The polymers market, which includes PVC, polypropylene, polyethylene, polystyrene, polycarbonate, PEEK, hydrogel, styrenic block copolymer, rubber latex, biodegradable, PLA used in medical applications should reach over $19 billion by 2022, with an estimated CAGR of 13.0%, according to Allied Market Research.
- The bioresorbable plastics (PGA) of polymer market is expected to grow at a highest CAGR of 17.1% during the forecast period.
- Resins hold the highest share of four-fifths of the total medical polymers market in 2015.
- In the application segment, devices account for nearly half of the market share in 2015. Diagnostics equipment contributes majorly towards the revenue of the segment.
- Disposables is the fastest growing application segment and is expected to grow at an estimated CAGR of 14.2% during the forecast period of 2016-2022.
- U.S. was the largest market in terms of demand for medical polymer in 2015.
Medical polymers are widely used across various applications, due to the ease of manufacture and customization, as well as price point. Fabrication, flexibility, and biocompatibility, as well as mechanical, electrical, chemical, and thermal properties make the materials suited to medical devices, in particular materials that are used as composites for medical implants. An increasing number of medical procedures, such as joint reconstruction and heart surgeries and rise in cosmetic and plastic surgeries in the developing countries are key drivers of the market.
Resins dominate the medical ceramics market due to a significant replacement trend of conventional medical devices materials with advanced polymers such as polyphenylene ether, which provide high-quality medical devices. Advances in polymer application technology, such as polymer lamination techniques have made medical devices a leader in the segment. Devices captured a major share in the global medical polymers market followed by disposables such as gloves and syringes.