Global medical polymer market to reach USD 17.05 billion by 2020, report suggests

The global market for medical polymers is expected to reach USD 17.05 billion by 2020, according to a new study by Grand View Research.

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, the growing geriatric population is expected to further boost the demand for polymer-based devices in minimally invasive surgeries resulting in increased demand for medical polymers.

Devices and equipment were the largest application markets, accounting for over 2,000 kilo tonnes of medical polymer demand in 2013, the report finds. Growing medical tourism, due to low-cost labour and advanced facilitates in emerging healthcare destinations including India, China, Malaysia and Singapore is expected to have positive impact on the market over the forecast period. The extensive use of medical polymers in medical packaging applications accounted for 2,271.3 kilo tonnes of demand in 2013.