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. Growing healthcare infrastructure in emerging economies and increasing instances of chronic diseases such as cancer and heart problems are expected to drive the medical devices market, which in turn, is likely to propel the demand for high-performance medical plastics.
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This growth can be attributed to the shift towards minimally invasive medical procedures, and an increase in demand for advanced medical technologies and devices across the globe. The development in patient-specific implants and 3D printed devices is expected to act as new opportunities for the high performance medical plastics market to grow. However, time consuming regulatory approval process is expected to hinder the market growth during the forecasted period.
Based on application, the high performance medical plastics market has been segmented into medical supplies, medical equipment & tools, prosthesis & impants, drug delivery, theraupetic system, and others. Prosthesis & Implants is the fartest growing application segment of the high performance medical plastics market during the forecast period. High performance medical plastics used in the manufacturing of prosthetics include PEEK, PAI, and PPSU. Implants are mainly used in fixation, fracture plates, and filling purposes. PEEK, PPSU, and fluoropolymers like PTFE are used in the manufacturing of implants. Development of patient specific impants & 3D printing is expected to drive the market growth for this segment during the forecasted period.
Based on type, the high performance medical plastics market has been segmented into fluoropolymers (FP), high performance polyamide (HPPA), polyaryletherketones (PAEK), polyphenylene sulfides (PPS), Polyetherimide (PEI), and others. The PAEK type segment is expected to grow at the fastest CAGR during the forecasted period. The most common type of PAEK used globally in the medical applications is PEEK, as it has superior strength-to-weight ratio. It is lightweight and has self-lubricating properties, good flow properties, and processing properties. It can be filled with carbon fiber, graphite, and molybdenum disulfide to enhance the lubricating properties and mechanical strength further. Increase in adoption of PEEK in medical fields, including cranioplasty, dental implants, interbody fusion, total joint arthroplasty (TJA), and applications to soft-tissue repair is expected to drive the growth of this segment during the forecast period.
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Europe, Asia Pacific and North America, are significant regional markets for high performance medical plastics. Asia Pacific is projected to grow the highest CAGR in the high performance medical plastics market during the forecast period. APAC consists of some vast and rapidly growing economies, such as China, India, Indonesia, Malaysia, Vietnam, Thailand, and others. Across these economies, local governments are reforming regulations in IT integration, advanced materials, and other segments of the healthcare industry to increase the efficiency and efficacy of medical devices and related healthcare services. The major drivers for the medical devices sector in APAC are the change in reforms regarding value-based care in existing systems, ecosystem partnership across value-chain, increasing R&D, and digitalization of the healthcare system. APAC has a huge potential for investment in the healthcare industry, as it comprises emerging economies, such as India, Malaysia, Indonesia, and others. The presence of an integrated value chain and investment capacity is promising for the development of novel applications in the region, ultimately increasing the demand for high performance medical plastics.
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