The global medical polymers market size is expected to reach USD 17.05 billion by 2020, expanding at a CAGR of 8.4%, according to a new report by Grand View Research, Inc. The rising demand for medical devices and equipment in the healthcare sector owing to increasing prevalence of diseases is anticipated to drive the growth of the global market.
Increasing demand for medical devices, growing aging population, and expanding home healthcare sector in North America and Europe are some of the key factors responsible for the growth of medical polymers over the forecast period. However, fluctuating raw material prices are expected to affect the growth of the market.
Increasing expenditure on healthcare along with the presence of well-equipped hospitals and healthcare centers are the factors expected to have a positive impact on industry growth. Increasing demand for surgical instruments and tools such as gloves, clamps, forceps, syringes, surgical trays, medical bags, and catheters is expected to drive demand for medical polymers over the forecast period.
Increasing geriatric population is expected to result in the rise in healthcare facilities which is expected to drive the industry growth. This is expected to aid the growth for medical devices and therefore have a positive impact on the overall medical polymers market. Increasing bio-compatibility of plastics has also been a significant cause for the medical polymer industry growth.
Cost competitiveness and product quality are the key factors influencing the buyer power decision. High production volumes and ease of availability of product is expected to increase the buyer power. Moreover, low switching cost for consumers is expected to strengthen the bargaining power.
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Further key findings from the report suggest:
Medical grade fibers & resins is expected to reach a market value of USD 12.70 billion by 2020, owing to superior properties such as high thermal and chemical resistance coupled with ease of sterilization.
Biodegradable plastics is estimated to be the register highest CAGR of 15.8% over the forecast period in terms of revenue, owing to health concerns regarding synthetic polymers.
Medical devices & equipment is estimated to be largest application, growing at a CAGR of 8.8%, owing to the growing home-care sector.
The demand for the product in Asia Pacific is expected to reach a value of USD 4.07 billion by 2020 on account of increasing use of high performance polymers for disposable medical components.
Industry players including Celanese Corporation and Eastman Chemicals are introducing advanced grade plastics and polymers in the manufacturing of critical as well as semi-critical devices and instrument, thus promoting its use in the healthcare sector.
Grand View Research has segmented the global medical polymers market on the basis of product, application, and region:
Medical Polymers Product Outlook (Volume, Kilotons; Revenue, USD Million; 2012 - 2020)
Medical resins & fibers
Styrene block co-polymer
Medical Polymers Application Outlook (Volume, Kilotons; Revenue, USD Million; 2012 - 2020)
Medical equipment & devices
Medical Polymers Regional Outlook (Revenue; USD Million, 2012 - 2020)
Rest of the World
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