San Francisco, 1 November
2018: According to a report by Grand View Research, Inc., global medicalpolymers 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).
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.
Access
Research Report of Medical Polymers Market@ www.grandviewresearch.com/industry-analysis/medical-polymers-market
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.
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.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/plastics-polymers-and-resins
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.
Access
Press Release of Medical Polymers Market@ www.grandviewresearch.com/press-release/global-medical-polymer-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting services.
To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
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