A polymer is a large molecule or macromolecule comprising of multiple repeated units with high relative molecular mass. Medical polymers are used in many forms in healthcare and medical applications. Increasing demand for medical polymers based medical devices and equipment, is a major factor driving growth of the medical polymers market over the forecast period. However, high cost of raw materials and stringent rules and regulations by governing bodies such as U.S. FDA and European Union (EU), may hinder demand and restrain growth of the target market.
The global medical polymers market has been segmented on the basis of raw material, application, and region. On the basis of product type, the target market is segmented into fibers and resins, medical elastomers, and biodegradable medical polymers. The fibers and resins segment is estimated to witness highest growth in the target market during the forecast period.
On the basis of application, the target market is segmented into medical devices and equipment, medical packaging and others. The others segment is further bifurcated into tissue engineering and coronary stents. The medical devices and equipment segment is projected to witness highest growth in the target market during the forecast period.
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On the basis of region, the global medical polymers market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is contributed for highest share in terms of revenue and is expected to dominate the medical polymers market over the forecast period. The market in Asia Pacific is estimated to register a highest growth rate in terms of revenue over the forecast period, owing to increasing demand for medical polymer based products from healthcare sector. Europe medical polymers market is projected to account for a significant share in terms of revenue in coming years.
Key players operating in the global medical polymers market include BASF SE, Bayer AG, Celanese Corporation, Royal DSM N.V., The Lubrizol Corporation, Evonik Industries AG, Arkema S.A, DowDuPont Inc., Exxon Mobil Corporation, and KRATON CORPORATION.