The global medical polymers market was valued at $9.69 billion in 2013, says Grand View Research, and it is forecast to grow at a CAGR of 8.4% through 2020.
Medical resins and fibers was the leading product segment, generating revenues worth $7.04 billion in 2013. Growing demand for low-cost, high-strength and durable materials for various applications including packaging is expected to drive growth.
PVC is expected to grow at a CAGR of 8.8% in revenue between 2014 and 2020. Medical-grade PP, PE, PS, SBC, rubber latex, TPO and TPU are expected to witness high demand because of their extensive use in medical tubing and pharmaceutical packaging, according to Grand View Research.
The niche bioresorbable and biodegradable plastics segment is poised for dramatic growth over the forecast period, achieving a CAGR of 15.8%.
Medical devices and equipment accounted for more than 47% of the volume share in 2013. Packaging accounted for significant revenue share, as well, according to Grand View Research, which forecasts CAGR of 7.8% for this segment during the study period.
For more information about this report, go to the Grand View Research website.