Growing Demand For Biodegradable Medical Polymers To Positively Influence Global Medical Polymer Market

Growing demand for biodegradable medical polymers to positively influence global medical polymer market

07-Jul-16

The global medical polymer market will exhibit a healthy 8.3% CAGR over the course of 2014-2020, estimated to grow from US$17.13 bln by 2020, from US$9.80 bln in 2013, as per Transparency Market Research. Factors such as the rising consumer awareness regarding the availability of a wide range of medical polymers for a number of applications and rapid development in the field of polymer science will aid the market’s growth over the forecast period. The rising use of medical polymers instead of metals and glass in the production of medical devices and rising healthcare expenditure will also boost the overall global demand for medical polymers over the report’s forecast period.

The major types of medical polymers examined in the report include medical resins and fibers, medical elastomers, and biodegradable plastics. The major application areas of medical polymers analyzed in the report are medical devices and equipment, medical packaging, and other areas such as cardiovascular stents and tissue engineering. Based on geography, the market has been segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). The product segment of medical resins and fibers held the dominant share in the global medical polymers market in 2013, whilst the segment of biodegradable plastics demonstrated a rapid rise in innovations, investments, and demand on a global front. Over the forecast period, the demand for biodegradable medical polymers will gain momentum owing to their increased applicability in medical implants.
North America was the dominant regional market in 2013, accounting for more than 40% of the global medical polymers market, trailed by Europe. However, trends indicate that Asia Pacific will be the fastest growing regional market for medical polymers. Major factors favoring growth of the Asia Pacific medical polymers market are the flourishing healthcare industry and high demand for high quality medical devices in emerging economies such as India and China. The rising demand for biodegradable components in medical devices and medical implants is expected to have major implications on the overall dynamics of the medical polymers market. As this area is expected to exhibit attractive growth opportunities for medical polymer manufacturers in the near future, companies operating in the field should focus more on aligning their investment and expansion strategies towards this specialty segment.