A recently released report from Transparency Market Research (TMR) forecasts that the Global Medical Polymers Market will grow at a CAGR of 8.3% between 2014 and 2020. TMR, a market intelligence firm based in the U.S., states that the global medical polymers market will reach a value of US$17.13 billion by 2020, from US$9.80 billion in 2013.
The report, titled ‘Medical Polymers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020’, is available for sale on the company website. According to this market research report, factors such as rising consumer awareness, developments in the area of polymer science, and a rapidly growing global population play a key role in the growth of the global medical polymers market. The demand for medical polymers has been on the rise owing to their widespread application as substitutes for glass and metal in the production of medical equipment and devices.
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The demand for biocompatible materials is likely to gain momentum in the forthcoming years owing to their increasing applicability in implants. Application-wise, the global medical polymers market is categorized into medical packaging, medical devices and equipment, and others.
With a share of more than 40%, North America was the largest player in the medical polymers market in 2013. Europe holds the second highest share of this market after North America. Ongoing trends, however, indicate that Asia Pacific will witness rapid growth in demand for medical polymers in the forthcoming years. Some of the factors that will stimulate the demand for medical polymers in the Asia Pacific market are high demand in China and India owing to stringent regulations of the healthcare product market.
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This research report lays emphasis on the growing popularity of biodegradable components in medical implants, which can prove to be beneficial for market players operating in the global medical polymers market. However, fluctuating input prices and stringent regulatory measures put in place by several governments act as glaring challenges to the global market for medical polymers. Some of the key companies in the global medical polymers market are Celanese Corporation, Eastman Chemical Company, Evonik Industries AG, The Dow Chemical Company, Formosa Plastics Corporation USA, and Victrex plc.
Medical Polymers Market - Product Segment Analysis
Medical resins and fibers
Polyvinyl chloride (PVC)
Others (Including engineering thermoplastics such as ABS,
PC and PET)
Styrenic block copolymer (SBC)
Others (Including TPU, TPV and TPO)
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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