Medical Polymer Market expected to show steady growth by 2021
The process of repetitive chemical bonding of monomers into long chains is called a polymer. Plastic and elastomers are made up polymers. The plastic materials which are applicable for medical, health and wellness are medical polymers. Their high efficient qualities such as biocompatibility, low-mass, and hydrophilic nature are the advantages offered by the medical polymers. Medical polymers are widely used for joint replacements, spinal implants, and cranial injuries.
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However, the medical polymer market is broadly segmented under the types of material used for the composition as resin and fibers, elastomers, and biodegradable plastics. Further, the resin and fibers segment is sub-segmented as polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), polystyrene (PS), and other thermoplastics. Elastomers are segmented as styrenic block copolymer (SBC) and rubber latex. Based on the end-user application, the medical polymer is segmented as medical devices and equipment, packaging, and tissue engineering.
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Demand for certain packaging methods including blood bags, syringes, and others is expected to foster the global medical polymer market. Rising aged population and their need for medication may support the growth of the global market. Increased awareness of surgeries in people and technologically improved medical facilities may surge the medical polymer market in the near future. Factors such as rapid technological development and investors significantly focusing on research in order to develop advanced products for high-performance and flexibility, resulting in the development of reliable products, are the key factors boosting the growth the global medical polymer market. Applications such as cardio implants and devices and tissue engineering may surge the growth of the global market in the near future. In addition, the awareness of using biodegradable materials in various applications may propel the global market growth. Factors such as light weight, low cost, handy, and miniature devices in the healthcare industry and consumer’s preference may augment the global market growth. Moreover, rising demand by various end-user segments is also one of the major factors for the lucrative growth of the medical polymer industry. However, varying rates of the raw materials may hamper the growth of the global medical polymer market in the near future.
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North America is the largest market for medical polymers and is expected to dominate the market over the forecast period, owing to rising demand for medical implants and surgeries. Furthermore, owing to rising population and developed medical facilities, Asia Pacific is also projected to witness a rapid growth in the market.
Some of the major companies dominating the global medical polymer market are BASF SE, Bayer AG, Kraton Performance Polymers Inc., Eastman Chemicals, SABIC Innovative Plastics, and The Dow Chemical Company. Other key companies influencing the global market are Evonik Industries, Tianjin Plastics Research Institute Co. Ltd, Victrex, and Lubrizol Corporation.
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Medical Polymer Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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