Top 8 Companies in the Global Medical Polymer Market in 2024

The global medical polymer market was valued at USD 38.1 billion in 2023. The market is expected to grow at a CAGR of 8% during the forecast period of 2024-2032, with the values likely to reach USD 76.1 billion by 2032. The market is driven by the rising innovations in medical polymers across the globe.

Medical polymers are man-made substances utilized in medical equipment, implants, and drug administration systems to improve patient treatment. Polyvinyl chloride, polyethylene, and silicone are specifically designed for distinct medical uses. The demand for healthcare services, investment in medical technology, and advancements in patient care are driving the growth of the global medical polymer market. Various factors like population growth, higher income levels, government initiatives, and technological advancements are also contributing to rapid growth in this market in the Asia Pacific region.

Innovative medical solutions and advanced medical plastics have elevated the market value by revolutionizing healthcare through advancements in medical technology. Polymer materials, which are light and can be easily shaped, are perfect for creating medical instruments. The flexibility and scalability of medical polymers are leading to an increasing use in ultrasound technology. There is a growing demand in the market for biocompatible and flexible polymers that prioritize patient-centric designs to enhance satisfaction and compliance.

In May 2023, DuPont's acquisition of Spectrum Plastics Group enhanced its standing in the medical polymer field and other areas of the healthcare industry. It is anticipated that the USD 1.75 billion agreement will greatly boost DuPont's income. Further in June 2023, Avient Corporation and BASF teamed up to launch colored Ultrason® polymers globally, focusing on the healthcare sectors. Moreover, robust government backing and continuous studies on medical polymers are anticipated to affect the market positively during the coming years.

Let’s explore the profile of top companies leading the medical polymer market in 2024.

1.    BASF SE

BASF SE is a chemical company that manufactures and markets a diverse array of chemicals, plastics, and crop protection products, as well as performance products such as solvents, adhesives, pigments, paints, and food additives. Their ultraform® pro and ultradur® pro materials are advanced engineering plastics created specifically for medical use, meeting strict standards to guarantee uniformity and safety in medical equipment. Anticipated growth in medical technologies will fuel the demand for these materials.

2.    Evonik Industries AG

Evonik Industries AG, a specialty chemicals company based in Germany, provides surfactants, polymers, resins, and additives for sectors such as agriculture and renewable energy. The growth of the global medical polymer market is fueled by medical polymers such as Evonik's Resomer, Vestakeep, and Degacryl, which offer biocompatibility and durability. Evonik's attention to sustainable and adaptable materials aligns with the need for advanced technology in medical applications, leading to advancements in healthcare industries.

3.    Dow Inc.

Dow is a company focused on material science that operates with its subsidiary, The Dow Chemical Co. They offer a range of products such as plastics, coatings, and industrial intermediates in their portfolio. Dow's polyolefin elastomers (POEs) are driving the worldwide medical polymer market with pliable and light materials perfect for medical uses. Dow's sustainable POEs foster innovation, reduce expenses, and improve product quality, positioning the company as a significant player in meeting the changing demands of the healthcare sector.

4.    Celanese Corporation

Celanese Corporation, based in Irving, Texas, is a US company that focuses on technology and materials. Celanex® MT® polybutylene terephthalate medical-grade polymers have had a substantial influence on the global medical polymer industry by enhancing product safety and performance. Celanex ® MT® polybutylene terephthalate adherence to rules, biocompatibility, and excellent features meet the need for long-lasting and eco-friendly medical devices, establishing it as a significant contributor to the advancement of medical technology.

5.    Covestro AG

Covestro AG, a company based in Germany, manufactures raw materials such as isocyanates and polyols for cellular foams used in the production of polyurethane and polycarbonate. It also produces materials needed for polyurethanes, coatings, adhesives, polycarbonates, and specialty chemicals. Covestro launched Makrolon ® RE polycarbonate for healthcare applications to meet the increasing need for eco-friendly materials in the global medical polymer industry, helping market expansion and addressing environmental concerns. Their skill and creativity confirm their position in progressing the medical polymer industry and advocating for eco-friendly practices in medical device production.

6.    Kraton Corporation

Kraton Corporation manufactures single-board computers, specialty polymers, and high-end products sourced from pine wood pulping by-products. They provide services for plastic upcycling, waste recycling, crude tall oil, pine chemicals, and oils for beauty and cosmetic products. Their advances in medical polymers, particularly single-board computers, meet safety and performance requirements by eliminating plasticizers and addressing allergy concerns. Their ability to be recycled supports environmental sustainability, fulfilling the need for high-quality medical materials and strict standards in healthcare.

7.    Solvay S.A.

Founded in 1863, Solvay, a chemical company based in Belgium, introduced the Ixef ® GS-5022 polymer specifically for the rising need for advanced materials in the medical polymer industry. This new product enhances the functionality and safety of healthcare applications by improving lubrication and reducing friction in single-use surgical instruments and biopharma components.

8.    Eastman Chemical Company

Eastman Chemical Co produces and sells specialty chemicals like advanced materials, functional products, additives, plastics, adhesives, films, yarn, and other related items. Their focus on eco-friendly healthcare materials made from sustainable medical polymers is in line with the need for such products, driving the growth of the market.