Medical Polymers Market is witnessing a strong momentum in healthcare sector with the increasing demand for upgraded pharmaceutical devices across the patient base. Growing prevalence of cardiac diseases, especially across geriatric population along with rising deployment of technologically progressed medical treatments is spurring the market demand. As mentioned above, Global pharmaceutical device market which leaves a linear influence on medical polymers demand is expected to magnify at a speedy rate of 6% in the years ahead. U.S held 45% share of the global pharmaceutical device market in 2015 and is anticipated to be one of the most lucrative zones partaking in medical polymers industry growth. As per a report by Global Market Insights Inc., “Medical polymers market is poised to exceed a revenue of 24 billion by 2024, at an annual growth projection of 9% over the period of 2016-2024.”
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Biodegradable medical plastics, medical fibers &resins, and medical elastomers are the three categories of product prevalent in the industry. Biodegradable plastics medical polymer market will observe a tremendous growth rate of 15% over the forecast span.
Asia Pacific medical polymers market is poised to show an exponential growth chart with rapidly increasing healthcare infrastructure in China, Bangladesh, India, Pakistan, and Indonesia. The region is anticipated to grow at a rate of 10% over the period of 2016-2024, owing to rising population base and unmet medical needs in these developing countries.
Europe medical polymers industry is set to record a CAGR of 7% over the period of 2016-2024.
Medical polymers market finds a wide array of application in medical packaging and medical devices equipment sectors. Each of these applications will see an immense growth with respect to size and volume due to the fact that people are rapidly adopting the advanced medical treatments. Medical devices & equipment market is set to register a CAGR of 8% over the period of 2016-2024, having had more than 50% of the overall market share in 2015.
Growing government concerns over degradation of polymers have steered the product demand for bio-based and biodegradable polymers for packaging of the medical products. This fact is likely to show a substantial growth track to the global medical polymers market from medical packaging application to register an annual growth rate of 9% over the period of 2016-2024.
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North America medical polymers market is also expected to witness a significant growth roadmap with U.S. being the leading country contributing the maximum share. This region exhibits high awareness toward health & fitness, which in turn has favored the growth of medical and pharmaceutical industries. North America Medical polymers industry with revenue worth USD 4.5 billion in 2015, is expected to witness lucrative growth prospects over the coming years. Raised living standards and ability to spend more on medical care has attributed significantly to the market growth.
Browse key industry insights spread across 180 pages with 256 market data tables & 16 figures & charts from the report, “Medical Polymers MarketForecast, 2016 – 2024”Forecast, 2016 – 2024” in detail along with the table of contents:
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Taking into consideration the competitive scenario, the companies are adopting major strategies including intensive research, product innovation, and strategic collaborations to expand their reach. The players are also focusing on significant integration in the value chain and upgradation of product portfolio. Major participants in medical polymers industry include DuPont, Dow Chemical, Evonik Industries, Bayer AG, and Huntsman.
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