North America Medical Polymers Market to earn lucrative revenue via medical packaging sector, U.S. to contribute majorly toward the regional growth
The healthcare sector has observed a paradigm shift since the last few years, subject to which Medical Polymers Market will depict a lucrative growth path. Of late, there has been a spur in the prevalence of chronic ailments such as cardiovascular disorders, infections, hypertension, dementia, osteoporosis, and arthritis, thereby boosting global pharmaceutical and healthcare sectors, which are key drivers propelling medical polymers market. The ever-growing geriatric population across the globe and the rising awareness regarding efficient medical devices and equipment will also fuel medical polymers industry, set to cross a valuation of USD 24 billion by 2024, with a CAGR estimation of 9% over 2016-2024.
U.S. Medical Polymers Market size, by product, 2013 – 2024 (USD Million)
Companies operating in global medical polymers market adopt varied business strategies such as collaborations, R&D investments, and mergers & acquisitions to sustain their position. This industry is highly fragmented and involves the partaking of myriad local medium and large-sized businesses. Major players operating in medical polymers market include Evonik Industries, DuPont, Huntsman, Bayer AG, Dow Chemicals, Celanese Corporation, and Eastman Chemicals. Medical polymers market firms constantly strive to upgrade their product portfolio and improve their service sphere to score an edge over competitors.
Recently, at K 2016, the world’s largest plastics fair, Celanese Corporation showcased their range of reliable, safe, and compliant medical polymers that acknowledge issues such as dosage frequency and patient compliance. These polymers, when incorporated in medical devices & equipment, were designed to depict high performance, distinguishable appearance, and efficient operational ability. With many other companies undertaking similar efforts to develop high grade polymers for easy and safe treatment admission, global medical polymers industry size is set to rise a notch higher.
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Global pharmaceutical device market was valued over USD 300 billion in 2015 and is anticipated to register a notable CAGR of more than 6% over the next seven years. U.S. held more than 45% of this share in 2015, subject to which pharmaceutical device industry from the U.S. is estimated to grow remarkably over the next few years. This will significantly propel U.S. medical polymers market as well.
Rising utilization of polymers such as polyphenylsulfone, polyether ether ketone, and polyetherimide in pharmaceutical equipment will also contribute to the growth of medical polymers industry.
More than 20% of the population in the United States is likely to be above 65 years of age by 2030, and is expected to be susceptible to chronic ailments. Thus, the rapidly growing elderly population will fuel U.S. medical polymers market over 2016-2024. North America medical polymers industry was valued over USD 4.5 billion in 2015, and will grow noticeably over the years ahead, driven by the rapidly developing medical & pharma sectors, increasing healthcare spending, and public awareness related to health issues. Additionally, this region will witness huge product application in medical packaging and medical devices & equipment sectors, which will fuel North America medical polymers market.
Medical polymers industry from medical packaging applications will register a notable growth rate over the next seven years, subject to the production of biodegradable and bio-based polymers for packing medical products and disposables. In addition, the government as well as leading medical organizations have introduced legislations pertaining to the medical disposables and the usage of polymers for packaging, which will propel medical polymers market from medical packaging applications, set to grow at a rate of 9% over 2016-2024.
Medical devices and equipment on the other hand, accounted for more than 50% of the overall medical polymers industry in 2015. Pertaining to the properties of zero chemical corrosion and ease of application, medical polymers market from medical devices & equipment will grow at a CAGR of 8% over 2016-2024.
The rapidly growing healthcare sector in countries such as India and China and the rise in the number of medical care initiatives in countries such as Indonesia, Bangladesh, and Pakistan, will propel Asia Pacific medical polymers industry. The lack of highly efficient pharmaceutical facilities coupled with an ever-growing population base will fuel Asia Pacific medical polymers market, slated to grow at a rate of 10% over 2016-2024.
Environmental concerns pertaining to medical disposables will positively impact biodegradable medical plastics industry, set to grow at a CAGR of 15% over 2016-2024. The surging development of varied bio-based plastics will also influence medical polymers market size from biodegradable medical plastics.
Medical elastomers, another key product segment of medical polymers market, is further categorized into rubber latex and styrene block copolymers. This segment is expected to grow lucratively over 2016-2024. Fibers and resins include sub-products such as polypropylene (PP), polystyrene (PS), polyvinyl chloride (PVC), and polyethylene (PE). Medical polymers industry from fibers & resins was valued at USD 8 billion in 2015, and is anticipated to grow at a CAGR of 8% over 2016-2024. This growth can be credited to the rising awareness pertaining to health and hygiene, and the introduction of innovative technologies to adjust implant capabilities.
The production of medical polymers is largely dependent on the availability of raw materials. Owing to depleting fossil fuel availability and petroleum reserves, there may be a dramatic shift on the prices of raw materials, which is forecast to be one of the chief restraints of medical polymers market. Additionally, the prominent medical agencies such as FDA, WHO, and REACH have mandated regulations regarding the product prices and quality, which is also likely to hamper the growth of this industry.
Nevertheless, manufacturers are constantly focusing on developing innovative, highly graded, cost-effective polymers, which may increase the scope of this market. In addition, the high demand for home-based medical care subject to the rising geriatric population and the prevalence of chronic diseases will drive medical polymers industry over the next seven years.
Author Name :Saipriya Iyer