Emphasis on Type (Fluoropolymers (FP), High-Performance Polyamides (HPPA), Polyaryletherketones (PAEK), Polyphenylene Sulfides (PPS), Polyetherimide (PEI), Others), Applications (Medical Equipment & Tools, Medical Supplies, Drug Delivery, Prosthesis & Implants, Therapeutic Systems, Others); and Region & Country.
High-Performance Medical Plastics Market was valued at US$ 800 million in 2020 and is expected to grow at a CAGR of 8% over the forecast period (2021-2027). High-Performance Medical Plastics consist of many macromolecules to produce 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 major applications of medical plastics include Medical Equipment & Tools, Medical Supplies, Drug Delivery, prostheses & Implants, Therapeutic Systems, and Others.
The demand for High-Performance Medical Plastics is 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 the recent few years, the number of injuries due to accidents is also increasing which high demands the use of prosthetics products, further boosting the growth of the high-performance medical plastics market. As per the WHO 2021, around 1.3 million people die each year due to road traffic crashes and around 20 to 50 million more people suffer non-fatal injuries, with many experiencing a disability due to their injury. These high-performance medical plastics are highly used in prosthetics, providing a life-changing solution for physically disabled people.
Percentage Breakdown of Deaths Attributable to Cardiovascular Disease, US, 2018
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.
Insights Presented in the Report
“Amongst Type, Fluoropolymers (FP) segment holds the major share.”
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. Also, due to their high chemical resistance, high thermal stability, and temperature resistance property, FP is highly employed in X-ray and Magnetic Resonance Imaging (MRI) devices. In 2018, Fermatex Vascular Technologies Inc. a supplier of reinforced medical tubing and catheter subassemblies expanded its fluoropolymer extrusion capabilities following industry trends and customer needs including co-extruded tubing and FEP sheath extrusions. The upgrade will allow Fermatex to offer micro-bore and thin-wall fluoropolymer tubing.
“Amongst Applications, Medical Equipment & Tools is anticipated to grow at the highest CAGR during the analyzed period.”
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. As per the Fracktal works, in 2019, it is estimated that over 600,000 implants have been produced using 3D printing technology. By 2027, this number expected to increase to over 4 million.
“North America signifies one of the largest markets and Europe is expected to be the fastest-growing markets of High-Performance Medical Plastics market.”
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. Moreover, the high investment in R&D and the development of high-quality products using advanced technology also propel market growth. The innovations, for example, stent technologies, biomarkers, neuro-stimulators, robotic assistance, and implantable electronic devices in the medical device, further drives the market growth.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global High-performance Medical Plastics Market Analysis 2019-27f
6. Market Insights By Type
7. Market Insights By Application
8. Market Insights By Region
9. Demand And Supply Side Analysis
10. Value Chain Analysis
11. Global High-performance Medical Plastics Market Trends & Insights
12. Global High-performance Medical Plastics Market Dynamics
13. Global High-performance Medical Plastics Market Dynamics
14. Global High-performance Medical Plastics Market Opportunities
15. Competitive Scenario
16. Company Profiled
17. Disclaimer
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global High-Performance Medical Plastics market were the three major steps undertaken to create and analyze the adoption of High-Performance Medical Plastics for the different applications such as Medical Equipment & Tools, Medical Supplies, Drug Delivery, Prosthesis & Implants, Therapeutic Systems, and Others. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the High-Performance Medical Plastics sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the High-Performance Medical Plastics through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the High-Performance Medical Plastics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Type and Application. Further country-level analyses were conducted to evaluate the overall adoption of High-Performance Medical Plastics in every region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of High-Performance Medical Plastics. Further, we conducted factor analysis using dependent and independent variables such as rising demand for advanced medical technology in implants, growing demand for artificial organs, smart inhalers, precision medicines, rising preference for minimally invasive devices or surgical procedures.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the High-Performance Medical Plastics Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the High-Performance Medical Plastics market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Type, Application, and Region of the High-Performance Medical Plastics market.
Main Objective of the High-Performance Medical Plastics market Study
The current & future market trends of High-Performance Medical Plastics were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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