Global medical polymers market to register CAGR of 8.4% from 2014 to 2020
The global medical polymers market is expected to grow at a CAGR of 8.4% from 2014 to 2020, according to a new report by Grand View Research, anticipated to reach US$17 bln by 2020. Shifting trends towards substitution of conventional materials by high performance polymers such as polypropylene and PVC in medical devices coupled with growing demand for medical equipment from emerging Asian healthcare market is expected to drive the market during the next five years. Increasing geriatric population, especially in developed economies, is expected to further support the growth of this industry.
Growing awareness regarding benefits of using medical polymers with biocide properties is expected to drive market demand. In addition, increasing popularity of lightweight, low cost, portable, and small devices in healthcare industry is likely to propel industry expansion. Medical fibers and resins product segment is expected to grow at a CAGR of more than 8% from 2014 to 2020. In addition, increasing consumption of polyvinyl chloride (PVC), polyethylene (PE), polystyrene (PS) and polypropylene (PP) will fuel medical polymers industry growth.
Biodegradable plastics are expected to witness significant gains in light of its mounting utilization in pharmaceutical packaging because of high thermal and mechanical properties. Its demand is likely to reach 79.5 kilo tons by 2020.
In terms of application, medical packaging was the second largest application segment in 2013 and is expected to grow at a CAGR of 6.0% from 2014 to 2020 on account of increasing scope of flexible packaging in finished goods. Rising demand from various packaging systems including blood bags, syringes, oral solids, and liquids is expected to stimulate development.
North America dominated the global market in 2013, accounting for over 40% of the volume share and is expected to grow substantially on account of technological development and significant investments in R&D. Moreover, increasing need for advanced instruments with better performance and higher strength and flexibility, mainly in the U.S., is likely to spur growth.