By Product (Resins & Fibers, Elastomers, Biodegradable
Plastics), By Application (Devices And Equipments, Packaging) And Segment
Forecasts To 2020: Book Review
The global market for medical
polymers is expected to reach USD 17.05 billion by 2020, according to a new
study by Grand View Research, Inc. Increasing substitution of conventional
materials such as glass and metals in medical devices by high performance
polymers such as PVC and polypropylene coupled with growing demand for medical
devices from the fast developing Asian Healthcare Market is expected to drive
medical polymer demand over the next six years. In addition, growing geriatric
population is expected to further boost the demand for polymer based devices in
minimally invasive surgeries resulting in increased demand for medical polymers.
Devices and equipments were the
largest application markets, accounting for over 2,000 kilo tons of medical
polymer demand in 2013. Growing medical tourism due to low cost labor and
advanced facilitates in emerging healthcare destinations of India, China,
Malaysia and Singapore is expected to have positive impact on the market over
the forecast period. Medical polymers are also extensively used in medical
packaging applications owing to its superior properties and accounted for
2,271.3 kilo tons of demand in 2013.
Further key findings from the
Medical polymer demand was
4,901.1 kilo tons in 2013 and is expected to reach 7,149.8 kilo tons by 2020,
growing at a CAGR of 5.6% from 2014 to 2020.
Fibers & resins were the largest
product segment, with demand of 4,254.4 kilo tons in 2013 due to substitution of
traditional materials used in devices, equipment and packaging by fibers and
resins such as polyvinyl chloride, polypropylene, polyurethane and polystyrene.
North America was the largest
regional market for medical polymers, with revenue exceeding USD 4.18 billion in
2013. The presence of advanced medical and healthcare facility in the region was
a key contributor to the high demand. In addition, the region is also expected
to witness significant growth at an estimated CAGR of 8.1% from 2014 to 2020.
Packaging applications are
expected to witness fastest growth, at an estimated CAGR of 6.0% from 2014 to
2020. Packaging of syringes, tablets and other drugs takes place using polymers
due to superior properties such as low weight, application specific performance
and biodegradability which is expected to drive demand in this application.
Published By: Grand View Research