Medical polymers market to reach £11 billion

The global medical polymers market is expected to reach £11 billion by 2020 according to a report by Transparency Market Research

The report forecasts that the global medical polymers market will grow at a CAGR of 8.3% between 2014 and 2020, growing from £6.3 billion in 2013.

Factors such as rising consumer awareness, developments in the area of polymer science and a rapidly growing global population play, a key role in the growth of the global medical polymers market according to the report.

The demand for medical polymers has been on the rise owing to their widespread application in the production of medical equipment and devices and, the report says that, the demand for medical polymers is anticipated to increase.

Biodegradable plastics, medical elastomers, and fibers and resins are the key types of products that dominate the global medical polymers market.

In 2013, the segment of fibres and resins held the largest share in the overall market but, according to the report, the biodegradable plastics market is expected to grow robustly during the forecast period.

Application-wise,the global medical polymers market is categorised into medical packaging, medical devices and equipment, and others.

With a share of more than 40%, North America was the largest player in the medical polymers market in 2013.

Europe holds the second highest share of this market after North America.

Transparency Market Research’s report says that ongoing trends indicate that Asia Pacific will witness rapid growth in demand for medical polymers in the forthcoming years.

Some of the factors that will stimulate the demand for medical polymers in the Asia Pacific market are high demand in China and India owing to stringent regulations of the healthcare product market

This research report lays emphasis on the growing popularity of biodegradable components in medical implants, which can prove to be beneficial for market players operating in the global medical polymers market.

However, fluctuating input prices and stringent regulatory measures put in place by several governments act as glaring challenges to the global market for medical polymers.