Wilmington, Delaware, United States, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global medial polycarbonate market is projected to flourish at a CAGR of 3% from 2023 to 2030. As per the report published by TMR, a valuation of US$ 1.5 billion is anticipated for the market in 2031. As of 2023, the market for medial polycarbonate is expected to close at US$ 1.2 billion.
Increased healthcare spending, especially in emerging economies, has driven the demand for better healthcare facilities and equipment drive the demand for medical polycarbonate as it is suitable for medical applications.
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Competitive Landscape
The global medical polycarbonate market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global medical polycarbonate market report:
- Covestro AG
- Mitsubishi Engineering-Plastics Corporations
- SABIC
- Trinseo S.A.
- Lotte Chemical Corporation
- GOEX Corporation
- Chi Mei Corp
Key Developments in the Medical Polycarbonate Market
- In February 2020 - Trinseo a global materials solutions provider and manufacturer of plastics, latex binders and synthetic rubber, continues to support medical industry trends with the launch of a new wear resistant, high lubricity polycarbonate (PC).
- Sabic - Lexan PC materials are used in a wide range of healthcare and medical applications due to their excellent mechanical properties, biocompatibility, and resistance to chemicals and sterilization processes. Here are some common applications of Lexan PC materials in healthcare and medical settings. Lexan PC materials are used in the manufacturing of medical equipment and devices, such as surgical instruments, trays, and housings.
Growing global population and aging demographics have led to an increased demand for medical devices, such as surgical instruments, catheters, connectors, and drug delivery devices. Polycarbonate is preferred for these applications due to its biocompatibility, durability, and ease of processing.
Ongoing advancements in medical technology require materials that can meet stringent performance requirements. Polycarbonate is chosen for applications such as medical housings, optical lenses, and fluid management systems due to its high impact resistance, optical clarity, and resistance to sterilization processes.
Key Takeaways from the Market Study
- As of 2022, the medical polycarbonate market was valued at US$ 1.17 billion
- By processing technology, the extrusion segment to enjoy high demand, accumulating a high revenue share during the forecast period.
- Based on grade, lipid-resistant grade segment is anticipated to dominate the industry during the forecast period
- Based on application, the Surgical Instruments segment is expected to generate high revenue during the forecast period.
Medical Polycarbonate Market: Key Trends and Opportunistic Frontiers
- With an increasing focus on sustainability, medical device manufacturers are looking for materials that can be recycled or are more environmentally friendly. Recycled polycarbonate can be, used to extend the life of medical devices, reducing waste.
- Polycarbonate is lightweight compared to some other materials, making it suitable for portable medical devices. Its durability ensures the longevity of these devices, reducing maintenance and replacement costs.
- Increase in geriatric population and rise in number of diseases across the globe are anticipated to drive the demand for intravenous components, including stopcocks, y-injection sites, cannulas, check valves, which in turn is expected to drive the demand for medical polycarbonate
- Manufacturers in the medical polycarbonate market are investing in R&D activities to develop innovative solutions in order to lower the cost of production of medical polycarbonate
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Medical Polycarbonate Market – Regional Analysis
- North America dominates the medical polycarbonate market during the forecast period owing to the presence of several prominent medical device manufacturers and advanced healthcare infrastructure. Polycarbonate is used in various medical equipment, including surgical instruments, housings for medical devices, and medical packaging.
- The medical polycarbonate market in Asia Pacific is anticipated to expand at a faster pace than that in other regions in the near future. Rise in support from governments of various countries such as China and India and growth in foreign direct investments in the medical industry are the prominent factors projected to drive the medical polycarbonate market in these countries.
Medical Polycarbonate Market – Key Segments
Grade
- Lipid-resistant Grade
- High-temperature Grade
Processing technology
- Extrusion
- Injection Molding
- Blow Molding
Application
- Fluid Delivery & IV Connection Components
- Renal Dialysis Products
- Cardiovascular Devices
- Surgical Instruments
- Others (including Medical Packaging, Lenses, Catheters, and Syringes)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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