Over the past few years, the usage of medical polymers as substitutes for metal and glass in the production of medical equipment and devices has increased rapidly.
The growth of geriatric population, new development in polymer science and rise in medical tourism in countries like China, India and Malaysia are some of the driving forces for this growth.
Polymer-based equipment are low-cost, light-weight, durable and are easily available as compared to the conventional medical devices. The utilization of polymers such as PP, PE, SBC, rubber latex, TPO, and TPU in a host of health-related applications including minimally invasive surgeries has also boosted the demand for medical polymers.
What does the key findings suggest?
A study by Grand View Research predicted that the global medical polymer market will grow at a CAGR of 8.4% in the next five years. In 2013, the demand for Medical polymer was 4,901 kiloton, which is slated to reach 7,149.8 kiloton till 2020.
Styrenic Polymers rule almost 1/5th of the global medical market. These polymers are used in the production of liquid delivery systems, IV spikes, connectors, medical packaging etc. The demand for Styrenic Polymers in 2013 was 806.7-kilo tons alone!
Fibers and resins constituted the largest product segment fulfilling the global demand of 4,254.4 kilotons in 2013. Rising demand for biodegradable plastic products in healthcare domain will also experience a robust growth in the next few years. These polymers have the application in medical implants, which could pose a threat to elastomers, fibers and resins segment in the near future.
Asia-Pacific – Expected To Emerge As The Fastest Growing Market
The technologically sophisticated countries like Australia and New Zealand produce and export a noteworthy volume of medical devices to the rest of the world. North America was the biggest market for medical polymers in 2013 followed by Europe.
However, Asia Pacific is also expected to become the biggest market owing to the expanding healthcare infrastructure in these regions. Most countries in these regions are seeking foreign investment to promote local manufacturing of medical equipment. Countries like India and China have health mandates for healthcare products which would trigger the demand for medical polymers and medical tourism in these regions.
Different players in the healthcare segments are welcoming the new developments taking place in the medical equipment market. Easy adoption of new technology, consumer awareness and the need for medical polymer devices will only propel the growth of this dynamic market.
Grand View Research. Medical Polymers Market Size Worth $17.05 Billion By 2020. (August 2015).
Transparency Market Research. Asia Pacific to Record Fastest Growth in Styrenic Polymer Market in Future. (February 03, 2015)
Medical polymer market – strong growth predicted. (n.d) Retrieved from
Medical Polymers Market: Increasing Geriatric Population Worldwide to Drive Market. (August 27, 2015). Retrieved from http://www.transparencymarketresearch.com/article/medical-polymers-market.htm