The medical polymer industry has garnered $17,842.5 million revenue, and it is ascribed to the expansion of the pharmaceutical sector, led by worldwide rising healthcare expenditure.
North America holds a 41.8% industry share. The U.S.-based industry captures a substantial revenue share, led by the rising penetration of healthcare facilities, and advanced medical technology.
The rising population in the U.S is expected to fuel the demand for hip and knee implants, denture base materials, and tooth implants, which will fuel the application of medical-grade polymers.
Get the sample pages of this report: https://www.psmarketresearch.com/market-analysis/medical-polymer-market/report-sample
According to official data, around 55 million people are aged more than 65+ years, and it is predicted to cross 90 million in 2060.
Germany is projected to experience the highest growth, at the rate 8.3% in the coming years. The nation is popular for technological advancements, more specifically in the healthcare sector. It has offered numerous opportunities for research institutes to invest in biodegradable and low-cost medical-grade polymers.
Medical polymers are massively used in the manufacturing of medical devices, surgical instruments and others, which has resulted in the expansion of healthcare industry, and fuelled the polymer requirement.
Fibers & resins hold the largest industry share, of 72.5%, and it is ascribed due to the high electrical and chemical resistance, low weight, better biocompatiblity, and low cost of polyethylene, and polypropylene.
Healthcare industry players are focusing on improving their portfolio to remain on the competitive edge. In addition, over the years, issues in the worldwide supply chains have resulted in manufacturers of medical devices to set up new production facilities.
Therefore, the expansion of the pharmaceutical sector is projected to fuel the demand for medical polymer.