A new report released by TMR Research, provider of market research and consulting services, has outlined the key trends in the global medical polymers market, highlighting the industry’s dependence on the growth of the pharmaceutical industry.
The report states that a global and continuous rising demand for pharmaceutical devices is a major factor driving the medical polymers market. With cardiovascular disorders becoming more common and the rising occurrence of infections and other diseases, the development of medical treatments will aid the growth of the pharmaceutical device industry in the future and increase demand for medical polymers.
Due to being vulnerable to chronic diseases, ageing populations will also help drive the growth of the polymers market. The report highlights how 30% of those over the age of 65 years in the US require consistent medical care.
The market however may be challenged by price fluctuations in petrochemical-based raw materials and volatile crude-oil prices may hinder its growth. Strict mandates from agencies such as WHO, REACH and FDA for product specification may also restrain the growth of the market.
From a regional perspective, the report indicates that North America is expected to account for a significant share of the global market. This is due to a well-established medical and pharmaceutical industry. This will be boosted by rising medical expenses and an awareness about health and well-being.
Conversely, the European medical polymers market will show a decline in the near future, losing out to the Asian Pacific market where countries such as India, China, Bangladesh, Pakistan, and Indonesia will favour the market’s growth. This combined with a rising population in the region, as well substantial unmet needs will result in double-digit growth.
The report goes on to discuss that some of the key players in the market are expected to include Evonik Industries, DuPont, Eastman Chemical, Bayer AG, Celanese, Dow Chemical, and Huntsman. Companies focusing on &D initiatives, collaborations, and mergers and acquisitions for increased presence in the value chain represent those leading the market.