According to a new report published by Allied Market Research, the Medical Polymers Market is expected to grow at an estimated CAGR of 13% from 2016 to 2022, reaching US$19.014 billion by 2022.
In 2015, resins was the leading segment 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 customisations. 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 and 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 high-quality 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 Polymers Market
- The bioresorbableplastics (PGA) of the 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.
- The US was the largest market in terms of demand for medical polymer in 2015.
The market for medical ceramics witnesses intense competition among the major players in the market. This competitive rivalry results into product innovation and development.
Although the market is largely fragmented, dominance of the major companies is characterised by their vast product portfolio for medical polymers, high investment in R&D, and strong distribution network. The companies have adopted various strategies such as agreement, product launch, product approval, merger & acquisition, collaboration, and investment to sustain the highly competitive environment of the medical polymers market.
Key companies profiled in this report include 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, and Celanese Corporation.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. The Medical Polymers Market report is divided by Type (PVC, Polypropylene, Polyethylene, Polystyrene, Polycarbonate, PEEK, Hydrogel, Styrenic block copolymer, Rubber latex, Biodegradable, PLA, and Others), and by Application (Surgical Instruments, Diagnostic Equipment, Orthopedic Implants, Electronic Implants, Dental Implants, Disposables, Packaging and Others).