Global medical polymers market will reach $17 billion by 2020: report
Demand from Chinese market and continuing substitution of metals and glass will drive growth.
Spurred by growing demand for medical devices from the fast developing Asian healthcare market, the global medical polymers market will experience robust growth through 2020, reaching an expected value of US$17 billion, according to a new business report from Grand View Research.
Demand for single-use devices and continuing substitution of metals and glass with lightweight, high-performance polymers coupled with demand for medical technology from an ageing population will also drive the increased use of plastics in medical devices, the San Francisco-based market research firm said.
The global medical polymers market was valued at US$9.69 billion in 2013, the report said, and it is forecast to grow at a compound annual growth rate (CAGR) of 8.4% through 2020.
Medical resins and fibres was the leading product segment, generating revenues worth US$7 billion in 2013, the report noted. Growing demand for low-cost, high-strength and durable materials for various applications including packaging is expected to drive growth.
PVC is expected to grow at a CAGR of 8.8% in revenue between 2014 and 2020. Medical-grade PP, PE, PS, SBC, rubber latex, TPO and TPU are expected to witness high demand because of their extensive use in medical tubing and pharmaceutical packaging, the report said.
Medical devices and equipment accounted for more than 47% of the volume share in 2013. Packaging accounted for significant revenue share, as well, the study said. In fact, packaging applications are expected to witness fastest growth, at an estimated CAGR of 6.0% from 2014 to 2020.
North America was the largest regional market for medical polymers, the report said, with revenue exceeding US$4 billion in 2013. “The presence of advanced medical and healthcare facility in the region was a key contributor to the high demand, the report said. “In addition, the region is also expected to witness significant growth at an estimated CAGR of 8.1% from 2014 to 2020.”