Polymers Market Estimated To Register CAGR Of 13% By 2022
Medical Polymers Market is
expected to reach US$19,014 mln by 2022, growing at an estimated CAGR of 13%
from 2016 to 2022, according to a report by Allied Market Research. Resins is
the leading segment in 2015 and is expected to maintain its lead throughout the
forecast period. Further, in the application segment, devices dominate occupying
a share of nearly half of the global medical polymers market.
Medical polymers are widely used
across various applications, as they are easy to manufacture and facilitate
customizations. Moreover, they provide ease of fabrication, flexibility, and
biocompatibility, and remarkable mechanical, electrical, chemical, and thermal
properties of materials that are used as composites for medical implants.
Increasing number of medical procedures, such as joint reconstruction & heart
surgeries and rise in cosmetic and plastic surgeries in the developing countries
are the few other key drivers of the market.
“Increase in adoption of medical
polymers owing to low prices and versatility, coupled with increase in the sales
of medical implants and devices globally will garner the growth of the global
medical polymer market”, said Eswara Prasad. Resins dominate the medical
ceramics market due to a significant replacement trend of conventional medical
devices materials with advanced polymers such as polyphenylene ether and few
others, which provide highquality medical devices. Further the application
segment is led by devices holding nearly half of the global polymers market.
This is mainly due to advancement in the technology provided by the polymers
manufacturers such as polymer laminate technology and so on. Devices captured a
major share in the global medical polymers market followed by disposables such
as gloves, syringes and others.
Key Findings of the Medical
The bioresorbable plastics (PGA) of polymer market
is expected to grow at a highest CAGR of 17.1% during the forecast period.
Resins hold the highest share of four-fifths of the
total medical polymers market in 2015.
In the application segment, devices hold nearly half
of the market share in 2015, where Diagnostics equipment contributes majorly
towards the revenue of the segment.
Disposables is the fastest growing application
segment and is expected to grow at an estimated CAGR of 14.2% during the
forecast period of 2016-2022.
U.S. was the largest market in terms of demand for
medical polymer in 2015.
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