As per the research report titled ‘Global Medical Polymer Market Size study, by Product (Fibers& Resins, Medical Elastomers, Biodegradable Polymers, Others), By Application ( Medical Device Packaging, Medical Components, Orthopedic Soft Goods, Wound Care, Cleanroom Supplies, BioPharm Devices, Mobility Aids , Others) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global medical polymer market was remunerated at USD 18.4 billion in 2021 and is slated to register a CAGR of 8% through 2028, eventually amassing a valuation of USD 31 billion by the end of the analysis timeframe.

Expansion of the healthcare industry as well as upgradation of medical infrastructure, and mounting expenditure for producing & acquiring high-quality & durable medical equipment are the major factors fueling global medical polymer market growth.

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For those unaware, medical polymers are extensively utilized in the production and packaging of medical equipment. Rapid integration of biodegradable polymers within the medical industry, and increased government focus on initiating R&D activities for advanced polymers are likely to improve revenue flow for the market in the ensuing years.

However, certain challenges associated with stringent government regulations may hinder market progression during the forecast period.

Speaking of the product landscape, worldwide medical polymers industry is categorized into medical elastomers, fibers & resins, and biodegradable polymers among others. Meanwhile, the different applications include cleanroom supplies, medical components, wound care, orthopedic soft goods, mobility aids, biopharm devices, and medical device packaging among others.

From a geographical viewpoint, Noth America is slated to generate impressive returns for the market during 2022-2028, on the back of increasing cognizance regarding personal healthcare, rising per capita medical expenditure, and presence of major players in the region.

In addition, favorable government initiatives like MedicAid and Affordable Care Act have enabled a significant portion of the population in United States get access to healthcare facilities and services. In a similar context, the government of Canada is furthering its efforts towards increasing investments in the healthcare sector. As per the reports available with the Canadian Institute for Health Information (CIHI), a sum of USD 308 billion was reportedly being kept aside in 2021 to be spent to improve healthcare infrastructure.

Meanwhile, Asia Pacific is slated to be a promising avenue for market expansion during 2022-2028, owing to increasing prevalence of lifestyle disorders such as cardiac arrests and diabetes, alongside growing population levels.

Speaking of the competitive framework, Koninklijke DSM N.V., Covestro AG, BASF SE, Eastman Chemical Corporation, Exxon Mobil Corporation, NatureWorks LLC, Evonik Industries AG, Celanese Corporation, and Dow Inc. are the prominent players influencing worldwide medical polymer market trends.