The medical polymers market was valued at US$9.8 bln in 2013 and is likely to reach US$17.13 bln by 2020, expanding at a CAGR of 8.3% during 2014 and 2020. In terms of volume, the global demand for medical polymers stood at 4,864.2 kilo tons in 2013, as per Transparency Market Research. Growth in global population, rise in consumer awareness regarding general well-being and advancements in polymer science have been some of the key factors driving the medical polymers market over the past few years. Increasing substitution of traditional materials such as metals and glass with plastics in applications such as medical devices and equipment has significantly boosted the medical polymers market over the past few years. This trend is expected to continue during the forecast period. Additionally, rising trend of consumers opting for home healthcare treatments coupled with increase in aging population is anticipated to boost market growth. However, stringent regulations regarding new product launches in the sensitive healthcare industry are estimated to hamper market growth. Furthermore, fluctuation in prices of raw material (crude oil) is expected to affect the prices of polymers, leading to shortages and price increases. Fibers and resins was the largest product type of the medical polymers market in 2013. The segment accounted for over 85% of the volume share in 2013 led by their wide usage in the manufacture of devices, equipment and packaging. However, biodegradable plastics are expected to witness the fastest growth over the next few years owing to increasing demand for biocompatible polymers, particularly for implants. - Medical devices and equipment was the largest area of application in the market, accounting for over 47% share of the overall volume in 2013, due to high demand for disposable medical equipment. However, medical packaging is anticipated to witness the fastest growth during the forecast period due to rising demand for lightweight packaging materials that offer ease of printing and transport. North America and Europe were the largest regional markets for medical polymers in 2013. Together, these regions accounted for over 65% of the global volume share in 2013. However, Asia Pacific is likely to be the fastest growing market during the forecast period primarily due to shift in manufacturing activities from western countries to countries such as India and China.
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