The global high performance medical plastics market size is projected to grow from USD 851 million in 2021 to USD 1,242 million by 2026, at a CAGR of 7.8% during the forecast period 2021 to 2026. The increasing demand for healthcare solutions owing to an increase in disposable income, changing lifestyles, and growing population in emerging economies are some of the drivers for the high performance medical plastics market to grow.
The prosthesis & implants application segment is projected to grow at the highest CAGR during the forecast period. Based on application, the prosthesis & implants segment is projected to grow at the highest CARG during the forecast period.Prosthesis & Implants are artificial devices, which are used to replace a missing body part that may be lost due to some diseases or accidents.
Prosthetics are intended to restore the normal functioning of the body part. The rapid growth of this segment can be attributed to the increasing adoption of prosthesis and dental implants in emerging economies such as China, India, and other south Asian countries.
The PAEK type segment is projected to grow at the highest CAGR during the forecast period. Based on type, the PAEK segment is projected to grow at the highest CARG during the forecast period.PAEK polymers are categorized into three major types— Polyether Ether Ketone (PEEK), Polyether Ketone (PEK), and Polyetherketoneketone (PEKK).
PAEK has the highest unit price in comparison to other HPPs due to its superior characteristics, including excellent high-temperature performance, inherent purity, excellent combustion resistance, good resistance to all organic chemicals, good electrical properties, and processability. The rapid growth of this segment can be attributed to the increasing demand for PEEK in prosthesis and dental implant applications.
Asia Pacific is projected to grow the highest CAGR in the high performance medical plastics market during the forecast period. Asia Pacific is projected to grow at the highest CAGR in the high performance medical plastics market from 2021 to 2026.The medical device manufacturing industry is expected to expand rapidly in the region in the next five years.
As a result, the demand for high performance medical plastics is expected to grow in APAC. In addition, growth in the aging population and the advent of new technologies such as robotic assistance, use of big data, 3D printed customized prostheses, and others are also expected to drive the high performance medical plastics market in APAC during the forecast period.
Profile break-up of primary participants for the report: • By Company Type: Tier 1 – 25%, Tier 2 – 50%, and Tier 3 – 25% • By Designation: C-level Executives – 20%, Directors – 30%, and Others – 50% • By Region: Asia Pacific – 25%, Europe – 30%, North America – 20%, Middle East & Africa - 15%, and South America – 10%
Furthermore, as a part of the qualitative analysis of the high performance medical plastics market, the research provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the growth of the market across the globe.It also discusses competitive strategies adopted by the leading market players such as Solvay SA (Belgium), SABIC (UAE), Mitsubishi Chemical Corporation (Japan), Evonik Industries AG (Germany), Arkema SA (France), Ensinger (Germany), Victrex PLC (UK), Rochling SE & Co.
AG (Germany), Raumedic AG (Germany), The Chemours Company (US), DuPont (US), Saint-Gobain Performance Plastic (France), Celanese Corporation (US), Trelleborg (Sweden), and Tekni-Plex (US), among others.
Research Coverage: The report defines, segments, and projects the size of the high performance medical plastics market based on material, distribution channel, end use and region.It strategically profiles the key players and comprehensively analyzes their market share and core competencies.
It also tracks and analyzes competitive developments such as mergers & acquisitions, investments, joint ventures, new product launches, and expansions undertaken by them in the market.
Key Benefits of Buying the Report: The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the high performance medical plastics market and its segments.This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies.
It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
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Gross Domestic Product
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