Medical: +5% by 2020

Over the next few years, polymers will have great opportunities in the medical field. According to a new study by Grand View Research, the global market for medical polymers is expected to reach 17.05 billion dollars by 2020. Increasing substitution of conventional materials such as glass and metals in medical devices by high performance polymers such as PVC and polypropylene, coupled with growing demand for medical devices from the fast developing Asian healthcare market, is expected to drive medical polymer demand over the next six years.

In addition, growing geriatric population is expected to further boost the demand for polymer based devices in minimally invasive surgeries. Devices and equipments were the largest application markets, accounting for over 2,000 kilo tons of medical polymer demand in 2013.

Growing “medical tourism” due to low cost labour and advanced facilitates in emerging healthcare destinations of India, China, Malaysia and Singapore is expected to have positive impact on the market over the forecast period (2014-2020). Medical polymers are also extensively used in medical packaging applications owing to its superior properties and accounted for 2,271.3 kilo tons of demand in 2013. Further key findings from the study suggest:

- Medical polymer demand was 4,901.1 kilo tons in 2013 and is expected to reach 7,149.8 kilo tons by 2020, growing at a CAGR of 5.6% from 2014 to 2020.

- Fibres & resins were the largest product segment, with demand of 4,254.4 kilo tons in 2013 due to substitution of traditional materials used in devices, equipment and packaging by fibres and resins such as polyvinyl chloride, polypropylene, polyurethane and polystyrene.

- North America was the largest regional market for medical polymers, with revenue exceeding 4.18 billion dollars in 2013. The presence of advanced medical and healthcare facility in the region was a key contributor to the high demand. In addition, the region is also expected to witness significant growth at an estimated CAGR of 8.1% from 2014 to 2020.

- Packaging applications will see the fastest growth, at an estimated CAGR of 6.0% from 2014 to 2020. Packaging of syringes, tablets and other drugs takes place using polymers due to superior properties such as low weight, application specific performance and biodegradability which is expected to drive demand in this application.