(Polymethyl Methacrylate) PMMA market growth is boosted by increasing healthcare applications and medical device sales
Global (Polymethyl Methacrylate) PMMA Market size which was evaluated at more than $116 million in 2015 is projected to register a CAGR of higher than 7.6% till the end of forecast period. Shift in trend towards substituting traditional medical polymers like polycarbonate and polyvinyl chloride with high performing harmless polymers is expected to propel industry demand in medical applications. Increasing spending on global healthcare applications coupled with heavy medical equipment sales will produce more avenues for global industry across healthcare segment.
U.S. healthcare PMMA market size, by application, 2013-2024 (Kilo Tons)
Rising healthcare spending in BRICS (Brazil, Russia, India, China and South Africa) countries has fuelled the global (Polymethyl Methacrylate) PMMA industry growth. Rise in aging population in Europe, U.S. and Japan has boosted global (Polymethyl Methacrylate) PMMA market growth.
However, tight supply of raw substances for manufacturing monomers can limit supply of product and can adversely affect global (Polymethyl Methacrylate)PMMA market price trend in healthcare applications.
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Global (Polymethyl Methacrylate)PMMA market is segmented into applications like laboratory ware, medical ware and pharmaceutical handling.
Laboratory ware segment is expected to experience biggest gains and register CAGR of more than 6.2% during forecast timeframe. Rising old age population across the globe and increase in IV diagnostics is anticipated to positively influence industry growth. Heavy industry penetration of modern diagnostic tools like tissue diagnostics and molecular diagnostics in North American region can favor demand of the product.
Medical ware was dominant application segment in 2015 and produced more than $52.1 million revenue during that year. Rising occurrence of cataract and myopia owing to rising old age population can promote demand of intraocular lenses fuelling industry demand in medical ware applications.
Pharmaceutical handling segment is projected to record a CAGR of more than 4.1% by 2024 and register maximum growth. Launch of RFID (Radio frequency identification)cabinets in pharmaceutical sector can increase product demand. Rising occurrence of different chronic ailments can favorably influence cabinets demand and propel industry growth in pharmaceutical handling applications.
Global (Polymethyl Methacrylate)PMMA market is segmented into geographical locations like Europe, MEA, Asia, Latin America and North America.
U.S. (Polymethyl Methacrylate)PMMA market led the industry demand for North America. It was evaluated at more than $48.1 million for 2015. Large aging population in U.S. along with strict FDA (Food and Drug Administration) rules to reduce use of harmful plastics in medical sector is predicted to favorably influence industry expansion.
APAC (Polymethyl Methacrylate)PMMA industry led by India and China is predicted to record CAGR of about 8% during forecast period and register maximum gains. Growth of medical equipments segment owing to technological breakthroughs in China and Japan are key aspects driving regional industry growth.
Europe (Polymethyl Methacrylate) PMMA market, dominated by Italy, UK, France, Spain and Germany, is anticipated to record CAGR of about 5% and cross revenue mark of $71 million by end of forecast period. Rising demand for medical equipments like dentures, incubators and desiccators is one of the key factors contributing to the industry growth in the region.
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Key industry players profiled in report are Evonik Industries, Arkema, Aristech Surfaces, Kydex, Lucite International, Dow Chemical Company, Plaskolite Incorporation and Polyone Corporation.
This entry was posted in Polymers and Advanced Materials and tagged Application Potential, Competitive Market Share & Forecast, Healthcare Applications, Laboratory Ware, Medical Ware, Pharmaceutical Handling, PMMA Market Size.