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Increasing healthcare expenditure has enhanced the medical devices market size which accounted for approximately USD 360 billion in 2015. This will stimulate the demand for Polymethyl Methacrylate (PMMA) in the medical device industry, on account of its properties such as UV tolerance, resistance towards lipids and phthalates, reliability, and biocompatibility. Geriatric population will play a major role in PMMA market, owing to their heavy contribution towards the rising healthcare expenditure. Healthcare PMMA (Polymethyl Methacrylate) market size worth over USD 130 million in 2017, is anticipated to register a CAGR of around 7.5% over the period of 2018-2024. Growing inclination towards high performance polymers use in the medical industry over conventional polymers such as polycarbonate and PVC will drive the healthcare PMMA industry growth over the coming years. Moreover, rapid technological advancements in the healthcare space will also boost the industry share over the forecast timeframe.Request for a sample of this report @ https://www.graphicalresearch.com/request/1094/sample
Favorable regulations by various agencies such as FDA and REACH to ensure non-hazardous polymer usage in the healthcare space will further catalyze PMMA industry size. In addition to this, initiatives by NCI (National Cancer Institute) and The Academies to create awareness among patients and practitioners about the harmful petrochemical use in the medical industry will further enhance PMMA market share over the coming years.
However, key raw materials required for PMMA production such as ammonia, acetone, and methanol may face a tight supply/demand imbalance over the coming years, which can in turn hamper the PMMA healthcare market growth.
Healthcare PMMA market is segmented in terms of applications and regions.
PMMA healthcare applications segment comprises Medical Ware, Laboratory Ware, and Pharmaceutical Handling.
Medical ware dominated the PMMA healthcare application landscape with a revenue of over USD 60 million in 2017, and is estimated to be a lucrative application segment over the coming years. The growth can be attributed to the surging demand for medical ware products such as incubators, bone cements, dentures, and intraocular lens. High prevalence of eye ailments such as myopia, cataract, etc., increasing orthopedic fractures among the old age population, and growing global healthcare expenditure will fuel the demand for these products over the coming years. This will in turn stimulate the PMMA market size in the medical ware industry, which is anticipated to reach a volume of over 16 kilo tons by 2024.
Laboratory ware application is estimated to witness the highest growth rate of around 6% over the forecast period. Huge adoption of advanced diagnostic technologies and the increasing geriatric population base will drive the application growth. Pharmaceutical handling application is projected to record a CAGR of around 4% over 2018-2024
Geographical segmentation includes North America, Europe, Asia Pacific, Latin America, and MEA.
US PMMA market is forecast to dominate the global landscape with revenue estimations of exceeding USD 80 million by 2024. Strong geriatric population base coupled with stringent regulations to minimize the hazardous plastic content in the medical industry will stimulate the regional demand.
APAC PMMA market is likely to witness a CAGR of around 8% over 2018-2024, mainly driven by the expanding healthcare industry across this region. India and China are set to be the major revenue pockets for APAC. Europe Polymethyl Methacrylate (PMMA) market share is estimated to reach over USD 70 million by 2024
Key Healthcare PMMA market players are Evonik Industries, Dow Chemical, Arkema, PolyOne Corporation and Lucite International. Other PMMA industry participants sharing the medical device business space are BrandTech Scientific, Inc., Fisher Scientific Co., Duro-Med Industries, Bel-Art Products, Globe Scientific, Inc., Intuitive Surgical, Inc., Thomas Scientific, and Dentsply International.
Segments Covered in this Report:
Healthcare PMMA (Polymethyl Methacrylate) Market Analysis, By Application
Medical ware
Laboratory ware
Pharmaceutical Handling
The above information is provided on a regional and country basis for the following:
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Russia
Asia Pacific
China
India
South Korea
Malaysia
Indonesia
Thailand
Japan
Australia
Latin America (LATAM)
Brazil
Middle East & Africa (MEA)
Saudi Arabia
South Africa
UAE
Browse key industry insights along with Table of Content @ https://www.graphicalresearch.com/industry-insights/1094/healthcare-pmma-market
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Name: Parikhit B.
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Organization: Graphical Research
Website: https://www.graphicalresearch.com/industry-insights/1094/healthcare-pmma-market
Release ID: 88917411
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