Transparency Market Research states that the leading companies in the global medical polymers market are thoroughly focused on product developments and mergers and acquisitions. Both of these trends are anticipated to help the companies to strengthen their standing in the global market and improve their product portfolios. Players are also investing in researching and developing new materials that will deliver a better performance in the coming years. Some of the leading players in the global medical polymers market are Celanese Corporation, Eastman Chemical Company, Evonik Industries AG, The Dow Chemical Company, Formosa Plastics Corporation USA, and Victrex plc.
North America Retains Lead in the Global Market
According to the research report, the global medical polymers market is expected to be worth US$17.13 bn by 2020, as the market expands at a CAGR of 8.3% during the forecast period of 2014 and 2020. The report stated that the medical resins and fibers segment held a share of 85% in the global market as of 2013 in terms of volume. This product segment is anticipated to lead the global market in the coming years. In terms of geography, North America is projected to retain lead during the forecast period. This regional market held a share of more than 40% in the global market in 2013.
Increasing Demand for Medical Implants Boosts Uptake of Medical Polymers
“Medical polymers are being extensively used in a wide range of medical and healthcare applications as they weigh less, offer improved biocompatibility, and are available at an affordable price,” states the lead author of this research report. Owing to these factors, medical polymers have gained special importance in design and development of implants for cranial injuries, hip and joint replacements, and spinal implants along with their growing usage in several formats of medical packaging. The global market is also projected to benefit from growing awareness amongst consumers, remarkable developments in polymer science, and growth of overall population across the globe. As these polymers replace glass and metal, which were being used in medical equipment and devices, their demand is anticipated to progress at an accelerated pace.
The growing demand for medical devices in the wake of increasing accidents, injuries, and conditions have also resulted in an augmented demand for medical polymers. Furthermore, the demand for home healthcare to avoid the exorbitant hospital stays have also led to a rise in the uptake of medical polymers. Analysts anticipate that increase of geriatric pool across the globe will result in the significant consumption of these fibers and resins during the forecast period. Of all the type of medical polymers, the biodegradable plastics are expected to witness a notable surge in the global market. The growing adoption of biocompatible materials will pick up a significant pace due to their usage in implants as they weigh relatively lesser than other conventional materials.
Stringent Regulations Prevent Introduction of New Products in Global Market
Despite the strong market drivers, the global medical polymers market is expected to be tugged in the opposite direction due to the strict regulations restricting the launch of new products in the market. The market has also been at the receiving end of the volatile nature of raw materials prices such as crude oil. However, the market could stand to benefit from catering to the high demand for biodegradable materials for making plastic implants.
The review of the market is based on Transparency Market Research’s report, titled “Medical Polymers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014-2020.”
Medical Polymers Market - Product Segment Analysis
- Medical resins and fibers
- Polyvinyl chloride (PVC)
- Polypropylene (PP)
- Polyethylene (PE)
- Polystyrene (PS)
- Others (Including engineering thermoplastics such as ABS, PC and PET)
- Medical elastomers
- Styrenic block copolymer (SBC)
- Rubber latex
- Others (Including TPU, TPV and TPO)
- Biodegradable plastics
Medical Polymers Market - Application Analysis
- Medical devices and equipment
- Medical packaging
- Others (Including tissue engineering and cardio stents)
Medical Polymers Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)
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