Global Medical Polymer Market was valued US$ 14.31 in 2017 and is estimated to surpass US$ 22.94 Billion mark in at a Compound Annual Growth Rate (CAGR) of 8.81 % during the forecast period 2018-2024 globally.
Global medical polymer market is driven by rising geriatric population and prevalence of chronic diseases, which significantly boosted demand for medical implants. In addition, medical polymer market is witnessing high growth globally owing to the high acceptance and adoption of polymers for product manufacturing. Increasing geriatric population is expected to result in the rise in healthcare facilities which is expected to drive the industry growth. This is expected to aid the growth for medical devices and therefore have a positive impact on the overall medical polymers market. Increasing bio-compatibility of plastics has also been a significant cause for the medical polymer industry growth. Medical polymer possess low weight compared to the metallic material hence are preferred for a variety of applications in medical industry.
Medical grade fibers & resins will dominate the market by 2026, attributed to its superior properties such as high thermal and chemical resistance together with ease of sterilization. Fibers and resin segment accounted for the largest share in 2017 owing to high use in various applications including hip & joint replacement surgeries, spinal implants, and different injuries. While biodegradable plastics is estimated to grow at highest CAGR of 16.1% over the forecast period in terms of revenue, owing to health concerns regarding synthetic polymers.
Increasing expenditure on healthcare along with the presence of well-equipped hospitals have a positive impact on hospital accessories segment growth. Increasing demand for surgical instruments and tools such as gloves, clamps, forceps, syringes, surgical trays, medical bags, and catheters is expected to drive demand for medical polymers over the forecast period. Medical polymer segment has further dominated the hospital accessories segment due to their high flexibility, low manufacturing cost, and high infection resistance compared to other metallic materials.
Implants application segment held the largest market share in 2017, due to a high demand for implants for replacement surgeries such as a knee, hip, joint, and dental. Demand for implants is growing primarily due to increased incidences of chronic diseases and increasing global geriatric population. Applications such as cardio implants and devices and tissue engineering may propel the growth of the global market in the near future. Polymers are widely used in the medical sector, including diagnostic systems, implants, and accessories. Intraocular lenses, contact lenses, facial implants, vascular grafts, breast implants, catheters, dental implants, and prosthetic hearth valves are a few examples of where the medical polymers are used.
North America accounted for the largest share of the medical polymer market followed by Europe, and the Asia Pacific. North America is dominant owing to increased prevalence of chronic disease, and a high transplant surgery rate. In addition, the population having a higher awareness of health benefits like low product cost and enhanced performance polymers have further boosted the overall growth. Also, the presence of major manufacturers and their well-established network in the region have also helped in the overall growth. Asia Pacific region is expected to see growth in medical polymer market during the current forecast period due to the rising awareness for low cost but advanced materials and their related benefits.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding medical polymer market dynamics, structure by identifying and analyzing the market segments and project the market size. Further, the report also focuses on a competitive analysis of key players by product, price, financial position, Purity portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in medical polymer market.
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The Scope of the Global Medical Polymer Market:
Global Medical Polymer Market, By Product type:
• Fibres and Resins
• Medical Elastomers
• Biodegradable Medical Polymers
Global Medical Polymer Market, By Application:
• Implants
• Diagnostic Systems
• Hospital Accessories
Global Medical Polymer Market, By Geography:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Key Players analyzed in the Report:
• Eastman Chemical Company
• Evonik Industries AG
• The Dow Chemical Company
• Formosa Plastics Corporation USA
• Arkema SA
• BASF SE
• Covestro AG
• DSM N.V.
• Solvay S.A
• Celanese Corporation
• Victrex Plc.
• DuPont
• Tianjin Plastics Research Institute Co. Ltd
• Lubrizol Corporation
• Bayer
• Celanese
• Eastman Chemical
• Borealis
• DSM
• ExxonMobil
• Huizhou Foryou Medical Devices
• Kraton Performance Polymers
• Victrex
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