Medical polymers market expected to exceed $17 billion by 2020Medical polymers market expected to exceed $17 billion by 2020
Driven by the continued substitution of metals and glass in medical applications and growing demand from emerging economies, the medical polymers market is expected to reach a global value of $17.05 billion by 2020, according to a new study by Grand View Research Inc. (San Francisco, CA). Increased demand from an aging population for minimally invasive procedures, which typically rely on single-use polymer-based devices, is also driving this trend, according to the market research and consulting firm.
June 27, 2014
A little over 4901 kilo tons of medical polymers were sold in 2013, and that number is expected to reach almost 7150 kilo tons by 2020, growing at a CAGR of 5.6% for the next six years. Medical devices and equipment accounted for more than 2000 kilo tons of medical polymers in 2013, according to Grand View, while medical packaging accounted for approximately 2271 kilo tons in the same year.
Packaging applications are expected to continue to grow at an estimated CAGR of 6% through 2020, as makers of pharmaceuticals and combination products increasingly opt for polymer-based packaging to take advantage of the material's weight and application-specific performance properties.
North America is the largest market for medical polymers, with revenue exceeding $4.18 billion in 2013, and it is expected to see significant growth for the next six years, with an estimated CAGR of 8.1%.
The report, Medical Polymers Market Analysis by Product (Resins & Fibers, Elastomers, Biodegradable Plastics), By Application (Devices and Equipments, Packaging) and Segment Forecasts to 2020, can be purchased at the Grand View Research website.
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