22nd July 2019 – The medical
polymers market is estimated to grow at a significant CAGR of 8.4% over
the future period as the scope and its applications are rising enormously
across the globe.
Global Medical Polymers Market is
expected to reach USD 17.05 billion by 2020. Medical grade polymer materials
are an important share of the contemporary healthcare system. These materials
fulfill with worldwide controlling necessities and are precisely manufactured
and engineered for medical use. Their obtainability is sure for a lengthier
period than normal grades. This allows device designers to surely design and
stipulates profitable products for users universally.
High demand for high strength and
lightweight plastic materials, rising demand for plastic materials, and high
demand for polymers from kay manufacturers are documented as major factors of
medical polymers industry that are estimated to enhance the growth in the years
to come. Also, high demand for biodegradable and biocompatible products in
medical devices will boost overall market growth in the upcoming years.
However, demand supply gap and fluctuating prices of products may restrain
overall market growth in the future period. The market is segmented based on
product type, application, and region.
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Biodegradable medical polymers, medical
resins & fibers, and medical elastomers are the product types that could be
explored in medical polymers industry over the forecast period. Medical resins
& fibers include polystyrene, polyvinyl chloride, polyethylene,
polypropylene, and others. On the other hand, medical elastomers include rubber
latex, styrene block copolymer, and others.
The fibers and resins sector accounted
for the largest market share of medical polymers market and is estimated to
lead the overall market in the coming years. This may be because of rising use
in numerous applications like hip and joint replacements, spinal implants, and
cranial injuries. In addition, in 2016 the sector accounted for 86.7% of
overall revenue. Moreover, medical elastomers are estimated to grow at fastest
pace in the coming years, as raised replacement of outdated materials like
glass, metals, and ceramics.
The market may be categorized based on
applications like medical packaging, medical equipment & devices, and
others that could be explored in foremost period. The medical equipment &
devices sector is estimated to grow at fastest pace with significant market
share in the coming years. This may be because of growing population, high
consumer spending on healthcare mainly in developed countries, and occurrence
of chronic diseases. Also, medical packaging is projected to grow at highest
CAGR of 7.8% in terms of revenue in the upcoming years, as high demand in
pharmaceutical packaging and designing packaging systems.
Globally, North America accounted for
the largest market share of medical polymers industry and is estimated to lead
the overall market in the coming years. The reason behind the overall market
growth could be presence of key manufacturers to develop innovative products
like pH- and temperature-sensitive polymers, developed healthcare
infrastructure, and rising use of highly innovative techniques. The United
States is a major consumer of Medical Polymers in this region.
Instead, Europe and the Asia Pacific are
also estimated to have a positive influence on the future growth. Europe is the
second largest region with significant market share. However, Asia Pacific is
estimated to grow at fastest pace with the highest CAGR in the foremost period.
The aspects that may be ascribed to the growth comprise government initiatives
and favorable policies and raised investment towards research & development
sector. The developing countries like India and China are the major consumers
of medical polymers market in this region.
The key players of medical polymers
industry are Evonik, Celanese, Eastman Chemical, Covestro, Dow Chemical,
Borealis, Victrex, DSM, Kraton Performance Polymers, DuPont, Huizhou Foryou
Medical Devices, and ExxonMobil. These players are concentrating on inorganic
growth to sustain themselves amongst fierce competition. As such, mergers,
acquisitions, and joint ventures are the need of the hour.
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