In 2021, the medical polymer market generated $17,842.5 million, and it is expected to reach $36,035.3 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.
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.
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.
