Medical Polymers Market Size By Product (Medical Fibers & Resins [PVC, PP, PE, Polystyrene], Medical Elastomers [SBC, Rubber Latex], Biodegradable Medical Plastics), By Application (Medical Devices & Equipment, Medical Packaging), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: Jan 2017 | Report ID: GMI1126 | Authors: Kiran Pulidindi, Soumalya Chakraborty Report Format: PDF
Medical Polymers Market size will exceed USD 24 billion by 2024 gaining the industry by CAGR close to 9%.
U.S. Medical Polymers Market size, by product, 2013 - 2024 (USD Million)
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Global medical polymers market will be positively affected by the continuously growing pharmaceutical device demand. Pervasiveness of cardiovascular issues, general medical conditions, infections, and other diseases, coupled with increasing development of medical treatments and procedures and increasing general awareness will propel the pharmaceutical device industry in the coming years. Global pharmaceutical device industry generated more than USD 300 billion in 2015 and will flourish at a decent CAGR of over 6% up to 2024. U.S. accounted for close to 45% share of the total pharmaceutical device business in 2015 with more than 6,500 pharmaceutical device manufacturing companies. Increasing applications of polymers such as polyether ether ketone (PEEK), polyphenylsulfone, polysulfone, and polyetherimide in pharmaceutical devices will enhance the global medical polymers market throughout the forecast period.
Increasing elderly population and increasing medical need among them will also steer the medical polymers market in the forecast timespan. Global population over 65 years increased by almost 80 million from 2010 to 2015 and at present it stands at more than 8% of the global population. Chronic diseases including diabetes, hypertension, heart disease, arthritis, osteoporosis, and dementia are prevalent among the geriatric generation and they require continuous medical attention. According to the American Geriatrics Society, about 30% of the 65-plus patient population in the U.S. needs geriatrician care and this number will increase as close to a fifth of the U.S. population will be over 65 years by 2030. This will have a positive influence on the global medical polymers market in the forecast period.
Growing home based health care demand will also enhance the global medical polymers market in the coming years. Increasing life expectancy and elderly population will drive this growth, along with rapidly spreading chronic diseases, technological advancements, affordable home health care systems with alternative treatment methods, and government initiatives associated with the cause. Global home health care industry recorded over USD 200 billion revenue in 2015 and it will witness a substantial rise at more than 8% CAGR up to 2024.
Volatility in the petrochemical based raw materials price due to depleting petroleum reserves and fluctuating crude oil prices may pose a restraint on the global medical polymers market. The product is manufactured using superior quality polymerization techniques and is solely dependent on the raw material availability. They are blends of different grades to provide biocompatibility, which is the most vital characteristic. Strict regulations imposed by various medical agencies, WHO, FDA, REACH, etc. regarding the product quality and prices may also hinder the medical polymers market growth in the coming years.
Medical Polymers Market, By Product
Medical polymer market products include medical fibers & resins, medical elastomers, and biodegradable medical plastics. Fibers and resins include polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), polystyrene (PS) and other thermoplastics. This segment generated over USD 8 billion for the global medical polymers market in 2015 and will grow at over 8% CAGR, on the account of advanced technologies to fine tune implant capabilities and improve the biocompatibility, along with rising awareness about health and hygiene in the developing regions.
Rising environmental concerns about medical disposables will have a noteworthy influence on the global biodegradable medical plastics in the forecast timespan. This product segment will likely grow at more than 15% CAGR in the overall medical polymers market up to 2024 owing to the development of various bio-based plastics. Medical elastomers segment has been further classified into styrene block copolymer, rubber latex, and other thermoplastic elastomers.
Medical Polymers Market, By Application
Medical polymers market has also been segmented on the basis of uses into devices and equipment, packaging, and other specific applications such as in tissue culture, cardiovascular diseases, etc. Devices and equipment application accounted for over half of the global medical polymers market size in 2015 and will witness more than 8% CAGR up to 2024. Easy cleaning methods and negligible chemical corrosion of medical polymers will steer the product demand throughout the forecast span.
Development of bio based and engineered biodegradable polymers for packaging of medical products as well as medical disposables will flourish the packaging application of the global medical polymers market. Medical packaging will also rise substantially owing to the mandatory disposal norms. This segment will witness a CAGR more than 9% in the forecast span.
Medical Polymers Market, By Region
North America, driven by the U.S., will have a significant share of the global medical polymers market owing to its mature medical and pharmaceutical industry. Growing medical expenditure in the region and high awareness regarding health and fitness will boost the demand in the next few years. North America registered more than USD 4.5 billion in 2015 and will grow at a notable rate throughout the forecast period. Europe medical polymers market will witness a slow growth at less than 7% CAGR up to 2024 and will lose its share to Asia Pacific, Latin America, and Middle East & Africa, which will witness a high growth in the coming years.
Rapidly increasing healthcare initiatives in countries such as China, India, Bangladesh, Indonesia, and Pakistan will encourage growth in Asia Pacific. Increasing population coupled with unavailability of proper pharmaceutical facilities in the region will boost the growth at over 10% CAGR in the forecast period.
Competitive Market Share
Global medical polymers market is fragmented with presence of several large and medium level companies. Key market participants include Bayer AG, Evonik Industries, Celanese, DuPont, Dow Chemical, Eastman Chemical, and Huntsman. Bayer and DuPont provide application specific customizations to augment their market share. The companies rely on various strategies including high R&D investments, merger & acquisitions, collaborations, and significant integrations in the value chain.
Volatile raw material prices have restricted the entry of new market players. However, the existing manufacturing companies provide intense competition by regularly upgrading their product portfolio and expanding their customer reach. Growing demand in the emerging countries has shifted the focus of major manufacturers towards Asia Pacific and Latin America.
Medical Polymers Industry Background
Medical polymers market size is solely dependent on the growing pharmaceutical industry. Growing awareness and increasing government initiatives towards health and fitness characterize the industry trend. Increasing economies and global reputation of the countries in Asia Pacific, Middle East Asia, Africa, and Latin America will likely boost the products in the coming years.
Increasing application of as substitutes for traditional metals, ceramics, and glasses for medical devices and implants will propel the global medical polymers industry. Introduction of new and innovative biopolymers will also likely enhance the industry growth in the next few years.
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