myriad of applications, such as pharmaceutical excipients, medical devices (components and coatings), packaging systems for medications, tissue engineering and 3D printing.
The global medical polymers market size is estimated to grow from USD 20.80 billion in 2024 to USD 46 billion by 2035, representing a CAGR of 7.3% during the forecast period 2024-2035.
It is important to mention that the manufacturing of pharmaceutical / medical polymers needs to be carried out in a controlled environment with strict adherence to regulatory guidelines in order to maintain the product quality and performance.
DELT analysis is an analytical framework that is used to evaluate the environment in which an organization operates / wishes to enter. The analysis is used to review strategic planning processes which can aid the organization to mitigate the upcoming risks. In addition, the analysis can be deployed to invent strategies that can influence financing decisions in order to increase profitability. The primary purpose of this analysis is to develop a better understanding of the offerings of different pharmaceutical polymer / medical polymer manufacturers and establish an understanding of the current industry benchmark.
Medical Polymers Market Leading Companies
Examples of key medical polymer companies include Americhem, Borealis, Celanese, Corel Pharma Chem, Eastman, Henkel, KRAIBURG TPE, Kuraray, Lubrizol Life Science, LyondellBasell, Phon Tech, SEQENS, Sumitomo Chemical, Solvay and Zylog ElastoComp.
There is high opportunities to address the demographic parameters in North America. This can be attributed to the fact that the disease demographics and aging population are considerably higher in North America, thereby increasing the demand for healthcare-associated products. Attribution that technological and environmental footprints are strong can be done by the fact that the firm develops degradable, biocompatible polymers for application in drug delivery; in addition, it claims to house cutting-edge technology that enables the development of customized polymer solutions.
Driven by the ongoing pace of efforts for the development of novel and economical medical-grade polymers, the market is anticipated to witness a steady growth in the coming decade. Our estimates suggest that, in 2023, the maximum revenue generated in this domain is likely to be driven by thermoplastic polymers; this trend is unlikely to change in the foreseen future as well.
Presently, 48% of the sales revenues is generated by polymers being used in the development of medical devices, followed by 23% by polymers being used as excipients in drug formulations. It is worth mentioning that, in 2023, North America and Europe are likely to capture around 80% of the overall share in this domain. Further, the market in Asia-Pacific is anticipated to grow at a relatively faster pace (9.2%), during the given period.
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