High-Performance Medical Plastics Market Is Prospering Owing To The Rising Preference For The Minimally Invasive Devices All Over The World
The global High-Performance Medical Plastics Market is expected to exceed the market valuation of more than US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027). High-Performance Medical Plastics (CBT) consist of a large number of macromolecules for the production of safe and consistent instruments in the healthcare industry. The benefit of using these medical plastics is their long-lasting capacity, high performance & quality, and economical nature.
The demand for High-Performance Medical Plastics is mainly increasing on account of the rising demand for advanced medical technology in implants, growing demand for artificial organs, smart inhalers, precision medicines, rising preference for the minimally invasive devices or surgical procedures, and rise in the need for robotic assistance in surgical procedures. Moreover, the rise in the geriatric population coupled with overspreading of infectious diseases, and the rising prevalence of cancer, arthritis, and cardiovascular diseases, which require complex surgical treatments also propels the market growth. In March 2021, Teleflex Incorporated announced the treatment of 250,000 patients with the UroLift® System, a proven minimally invasive approach in benign prostatic hyperplasia (BPH). In the United States, more than 42 million men are affected by BPH and approximately 12 million men are under treatment. The UroLift permanent implants help in the reduction of prostate obstruction without heating, cutting, destruction, or removing prostate tissue.
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The rise in COVID-19 cases has adversely affected the High-Performance Medical Plastics market. Due to the imposed lockdown all over the world, the visiting of patients to the hospitals was reduced, also elective surgeries were canceled or postponed. For instance, in March 2020, the US Centers for Medicare & Medicaid Services (CMS) proposed postponing adult elective surgeries and non-essential medical, surgical, and dental procedures to conserve PPE, beds, and ventilators for COVID-19 patients. Hence several medical supplies such as catheters, medical equipment & tools, surgical instruments, components of medical devices, prostheses, dental implants, orthopedic implants, and drug delivery systems are facing a negative impact due to the COVID-19.
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Based on Type, the market is fragmented into Fluoropolymers (FP), High-Performance Polyamides (HPPA), Polyaryletherketones (PAEK), Polyphenylene Sulfides (PPS), Polyetherimide (PEI), and Others (PAI, PFA, ETFE, and PEK). Fluoropolymers (FP) accounted for the largest share in 2020 is anticipated to register a lucrative CAGR during the forecast period owing to the high use of several types of FP such as Polytetrafluoroethylene (PTFE), Polyvinylidene Fluoride (PVDF), and Fluorinated Ethylene Propylene (FEP) in the eyepieces, sizing trials for knee and hip replacement, Surgical equipment, such as handles and grips for instrumentation, fixation devices, and endoscopic housings. Fluorotherm Polymers, Inc. is a leading fluoropolymer manufacturing company established in 1922 with a diverse range of products that meet the needs of various industries. Fluorotherm helps in the development of new products like 3-D printers for emerging industries each year.
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Based on Applications, the market is fragmented into Medical Equipment & Tools, Medical Supplies, Drug Delivery, Prosthesis & Implants, Therapeutic Systems, and Others. Medical Equipment & Tools accounted for the largest share in 2020 is anticipated to register a lucrative CAGR during the forecast period owing to rise in demand for 3D printing high-performance plastics in several medical devices such as dental tools, medical equipment & tools, such as components of medical devices, handles, and grips for instrumentation, fixation devices, sizing trials for knee and hip replacement, key parts for dialysis machine and cardiovascular surgery and endoscopic housings. In 2017, hospitals in Dubai have opened 3D printers to train surgeons for medical procedures. This allowed Dubai Health Authority-managed facilities to create realistic representations of anatomical areas that would be subjected to surgical procedures. Before going into the operating room, 3D printing can play an important role in training medical teams. The Dubai Health Authority (DHA) seeks to speed up operations while lowering costs and complications.
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For a better understanding of the market adoption of High-Performance Medical Plastics, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the High-Performance Medical Plastics market on account of the presence of highly diversified medical devices market and it offers a wide range of products for the diagnosis and treatment of patients, ranging from medical catheters to implants and vascular grafts. Some of the major players operating in the market include Solvay Sa, SABIC, Mitsubishi Chemical Corporation, Evonik Industries AG, Arkema SA, Ensinger, Victrex PLC, Rochling SE & Co. AG, Raumedic AG, and The Chemours Company. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global High-Performance Medical Plastics Market Segmentation
Market Insight, by Type
- Fluoropolymers (FP)
- High-Performance Polyamides (HPPA)
- Polyaryletherketones (PAEK)
- Polyphenylene Sulfides (PPS)
- Polyetherimide (PEI)
- Others (PAI, PFA, ETFE, and PEK)
Market Insight, by Application
- Medical Equipment & Tools
- Medical Supplies
- Drug Delivery
- Prosthesis & Implants
- Therapeutic System
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Solvay Sa
- Mitsubishi Chemical Corporation
- Evonik Industries AG
- Arkema SA
- Victrex PLC
- Rochling SE & Co. AG
- Raumedic AG
- The Chemours Company