Increasing global geriatric population will also be a significant medical polymers market driver owing to their growing medical needs. Population over the age of 65 years increased from 7.6% of global population in 2010 to around 8.3% in 2015 and will increase owing to pharmaceutical developments and increasing geriatric care units. The American Geriatrics Society has predicted the U.S. geriatric population to reach 20% of total population by 2030. Ubiquity of chronic disorders such as cardiac diseases, calcium deficiencies, arthritis, etc. will likely have a positive influence on global market in the forecast span.
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Medical Polymers Market size is slated to cross USD 24 billion by 2024; as per a new research report by Global Market Insights, Inc. Rapidly enhancing pharmaceutical devices demand owing to the prevalence of heart diseases, infections, or general illness and technological advancements in the treatment process will steer the global medical polymers market growth in upcoming years. Increasing health awareness among developed nations will also support the industry throughout the forecast spell.
Pharmaceutical device industry generated over USD 300 billion in 2015, of which U.S. had a major share of around 45%. U.S. recorded over 6,500 pharmaceutical device manufacturers by 2015 and the growing demand in the country as well as export demand in the emerging economies will escalate the market growth in coming years. Growing application of polymers including polysulfone, polyphenylsulfone, polyether-ether-ketone or PEEK, and polyetherimide in pharmaceutical devices will propel the overall medical polymers industry growth.
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Medical polymers market will also be driven by the growing home-based private healthcare demand. The ease and affordability of private healthcare systems along with factors including commotions in public facilities, chronic or contagious diseases, and elderly patients will enhance the home-based healthcare industry in the upcoming years. In 2015, the global home-based private healthcare industry generated more than USD 200 billion and it will grow by CAGR over 8% up to 2024.
Medical fibers & resins will be a noteworthy product segment and generated more than USD 8 billion in 2015. Polypropylene based fibers & resins will likely grow at a significant rate owing to its chemical inertness, light weight, and favorable mechanical properties. Overall medical fibers & resins will flourish at more than 8% CAGR up to 2024.
Developments and preferences of bio-based polymers for environmental sustainability will characterize the growth of biodegradable medical plastics. This segment will likely register a CAGR over 15% in the overall medical polymers market in the forecast spell. Medical packaging applications will be a fast-growing segment owing to mandatory sterilization and medical disposable regulations.
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Regional medical polymers market growth will be focused around the emerging economies in Asia Pacific, Latin America, and Middle East & Africa, owing to rapidly increasing medical awareness and government initiatives. Asia Pacific will register more than 10% CAGR in the forecast timespan.
Raw material price volatility will hinder the medical polymers market growth in the forecast spell. Petrochemical based raw materials prices are dependent on the global crude oil prices, which is highly fluctuating in nature. Strict norms about volatile organic compound (VOC) content in the polymers may also restrain the medical polymers market. End products are based on superior biocompatibility with various product blends, and the expensive manufacturing technologies will restrain the entry of new market participants. Medical polymers market competitive landscape is fragmented in nature with the presence of various major manufacturing companies.