The demand for medical polymers in China is set to drive global growth, according to a new report by Technavio.
“Medical polymers are widely used for dental, knee, and hip implants. Regions such as China are set to showcase explosive growth, with a compound annual growth rate CAGR of almost 28 per cent through to 2021. The rising adoption of medical polymers in the implants segment is driven by its high level of biocompatibility and versatility,” says Technavio plastics, polymers and elastomers research lead analysts Mahitha Mallishetty said.
The global polymers market is also positioned to grow by a CAGR of more than eight per cent from 2017-21.
The Technavio report separates the global medical polymers market into fibre and implants, diagnostics and hospital accessories.
The report also said that the hospital accessories market segment value will reach US$3.44 billion (A$4.56 billion) by 2021.
“The hospital accessories segment creates a demand for medical polymers for the production of syringes, blood bags, catheters, and pharmaceutical containers. These polymers find utility in hospital accessories as they are lightweight, corrosion resistant, and can be sterilised multiple times,” Mahitha said.
Additionally, the report shows that thermally re-moldable, non-biodegradable medical fibre and resins are by far the most popular product segment, with their value forecast to reach US$15.74 billion by 2021.