The global medical polymers market size is expected to reach USD 17.05 billion by 2020, according to a new report by Grand View Research, Inc. The rising demand for medical devices and equipment in the healthcare sector owing to increasing prevalence of diseases is anticipated to drive the growth of the global medical polymers market.
Increasing demand for medical devices, growing aging population, and expanding home healthcare sector in North America and Europe are some of the key factors responsible for the growth of medical polymers over the forecast period. However, fluctuating raw material prices are expected to affect the growth of the market.
Increasing expenditure on healthcare along with the presence of well-equipped hospitals and healthcare centers are the factors expected to have a positive impact on industry growth. Increasing demand for surgical instruments and tools such as gloves, clamps, forceps, syringes, surgical trays, medical bags, and catheters is expected to drive demand for medical polymers over the forecast period.
Increasing geriatric population is expected to result in the rise in healthcare facilities which is expected to drive the industry growth. This is expected to aid the growth for medical devices and therefore have a positive impact on the overall medical polymers market. Increasing bio-compatibility of plastics has also been a significant cause for the medical polymer industry growth.
Cost competitiveness and product quality are the key factors influencing the buyer power decision. High production volumes and ease of availability of product is expected to increase the buyer power. Moreover, low switching cost for consumers is expected to strengthen the bargaining power.
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Further key findings from the report suggest:
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www.grandviewresearch.com/industry-analysis/medical-polymers-market
Grand View Research has segmented the medical polymers market on the basis of product, application, and region:
Medical Polymers Product Outlook (Volume, Kilotons; Revenue, USD Million; 2012 - 2020)