Global Medical Polymers Market: Snapshot
Owing to the advent of advanced medical devices, the demand for various type of medical polymers, which is expected to increase, thus giving impetus to the global medical polymer market. The rising incidence of infections, cardiovascular disorders, and other diseases, have necessitated overall development of medical treatments. This in turn is augmenting the growth of the pharmaceutical device industry. This growth is likely to create new applications for new types of medical polymers. Currently, polymers such as polyetherimide, polyphenylsulfone, polysulfone, and polyether ether ketone are prominently used for various applications in the pharmaceutical device market.
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Geriatric population is susceptible to chronic diseases such as osteoporosis, dementia, arthritis, hypertension, heart disease, and diabetes, which require continuous medical attention. At present, approximately 30% of individuals above the age of 65 years require consistent medical care, as reported by the American Geriatrics Society. It also revealed that this number is expected to increase as almost one-fifth of the U.S. population is projected to be above 65 years of age by the year 2030. This scenario is expected to bolster growth of the medical polymers market.
Traditional polymers such as polyethylene terephthalate and ultra-high molecular weight polyethylene are used in medical devices since a long time. However, polyether ether ketone (PEEK) exhibits appropriate properties of melting temperature and high tensile strength but lacks flexibility. This lack of flexibility has been addressed by thermoplastic elastomer. Due to the contribution of the United States, North America has a prominent share in the global market and ongoing developments in the field of medical and pharmaceuticals, it is expected to sustain its position in the coming future.
Global Medical Polymers Market: Overview
The growth of the medical polymers market is largely dependent on the growth of the pharmaceutical industry. At present, rising awareness and initiatives carried out by several governments around the world for health and well-being characterizes growth trends in the pharmaceutical industry. In particular, developing countries in Asia Pacific, the Middle East and Africa, and Latin America will display demand for pharmaceutical devices in the coming years.
Global Medical Polymers Market: Key Trends
The continuously rising demand for pharmaceutical devices is the foremost factor driving the global medical polymers market. The rising prevalence of cardiovascular disorders, rising incidence of infections and other diseases, and overall development of medical treatments will augment the growth of the pharmaceutical device industry in the future. This, in turn, will lead to an increased demand for medical polymers such as polyether ether ketone, polysulfone, polyphenylsulfone, and polyetherimide for pharmaceutical device applications.
Rising geriatric population base that are susceptible to health conditions will also steer growth of the medical polymers market in the near future. This population is susceptible to chronic diseases such as diabetes, heart disease, hypertension, arthritis, dementia, and osteoporosis that requires continuous medical attention. As per the American Geriatrics Society, at present, approximately 30% of individuals above the age of 65 years require consistent medical care and this number is expected to increase as almost one-fifth of the U.S. population is projected to be above 65 years of age by 2030. This is expected to have a positive influence on the growth of the medical polymers market.
However, price fluctuations in petrochemical-based raw materials and volatile crude oil prices may pose a challenge to the growth of the global medical polymers market. Moreover, strict mandates in place by accredited agencies such as WHO, REACH, FDA, etc. for product specification is also restraining the growth of this market.
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Global Medical Polymers Market: Market Potential
With rising ageing population and spiraling healthcare costs, the healthcare industry is under constant pressure to develop new products that can address increased incidence of chronic diseases with exceptional properties all at a reasonable cost.
Conventional polymers such as ultra high molecular weight polyethylene and polyethylene terephthalate have been used in medical devices for decades. While polyether ether ketone (PEEK) displays excellent properties of high tensile strength and melting temperature, it lacks flexibility. This has been overcome by the development of another polymer class, namely thermoplastic elastomer that displays superhero characteristics.
Global Medical Polymers Market: Regional Outlook
North America, led by the U.S., is expected to account for a significant share of the global market due to a well-established medical and pharmaceutical industry. Rising medical expenses and high awareness about health and well-being will boost the demand in the coming years.
Europe medical polymers market will display a decline in the near future and will lose its share to Asia Pacific.
In Asia Pacific, initiatives for the modernization of healthcare in countries such as India, China, Bangladesh, Pakistan, and Indonesia will favor the market’s growth. The rising population base in the region combined with substantial unmet needs will result in double-digit growth rate in the region.
Global Medical Polymers Market: Competitive Landscape
Key market participants include Evonik Industries, DuPont, Eastman Chemical, Bayer AG, Celanese, Dow Chemical, and Huntsman.
Top companies in the market are focused on R&D initiatives, collaborations, and mergers and acquisitions for increased presence in the value chain. While the entry of new players is restricted due to volatile raw material prices, existing players extend intense competition by regularly enhancing their product portfolio and expanding their customer base. The rising demand for medical polymers from emerging countries has led to a shift of major manufacturers towards Latin America and Asia Pacific.
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