Medical Polycarbonate Market Analysis and Industry Outlook 2020-2030
Medical Polycarbonate Market: Introduction
The global medical polycarbonate market was valued at ~US$ 1 Bn in 2019 and is anticipated to expand at a CAGR of 3.5% from 2020 to 2030. Polycarbonate’s unique combination of characteristics including its physiological inertness, sterilizing ability, clarity, dimensional stability, high specific stiffness, toughness, and thermal stability helps to maintain its position in the medical sector. North America accounted for major share of the global medical polycarbonate market in 2019. In terms of demand, the U.S. held dominant share of the medical polycarbonate market in North America in 2019. In terms of value, the medical polycarbonate market in the region is expected to expand at a CAGR of 3.5% during the forecast period.
Key Drivers of Medical Polycarbonate Market
Medical polycarbonate is extensively employed in the manufacturing of hemodialysis filter membranes, surgical instrument handles, housings of oxygenators, etc. Its excellent combination of strength, rigidity, toughness, and glass-like clarity makes medical polycarbonate an ideal material for clinical and diagnostic settings, wherein visibility of tissues, blood, and other fluids is required. Furthermore, it is more hydrolytically stable than polyesters, with superior clarity and impact strength. Therefore, medical polycarbonate is used in the production of medical devices. Medical polycarbonate is often used to produce high-pressure syringes, disposable dental instruments, surgical face shields, blood oxygenators, blood collection reservoirs, blood separation devices, surgical devices, kidney dialysis equipment, intravenous components, and centrifuge bowls due to its excellent resistance to acids and oils.
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Rise in geriatric population and growth in public and private investments in the healthcare sector are expected to drive the demand for medical devices in the near future. Advancements in medical technology is also anticipated to create lucrative opportunities for the medical polycarbonate market in the near future. Population of the elderly is high in Europe and North America. The geriatric population is more susceptible to diseases. This is anticipated to drive the demand for medical devices in Europe and North America in the near future.
North America Dominates Medical Polycarbonate Market
In terms of revenue, North America led the global medical polycarbonate market in 2019. According to the World Health Organization, approximately 17.9 million people died due to cardiovascular diseases across the globe in 2016, representing nearly 31% of all global deaths. About 85% of these deaths were ascribed to heart attack and stroke. According to the American College of Cardiology Foundation, cardiovascular diseases accounted for 840,768 deaths in the U.S. in 2016; of these, 635,260 deaths were owing to cardiac diseases. Medical polycarbonate is extensively used in the production of various medical instruments such as hemodialysis filter membranes, surgical instrument handles, housings of oxygenator devices, needle-free injection systems, perfusion equipment, blood centrifuge bowls, and stopcocks. This is augmenting the medical polycarbonate market.
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The medical polycarbonate market is projected to expand at a faster pace in Asia Pacific vis-Ă -vis that in other regions during the forecast period. According to a report published by the National Center for Biotechnology Information (NCBI) in October 2018, prevalence of chronic kidney disease stands at 10.2% in India. Furthermore, according to an article published in April 2019 by China Daily, a newspaper published in the country, nearly 24.3 million patients were afflicted with diabetic kidney disease in China. Thus, demand for fluid delivery & IV connection components, renal dialysis products, cardiovascular devices, and surgical instruments is high in these countries.
Market Share of Prominent Players
Key players operating in the global medical polycarbonate market are Covestro AG, Mitsubishi Engineering-Plastics Corporations, SABIC, Trinseo S.A., Lotte Chemical Corporation, GOEX Corporation, and Chi Mei Corp. The medical polycarbonate market is highly consolidated. Prominent players are engaged in new product launches to increase their presence in the global market.