Press release
PMMA Market In healthcare applications to hit USD 235.9 million by 2024
Mounting penetration of high performing polymers across the medical space will augment Healthcare PMMA Market size. Favorable product features such as UV resistance, optical clarity, transparency, and light transmissions are expected to boost this market over the coming years. The rapidly evolving healthcare device industry, which collected a revenue of more than USD 350 billion in 2015, is expected to influence PMMA market trends in healthcare.
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Taking into consideration the geographical insights, Asia Pacific PMMA (Polymethyl Methacrylate) market size in the healthcare sector is expected to grow at a CAGR of 8% over 2016-2024. The growth can be attributed to rapid technological advancements to increase the production of medical devices coupled with the rise in the number of healthcare service providers across the region. China, Japan, and India are forecast to drive the regional growth.
Europe PMMA industry share in healthcare applications, worth USD 35 million in 2015, is projected to surpass USD 70 million by 2024. Rising demand for medical instruments such as implants, desiccators, and incubators coupled with increasing health concerns will push the regional share. France, UK, Spain, Germany, and Italy are the major regional revenue contributors.
U.S. PMMA (Polymethyl Methacrylate) market in healthcare is projected to generate a revenue greater than USD 80 million by 2024, pertaining to the strict norms set by the FDA regarding the application of traditional polymers such as PVC that have hazardous effects on human health. MEA PMMA (Polymethyl Methacrylate) industry in healthcare sector is projected to witness a striking expansion, subject to increased funding to improve healthcare services and infrastructure along with the growth of the emerging medical equipment sector. South Africa is forecast to make major contributions toward the regional PMMA (Polymethyl Methacrylate) industry size in healthcare.
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PMMA (Polymethyl Methacrylate) finds extensive application in medical ware, laboratory ware, and pharmaceutical handling sectors. Laboratory ware applications are projected to register notable gains of more than 6.2% over the coming timeline and will make notable contributions towards PMMA market size in healthcare. An increase in the aging population across the globe and a subsequent surge in IV diagnostics will benefit the industry growth across the healthcare sector. Breakthroughs such as molecular & tissue diagnostics in the field of biotechnology across the countries such as the U.S. will further boost the product popularity in healthcare.
Medical ware applications, which contributed to a huge share of healthcare PMMA industry in 2015, are expected to witness a substantial expansion over the coming years. The development can be ascribed to the rising occurrence of osteoporotic fractures, cataract, and myopia in the aging population along with escalated demand for dentures.
Pharmaceutical handling applications are expected to contribute more than USD 30 million toward healthcare PMMA (Polymethyl Methacrylate) market revenue by 2024, driven by escalated product deployment in RFID & pharmaceutical cabinets. High incidence of chronic ailments in the Asia Pacific region along with a large untapped growth potential across the region will boost the product acceptance.
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Market players will try to increase their ROI through product benchmarking, joint ventures, and strategic partnerships. The DOW Chemical Company, Intuitive Surgical Incorporation, Evonik Industries, Dentsply International, Mitsubishi Rayon Company Limited, BrandTech Scientific Incorporation, Kydex, Plaskolite Incorporation, Duro-Med Industries Incorporation, Chi Mei Corporation, Lucite International, Sumitomo Chemical Company Limited, PolyOne Corporation, Arkema, Globe Scientific Incorporation, Aristech Surfaces LLC, Thomas Scientific Incorporation, and Fisher Scientific International Incorporation are the major participants of healthcare PMMA (Polymethyl Methacrylate) industry.
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