Medical Membrane Market to Reach US$ 6483.24 Mn by 2026

The global medical membrane market was valued at US$ 2900.45 Mn in 2017 and is anticipated to expand at a CAGR of 9.5% from 2018 to 2026, according to a new report titled ‘Medical Membrane Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR). The global medical membrane market is driven by growth of pharmaceutical and health care industries across the world. North America accounts for a major share of the global market, due to growing health care and pharmaceutical sectors in the region.

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Growth of pharmaceutical and health care industries

Growth of pharmaceutical and health care industries, especially in developing economies, drives the demand for medical membranes. In the U.S., health care spending accounts for 17% of the country’s gross domestic product (GDP). Health care costs are increasing at a rate twice the country’s economic growth rate. In countries of Europe, where single-payer systems is a norm, health care costs are surpassing the national and regional growth rate.

According to the Organization for Economic Co-operation & Development (OECD), health care spending constitutes an average of 9.5% of GDP in case of 34 OECD countries in North and South America, Europe, and Asia Pacific. The average annual growth rate of health care costs for member countries of the OECD is 4.9% (which exceeds the U.S. rate). In China, where most people in the country are insured, health care spending is rising at a rate of 16%. As per the worldwide phenomenon, the capital available to pay for health care is either decreasing or stagnant, while health care costs are rising. The pharmaceutical sector is expected to remain stagnant or witness slowdown over the next 10 years.

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Long in-process validation to restraint the medical membrane market

Medical membrane biomaterials can be defined as substances in therapeutic or diagnostic systems that come in contact with biological fluids. Biomaterials are required to have blood compatibility, size, shape, and porosity, depending on functionality of the final device. Biomaterials need to prevent infection and immune responses, blood clotting, and other biological responses that could affect properties of the biological fluid and the patient’s organ. This calls for long in-process validation to know the host response and the response of materials such as PVDF, PTFE, and PP to a biomaterial.