Growing technological advancement in medical treatment and procedures will drive medical polymers market share noticeably over the coming seven years. According to Global Market Insights, Inc., “Worldwide Medical Polymers market is predicted to surpass a revenue of USD 24 billion by 2024 with an annual growth rate of 9% over the coming period of 2016 to 2024.” Increasing healthcare need among the escalating aging population will also influence the industry trends significantly.
U.S. Medical Polymers Market size, by product, 2013 - 2024 (USD Million)
Moreover, rising awareness toward the health and fitness along with growing government initiatives will notably influence the medical polymers industry size. The expanding pharmaceutical industry will fuel the demand for medical polymers across the globe. The polymers such as polyether ether ketone (PEEK), polyphenylsulfone, polysulfone, and polyetherimide are extensively used in pharmaceutical devices.
Medical Packaging and Medical Devices & Equipment are the two major applications of the medical polymers. Below is the highlight of the medical polymers application landscape over 2016-2024:
|
Applications |
CAGR (2016-2024) |
Drivers |
|
Medical packaging |
9% |
Strict legislations pertaining to the medical disposables and sterilization is projected to drive the medical packaging application growth. Moreover, escalating development of the biodegradable and bio-based polymers will further boost the industry trends. |
|
Medical Devices & Equipment |
8% |
Excellent corrosion-resistance properties and ease of cleaning will drive the medical polymers market share in the medical devices and equipment applications. |
Biodegradable medical plastics, medical elastomers, and medical fibers & resins are some of the key products of the medical polymers market. The biodegradable medical plastics will exhibit a compound annual growth rate of 15% over the coming seven years, driven by the increasing number of bio-based plastics. In addition, increasing environmental concerns about medical disposables will also generate lucrative growth opportunities for medical polymers industry over the coming timeframe.
Fibers and resins contributed a revenue of USD 8 billion to the overall medical polymers industry in 2015 and will register a CAGR of 8% over the period of 2016 to 2024. The growth can be attributed to the growing awareness about health & hygiene, especially across the emerging economies.
Geographically, Asia Pacific medical polymers market size is anticipated record a growth rate of 10% over the coming years of 2016 to 2014, owing to the growing population, increasing awareness, lack of optimal medical facilities, and favorable government norms. India, China, Indonesia, Pakistan, and Bangladesh will contribute notably to the regional growth.
North America medical polymers industry size worth over USD 4.5 billion in 2015, will grow lucratively over the coming timeframe, driven by rising medical spending across this region. Additionally, growing awareness about fitness and health will generate heavy revenue for the North America medical polymers market. U.S. is likely to be a major revenue contributor.
The market is fragmented with the manufacturing focus shifting toward the emerging regions such as Latin America and Asia Pacific, on account of the heavy demand across these regions. Evonik Industries, Bayer AG, DuPont, Celanese, Dow Chemical, Huntsman Corporation, and Eastman Chemical are some of the noteworthy industry participants in the medical polymers market.