Medical polymers are utilized for a variety of human contact and non-contact applications in the medical industry. These materials are chiefly used in the manufacture of medical implants, devices, disposables (gloves, vials, tools), and packaging. Medical polymers are biocompatible in nature and either remain inert or are easily processed by the human body.
Portland, OR -- (SBWIRE) -- 10/02/2017 -- Medical Polymers are widely used across various applications, as they are easy to manufacture and facilitate customizations. Moreover, they provide ease of fabrication, flexibility, and biocompatibility, and remarkable mechanical, electrical, chemical, and thermal properties of materials that are used as composites for medical implants. Increasing number of medical procedures, such as joint reconstruction & heart surgeries and rise in cosmetic and plastic surgeries in the developing countries are the few other key drivers of the market.
Medical Polymers Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $19,014 million by 2022, registering a CAGR of 13.0% during the period 2016-2022. Resins is the leading segment in 2015 and is expected to maintain its lead throughout the forecast period. Further, in the application segment, devices dominate occupying a share of nearly half of the global medical polymers market.
Medical polymers are adopted widely across the healthcare industry with significant efforts to commercialize new medical polymers to meet the specification of high end applications. Demand for polymers in healthcare markets is growing significantly owing to a significant upsurge in the demand for medical implants, whereas demand for implants is growing primarily due to increased incidences of chronic diseases and increasing global geriatric population. The demand for medical polymers is witnessing significant growth in all the regions, due to rapid acceptance and adoption of polymers from product designing to final product manufacturing.
Although several polymers are biocompatible, not all are approved for commercial use. Medical polymers can be classified broadly into resins, elastomers, and biodegradable plastics. Key resins that are widely utilized include polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), polystyrene (PS), polycarbonate (PC), polyetheretherketones (PEEK), hydrogel (acrylate), acrylonitrile butadiene styrene (ABS), polymethyl methacrylate (PMMA), and polyethylene terephthalate (PET). Major elastomers employed in the medical industry include styrenic block copolymer (SBC), rubber latex thermoplastics polyurethane (TPU), and thermoplastics olefins (TPO). Frequently used biodegradable plastics include polylactic acid (PLA) and polyglycolic acid (PGA). Multiple local as well as global players offer a wide variety of medical polymers.
Key Findings of the Medical Polymers Market
- The bioresorbable plastics (PGA) of polymer market is expected to grow at a highest CAGR of 17.1% during the forecast period.
- Resins hold the highest share of four-fifths of the total medical polymers market in 2015.
- In the application segment, devices hold nearly half of the market share in 2015, where Diagnostics equipment contributes majorly towards the revenue of the segment.
- Disposables is the fastest growing application segment and is expected to grow at an estimated CAGR of 14.2% during the forecast period of 2016-2022.
- U.S. was the largest market in terms of demand for medical polymer in 2015.
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