Medical Polymers industry analysis research and trends report for 2024

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.

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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.

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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.

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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.

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