Global Medical Polymers Market is propelled by Growing pharmaceutical industry demand
Pharmaceutical device industry generated over USD 300 billion in 2015, of which U.S. had a major share of around 45%. U.S. recorded over 6,500 pharmaceutical device manufacturers by 2015 and the growing demand in the country as well as export demand in the emerging economies will escalate the market growth in coming years. Growing application of polymers including polysulfone, polyphenylsulfone, polyether-ether-ketone or PEEK, and polyetherimide in pharmaceutical devices will propel the overall medical polymers industry growth.
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Industry Drivers In Medical Pacakging Industry:
Strict legislations pertaining to the medical disposables and sterilization is projected to drive the medical packaging application growth. Moreover, escalating development of the biodegradable and bio-based polymers will further boost the industry trends.
Industry Drivers In Medical Devices & Equipment Industry:
Excellent corrosion-resistance properties and ease of cleaning will drive the medical polymers market share in the medical devices and equipment applications.
Biodegradable medical plastics, medical elastomers, and medical fibers & resins are some of the key products of the medical polymers market. The biodegradable medical plastics will exhibit a compound annual growth rate of 15% over the coming seven years, driven by the increasing number of bio-based plastics. In addition, increasing environmental concerns about medical disposables will also generate lucrative growth opportunities for medical polymers industry over the coming timeframe.
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Fibers and resins contributed a revenue of USD 8 billion to the overall medical polymers industry in 2015 and will register a CAGR of 8% over the period of 2016 to 2024. The growth can be attributed to the growing awareness about health & hygiene, especially across the emerging economies.
Geographically, Asia Pacific medical polymers market size is anticipated record a growth rate of 10% over the coming years of 2016 to 2014, owing to the growing population, increasing awareness, lack of optimal medical facilities, and favorable government norms. India, China, Indonesia, Pakistan, and Bangladesh will contribute notably to the regional growth.
North America medical polymers industry size worth over USD 4.5 billion in 2015, will grow lucratively over the coming timeframe, driven by rising medical spending across this region. Additionally, growing awareness about fitness and health will generate heavy revenue for the North America medical polymers market. U.S. is likely to be a major revenue contributor.
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The market is fragmented with the manufacturing focus shifting toward the emerging regions such as Latin America and Asia Pacific, on account of the heavy demand across these regions. Evonik Industries, Bayer AG, DuPont, Celanese, Dow Chemical, Huntsman Corporation, and Eastman Chemical are some of the noteworthy industry participants in the medical polymers market.
Source Report: https://www.gminsights.com/industry-analysis/medical-polymers-market
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