Polymer Market in medical industry to achieve 9%+ growth during 2017-2024
SELBYVILLE, Del., August 14, 2018 /PRNewswire-iReach/ -- Healthcare sector has observed a paradigm shift since the last few years, subject to which Medical Polymers Market will depict a lucrative growth path. Of late, there has been a spur in the prevalence of chronic ailments such as cardiovascular disorders, infections, hypertension, dementia, osteoporosis, and arthritis, thereby boosting global pharmaceutical and healthcare sectors, which are key drivers propelling polymer market in medical industry.
According to Global Market Insights, Inc., "Worldwide Medical Polymers market is predicted to surpass a revenue of USD 24 billion by 2024 with an annual growth rate of 9% over the coming period of 2016 to 2024."
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Companies operating in global medical polymers market adopt varied business strategies such as collaborations, R&D investments, and mergers & acquisitions to sustain their position. This industry is highly fragmented and involves the partaking of myriad local medium and large-sized businesses. Major players operating in polymer market in medical industry include Evonik Industries, DuPont, Huntsman, Bayer AG, Dow Chemicals, Celanese Corporation, and Eastman Chemicals. Medical polymers market firms constantly strive to upgrade their product portfolio and improve their service sphere to score an edge over competitors.
Biodegradable medical plastics, medical elastomers, and medical fibers & resins are some of the key products of the polymer market in medical industry. The biodegradable medical plastics will exhibit a compound annual growth rate of 15% over the coming seven years, driven by the increasing number of bio-based plastics. In addition, increasing environmental concerns about medical disposables will also generate lucrative growth opportunities for medical polymers industry over the coming timeframe.
Buy this industry insights spread across 180 pages with 256 market data tables & 16 figures & charts from the report, "Medical Polymers Market Size By Product (Medical Fibers & Resins [PVC, PP, PE, Polystyrene], Medical Elastomers [SBC, Rubber Latex], Biodegradable Medical Plastics), By Application (Medical Devices & Equipment, Medical Packaging), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024" in detail along with the table of contents:
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Fibers and resins contributed a revenue of USD 8 billion to the overall medical polymers industry in 2015 and will register a CAGR of 8% over the period of 2016 to 2024. The growth can be attributed to the growing awareness about health & hygiene, especially across the emerging economies.
Geographically, Asia Pacific medical polymers market size is anticipated record a growth rate of 10% over the coming years of 2016 to 2014, owing to the growing population, increasing awareness, lack of optimal medical facilities, and favorable government norms. India, China, Indonesia, Pakistan, and Bangladesh will contribute notably to the regional growth.
Global pharmaceutical device market was valued over USD 300 billion in 2015 and is anticipated to register a notable CAGR of more than 6% over the next seven years. U.S. held more than 45% of this share in 2015, subject to which pharmaceutical device industry from the U.S. is estimated to grow remarkably over the next few years. This will significantly propel U.S. medical polymers market as well.
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Medical devices and equipment on the other hand, accounted for more than 50% of the overall medical polymers industry in 2015. Pertaining to the properties of zero chemical corrosion and ease of application, polymer market in medical industry from medical devices & equipment will grow at a CAGR of 8% over 2016-2024.
The production of medical polymers is largely dependent on the availability of raw materials. Owing to depleting fossil fuel availability and petroleum reserves, there may be a dramatic shift on the prices of raw materials, which is forecast to be one of the chief restraints of medical polymers market. Additionally, the prominent medical agencies such as FDA, WHO, and REACH have mandated regulations regarding the product prices and quality, which is also likely to hamper the growth of this industry.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Media Contact: Jignesh Thakkar, Global Market Insights, Inc., +13028467766, [email protected]
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