Global Medical Polymers Market To Register CAGR Of Over 8% Uptil 2021

Global medical polymers market to register CAGR of over 8% uptil 2021

31-Jan-17

The global medical polymers market is expected to grow at a CAGR of more than 8% uptil 2021, as per a study by Technavio. The market is segmented into fibers and resins, medical elastomers, and biodegradable medical polymers. Thermally remoldable, nonbiodegradable medical fibers and resins are by far the most popular product segment, with their value forecast to reach US$ 15.74 bln by 2021. Based on application, the report categorizes the global medical polymers market into the following segments:

· Implants

· Diagnostic systems

· Hospital accessories

“Medical polymers are widely used for dental, knee, and hip implants. Regions such as China are set to showcase explosive growth, with a CAGR of almost 28% through 2021. The rising adoption of medical polymers in the implants segment is driven by its high level of biocompatibility and versatility,” says Mahitha Mallishetty, one of the lead analysts at Technavio for plastics, polymers and elastomers research. Polymers are quickly replacing other materials such as alloys, metals, and ceramics in various implants and establishing market dominance. Polymer materials are more versatile and can be safely used in applications such as tracheal tubes, facial prostheses, heart components, kidney and liver parts, dentures, and hip and knee joints.
Medical polymers are widely used in diagnosis as reagents or as enhancers, as they greatly enhance the performance of the test materials. Medical polymers provide solid support to bind the materials, which aid in easier detection and isolation, thereby establishing themselves as an integral part of in-vitro diagnostic systems. Most commonly used polymeric materials in this segment are polydimethylsiloxane, cyclo-olefin polymer, polymethyl methacrylate, polycarbonate, and polystyrate.
“The hospital accessories segment creates a demand for medical polymers for the production of syringes, blood bags, catheters, and pharmaceutical containers. These polymers find utility in hospital accessories as they are lightweight, corrosion resistant, and can be sterilized multiple times,” says Mahitha. Medical biopolymers are also compatible with various sterilizing methods such as vaporized hydrogen peroxide and stream, gamma radiations, and ethylene oxide, which makes it the most suitable option in the healthcare sector. This segment will show significant growth and is forecast to reach a market value of US$3.44 bln by 2021.