Healthcare PMMA Market 2021 Covering Major Driving Factors and Competitive Outlook till 2024

It has been estimated that global healthcare PMMA market size could exceed USD 235.9 million in terms of total annual valuation through 2024.

A shift in trend towards replacing conventional medical polymers such as polycarbonate and polyvinyl chloride with superior performing harmless polymers is likely to drive the demand for polymethyl methacrylate (PMMA) in healthcare applications. Growing consumer spending on advanced healthcare due to the growing prevalence of diseases along with the sale of heavy medical equipment will produce more avenues for the industry.

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As per reports, healthcare spending in the U.S. was valued at USD 3.5 trillion or USD 10,739 per person during the year 2017. This further increased over the next two years, indicating the potential of different materials utilized for producing medical products and equipment.

Key medical ware applications

In terms of the application of PMMA, medical ware has gained tremendous recognition over the last few years. Medical ware products comprise dentures, bine cement, incubators, intraocular lens. The high geriatric population in most parts of the world has magnified the need for reliable and safe denture solutions due to severe dental conditions after a particular age.

According to a study conducted by the European Commission, the total number of people aged 65 and above is expected to increase from 29.6% in 2016 to 51.2% in the year 2070. The advantages of the use of PMMA in dental application include cost-effectiveness, lightweight, simplified processing, stability in the oral cavity, and aesthetic properties, among various others.

Despite being made by polymerizing methyl methacrylate- an irritant and carcinogen, the product is known to be highly biocompatible. The biocompatibility of PMMA could be attributed to the product’s resistance to chemical reactions, temperature stress, human tissue, and bioprocesses.

As a bone cement, polymethyl methacrylate is used to fill the gaps between implants and bones. The product is a viable choice for this procedure ad they are biocompatible and easy to polymerize within the hospital environment.

Increasing use across diagnostic needs

PMMA use across laboratory ware is likely to register notable gains in the coming years due to the growing need for diagnostic solutions, especially for the elder population, along with the discovery of medicines. For instance, the coronavirus pandemic has severely affected the world and has amplified the need for reliable, safe, and accurate diagnostic solutions.

Various companies are constantly working towards enhancing the testing procedures to meet the high demand from different countries. Moreover, heavy industry penetration of modern diagnostic systems such as tissue diagnostics and molecular diagnostics across the North American region will support the demand for suitable lab ware products and equipment.

Medical developments across Asia Pacific

Asia Pacific healthcare PMMA market has emerged as a profitable revenue terrain due to the improvements in regional healthcare sector. Both the governments and the private institutions are heavily injecting funds into the healthcare sector to improve the offerings and to use the latest medical devices.

Reportedly, the Australian Government during its financial budget 2018-2019 announced the investment of USD 950 million in a Health and Medical Industry Growth Plan with an aim to improve the healthcare services, along with increasing jobs and the development of new firms and industries in the sector.

The development of advanced medical equipment to treat targeted and complex diseases owing to technological breakthroughs in countries like India, Japan, and China will propel the regional healthcare sector in the near future, impacting PMMA consumption.

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Competitive market dynamics

The global PMMA healthcare industry share is competitive. Some of the leading companies include Polyone Corporation, Dow Chemical, Chi-Mei, Lucite International, Evonik Industries, and Sumitomo Chemical, among numerous others. The aforementioned companies are constantly working towards improving their outcomes to achieve a competitive edge and to increase their geographical footprint.

In October 2020, Lucite International, a subsidiary of Mitsubishi Chemical Corporation along with Agilyx Corporation, announced plans to carry out a commercial-scale trial to recycle PMMA at Agilyx’s Oregon facility. Through this step, Lucite aimed at developing a robust value chain for the PMMA manufacturers, customers, distributors, fabricators, and recyclers.

In a nutshell, the rapidly increasing developments in the healthcare industry globally due to the increase in the number of geriatric patients as well as to provide the latest medical equipment will propel the consumption of polymethyl methacrylate in the heatlhcare sector.

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This release was published on openPR.