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 world wide 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. 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.
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.
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 Moreover, medical elastomers are estimated to grow at fastest pace in the coming years, as raised replacement of outdated materials like glass, metals, and ceramics.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.
Medical Polymers Product Outlook (Volume, Kilotons; Revenue, USD Million; 2012 - 2020)
• Medical resins & fibers
• Polyvinyl Chloride
• Medical elastomers
• Styrene block co-polymer
• Rubber latex
• Biodegradable plastics
Medical Polymers Application Outlook (Volume, Kilotons; Revenue, USD Million; 2012 - 2020)
• Medical equipment & devices
• Medical packaging
Medical Polymers Regional Outlook (Revenue; USD Million, 2012 - 2020)
• North America
• Asia Pacific
• Rest of the World
Research Support Specialist, USA