Global medical polymer market estimated to gro at over 50% to US$3.5 billion in 2018

20-Sep-13

The value of the global medical polymer market is set to rise by more than half in the next five years, boosted by an ageing population and developing markets, as per NanoMarkets. The market is estimated to grow from US$2.3 bln to over US$3.5 bln, a rise of more than 52%, between now and 2018. Implants currently consumer around half of the world's medical polymer production and are expected to account for $1.6 billion in polymer sales by 2018. Lower in cost and lighter than metallic alternatives such as titanium, medical polymers are proving popular among device manufacturers and the medical profession alike. Sales of polymers destined for diagnostic systems will likely reach around $1.04 billion in 2018. In vitro diagnostics account for between 50,000 and 60,000 metric tons of specialized and commodity plastics annually. The report claims that PMMA, PS/styrenics, and PP are the leading medical polymers based on revenue accounting for around 26% of the market in 2013. There are also some high-value niches appearing in the market. Commercial elastomers that provide a “soft touch” are being used to coat accessories, such as catheters, gloves, and syringes, in order to impart a soft touch feel. Their use is expected to grow in intravenous drug delivery systems, cardio systems, and blood collection devices. The last decade has seen the rise of biodegradable polymers. The current trend suggests that in the near future, entire prostheses will be developed from these materials. While they will not be used to manufacture diagnostic products, biodegradable polymers will be incorporated into implants and some clinical labware. There is some additional interest in discovering new biodegradable polymers for medical applications, but investment in this area is limited due to the need to complete extensive long-term studies in order to validate new materials.