Medical Polymers
Market to exceed $24bn by 2024
Medical Polymers Market size is
slated to cross USD 24 billion by 2024; as per a new research report by Global
Market Insights, Inc. rapidly enhancing pharmaceutical devices demand owing to
the prevalence of heart diseases, infections, or general illness and
technological advancements in the treatment process will steer the global
medical polymers market growth in upcoming years. Increasing health awareness
among developed nations will also support the industry throughout the forecast
spell.
Pharmaceutical device industry
generated over USD 300 billion in 2015, of which U.S. had a major share of
around 45%. U.S. recorded over 6,500 pharmaceutical device manufacturers by 2015
and the growing demand in the country as well as export demand in the emerging
economies will escalate the market growth in coming years. Growing application
of polymers including polysulfone, polyphenylsulfone, polyether-etherketone or
PEEK, and polyetherimide in pharmaceutical devices will propel the overall
medical polymers industry growth.
Increasing global geriatric
population will also be a significant medical polymers market driver. Population
over the age of 65 years increased from 7.6% of global population in 2010 to
around 8.3% in 2015 and will increase owing to pharmaceutical developments and
increasing geriatric care units. The American Geriatrics Society has predicted
the U.S. geriatric population to reach 20% of total population by 2030. Ubiquity
of chronic disorders such as cardiac diseases, calcium deficiencies, arthritis,
etc. will likely have a positive influence on global.
Medical polymers market will also
be driven by the growing home-based private healthcare demand due to its ease
and affordability along with factors including commotions in public facilities,
chronic or contagious diseases, and elderly patients will enhance the home-based
healthcare industry in the upcoming years. In 2015, the global home-based
private healthcare industry generated more than USD 200 billion and it will grow
by CAGR over 8% up to 2024.
Medical fibers & Resins will be a
noteworthy product segment which generated more than USD 8 billion in 2015.
Polypropylene based fibers & resins will likely grow at a significant rate owing
to its chemical inertness, light weight, and favorable mechanical properties.
Overall medical fibers & resins will flourish at more than 8% CAGR up to 2024.
Developments and preferences of
bio-based polymers for environmental sustainability will characterize the growth
of biodegradable medical plastics and are likely to register a CAGR over 15% in
the overall medical polymers market. Medical packaging applications will be a
fast-growing segment owing to mandatory sterilization and medical disposable
regulations.
Regional medical polymers market
growth will be focused around the emerging economies in Asia Pacific, Latin
America, and Middle East & Africa, owing to rapidly increasing medical awareness
and government initiatives. Asia Pacific will register more than 10% CAGR in the
forecast time span.
Raw material price volatility
will hinder the medical polymers market growth. As, Petrochemical based raw
materials prices are dependent on the global crude oil prices, which is highly
fluctuating in nature. Strict norms about volatile organic compound (VOC)
content in the polymers may also restrain the medical polymers market. End
products are based on superior biocompatibility with various product blends, and
the expensive manufacturing technologies will restrain the entry of new market
participants.
(Ref.:
https://www.gminsights.com/pressrelease/medicalpolymers-market).
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