The medical polymers market will experience robust growth through 2020 in all geographies, reaching an expected value of $17.05 billion, according to a new business report from Grand View Research (San Francisco, CA). Demand for single-use devices and continuing substitution of metals and glass with lightweight, high-performance polymers coupled with demand for medical technology from an aging population will drive the increased use of plastics in medical devices.
The global medical polymers market was valued at $9.69 billion in 2013, says Grand View Research, and it is forecast to grow at a CAGR of 8.4% through 2020.
Medical resins and fibers was the leading product segment, generating revenues worth $7.04 billion in 2013. Growing demand for low-cost, high-strength and durable materials for various applications including packaging is expected to drive growth.