Medical Grade Polymers: Market Introduction
Special polymers are required from heavily regulated medical and healthcare industry. It is required to ensure high quality of medical devices for the safety of human life. Medical grade polymers are special grade polymers which comply with the global regulations and are specially designed and engineered for the medical use. These polymers are used in various medical devices manufacturing.
These polymers have properties such as high purity, heat resistance, corrosion resistance, chemical resistance, moisture resistance, and ease of processing. Medical grade polymers are used in various applications, including medical equipment manufacture, medical devices manufacture, and medical packaging material amongst others. These polymers are also used in dental tools, medicine delivery devices, various implants, operation instruments, disposable syringes, diagnostic equipment, medical bags, and others devices.
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Medical Grade Polymers: Market Dynamics
Medical Grade Polymers: Market Drivers
The rapid growth of the healthcare industry has created an upsurge in demand for the medical grade polymers. The major and predominant application area for medical grade polymers is in manufacturing of medical devices. There has been rising demand for medical grade polymers in this application, due to increasing healthcare industry and increasing regulations in the industry. Increasing number of well-equipped hospitals and medical centers is projected to support the demand for medical grade polymers over the forecast period. There has been significant increase in the demand for medical grade polymers with the increase in the healthcare expenditure from emerging economies.
Medical Grade Polymers: Market Restraints
One of the major challenges faced by the global medical grade polymers market is the increasing regulations, which are resulting in difficulties for the polymer manufacturers to comply with.
Another major challenge faced by the global medical grade polymers industry is lack of proper definition of the medical grade polymers. This ambiguousness in the definition misleads the manufacturers, which may result into penalty for them from regulatory authorities.
The advancement and innovation in the medical and healthcare industry is replacing the old technologies. This is a challenge for the old manufacturers to update with the new developments.
Medical Grade Polymers: Market Trends
The manufacturers of medical grade polymers are expanding their businesses through the expansion of their distribution network. A long term relationship with the distributors through various strategies, including agreements and contracts, can be observed in the medical grade polymers market.
With research and innovations, manufacturers are focusing on the manufacture of low cost and effective medical grade polymers for respective medical applications. Significant investments are being made for the technological advancements in the production methods and new material development to ensure safety of human life.
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Medical Grade Polymers: Market Segmentation
The global medical grade polymers market can be segmented on the basis of material types, application, and region.
On the basis of material type, the global medical grade polymers market can be segmented as:
Polyvinyl Chloride (PVC)
Other Engineering Plastics
On the basis of application, the global medical grade polymers market can be segmented as:
Medical Grade Polymers Market: Regional Outlook
The global medical grade polymers market is anticipated to be dominated by North America with U.S. leading the market both in terms of production and consumption. Highly developed healthcare industry in North America is expected to drive the market in the U.S. and other North American countries. Europe is expected to follow the U.S., in the demand for medical grade polymers. Asia Pacific is projected to be the fastest growing region in the medical grade polymers market. Increasing regulations on the use of normal polymers and plastics in healthcare industry and rise in healthcare expenditure by various emerging economies in Asia Pacific, is expected to push the demand for the medical grade polymers, in the region. Middle East and Africa is projected to witness moderate growth in demand for medical grade polymers over the forecast period. Presence big medical grade polymer manufacturers such as SABIC, in the region, will push the use of these polymers in the Middle East & Africa.
Medical Grade Polymers Market Participants
Some of the market participants identified across the value chain of global medical grade polymers market are:
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