What’s driving the Medical Polymers Market growth? Key Players are Bayer, Evonik, Celanese, DuPont, Dow, Eastman Chemical Company
Growing old population coupled with their medical needs will surge the medical polymers market in coming years. Prevalent diseases in the elder age such as heart disease, hypertension, diabetes, osteoporosis, dementia, and arthritis need constant medical care and attention. These factors will further influence the market in the upcoming years.
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The United States drives the North American market largely and will hold a significant share in the global medical polymers market due to huge medical needs and aging population. Europe will observe a comparatively slower growth, losing its market share to the Asia Pacific region owing to expansions in the medical industry. The regional product market will display a growth in excess of 10% CAGR over the coming years.
Increase in the use of medical devices will positively influence the medical polymers market demand in the coming years. Prevalent medical conditions, diseases & infections, and cardiovascular issues paired with development in medical procedures & treatments is propelling the medical devices industry in future. In 2015, the medical devices industry, globally, was valued in excess of USD 300 billion and is likely to grow with a CAGR of around 6% in the forecast period.
Key players operating in the global medical polymers market include:
• Eastman Chemical
• Dow Chemical
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Based on product, the medical polymers market is broadly segmented into three major categories which are medical elastomers, resins & fibers and biodegradable plastics. The medical elastomers segment is further bifurcated into rubber latex and styrene block copolymers whereas the medical resins & fibers is further segmented into four sub-categories which include polystyrene, polyethylene, polypropylene, and polyvinyl chloride. Considering volume, the resins & fibers segment is likely to register over 80% of the total market share in 2024. Among the sub-segments, polypropylene is projected to grow with a CAGR of over 10%, reaching USD 4 billion till 2024.
On the basis of application, the medical polymers market is segmented into two major categories mainly, medical packaging and medical devices and equipments. The packaging segment market is likely to register a growth of over 9% to reach a a market of USD 10 billion till 2024. The devices and equipments sector accounts for more than half of the global market to witness a decent growth in the forecast timespan.
Petrochemicals are used as raw materials in the production of medical polymers. Rapidly depleting petroleum resources result in price variations of raw materials which in turn end up slowing down the medical polymers market growth. Moreover, stringent government regulations regarding the manufacturing of new petroleum based products for pharmaceutical field is likely to hinder the future market growth.
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