According to a report by Grand View Research, Inc., global medical polymers market is anticipated to value USD 17.05 billion by 2020. Growing requirement for durable and light weight medical devices and equipment is anticipated to propel demand for medical polymers. These polymers are likely to chemical inertness and superior fatigue resistance, low cost, and high flexibility.
High demand for advanced medical instruments attributed to rising cases of chronic diseases can surge demand for medical polymers over next few years. Rising healthcare expenditure coupled with increasing number of hospitals and medical centers globally can fuel growth of market. Growing need for surgical instruments such as clamps, gloves, syringes, medical bags owing to rising adoption of surgeries among patients can influence market growth. Increasing number of geriatric population globally liable to chronic diseases are likely to fuel demand for medical devices and equipment. This, in turn, can surge growth of medical polymers market over the forecast period (2012 to 2020).
Full Research Report On Medical Polymers Market Analysis: https://www.grandviewresearch.com/industry-analysis/medical-polymers-market
The medical polymers market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into medical elastomers, medical resins & fibers, biodegradable plastics, and others. In 2016, fibers and resins segment dominated the market and accounted for 86% of overall volume. Increasing use of fibers and resins in multiple applications such as cranial injuries, hip & joint replacement, spinal implant attributed to low cost and bio-compatibility. This, in turn, can fuel growth of segment over next few years.
On the contrary, biodegradable plastics segment is likely to grow at highest CAGR of 15.8% over the forecast period owing to growing awareness regarding health concerns related to synthetic polymers.
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Based on application, the market can be classified into medical packaging, medical equipment & devices, and others. Medical equipment and devices segment is expected to contribute well for growth of market over next few years attributed to rising cases of chronic diseases globally. In addition, rising healthcare expenditure among consumers living in United States, Germany, and China can drive market growth during the forecast period. It is likely to grow at CAGR of 8.8% over the forecast period owing to growing home-care sector.
Similarly, packaging segment can grow at CAGR of 7.8% in terms of revenue over the forecast period. Growing adoption of medical polymers in pharmaceutical packaging can influence growth of segment during next few years.
Regional segmentation includes Europe, Asia Pacific, North America, and rest of the world. North America is expected to dominate the market and account for largest market share over the forecast period. Growing prevalence of chronic diseases coupled with expansion of insurance coverage can fuel growth of market in the region. In addition, rising awareness regarding health benefits of medical polymers owing to low cost advantage over ceramics and metals can fuel market growth. Moreover, high performance offered by medical devices made from polymers can spur growth of market in the region.
In Asia Pacific, emerging economies such as China and India are likely to witness significant growth over the forecast period. It is expected to reach market value of USD 4.07 billion by 2020 attributed to rising adoption of high performance polymers for disposable medical components. In addition, high demand for medical devices owing to rising medical tourism is expected to propel growth of market in the region. Moreover, increasing R&D investments from Chinese government for producing advanced medical polymers can augment market growth in the region.
Some of the leading companies offering medical polymers are Bayer Material Science AG, Celanese Corporation, Eastman Chemical, Exxon Mobil Corporation, and Shanghai New Shanghua Polymer Material Co. Ltd. The market is expected to be characterized by extensive integration by major market players through different stages of value chain. Most companies are likely to distribute their products via dedicated supply networks. In addition, they can also offer customized products according to applications for which product is supposed to be used. Moreover, this market is subject to multiple technological advancements related to advanced polymers that can be used in healthcare sector. Development of new and innovative products is expected to be one of those business strategies adopted by manufacturing companies to gain traction among consumers.
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