LONDON--(EON: Enhanced Online News)--Technavio research analysts forecast the global fluoropolymer market in the healthcare industry to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
“Vendors in the global healthcare industry have expanded their product portfolio to cater to the demand for advanced and technologically innovative drugs and medical devices resulting in increased demand for fluoropolymers”
The study covers the present scenario and growth prospects of the global fluoropolymer market in healthcare industry for 2016-2020. The report also lists pharmaceutical packaging, medical devices, and drug delivery as the three major applications segments. The pharmaceutical packaging and medical devices segments accounted for approximately 72% of the market share in 2015.
“APAC is expected to dominate the market during the forecast period due to the high availability of fluoropolymer raw materials and the growing industrial and healthcare sectors in key countries such as China, India, Japan, and South Korea,” says Swapnil Tejveer Sharma, a lead analyst at Technavio for plastics, polymers, and elastomers research.
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Technavio chemicals and materials analysts highlight the following four drivers that are contributing to the growth of the global fluoropolymer market in the healthcare industry:
- Replacement of plastics by fluoropolymers
- Rapid growth in APAC
- Superior properties of fluoropolymers
- Growth of global healthcare industry
Replacement of plastics by fluoropolymers
Consumers in the healthcare industry are increasingly opting for fluoropolymers over plastics in packaging applications owing to their superior characteristics such as natural inertness and barrier properties. In recent years, the development of cheap bulk injection molding processes to produce complex fluoropolymer products has further fueled the use of fluoropolymers instead of their counterparts. In addition, the inability of plastics to meet the stringent physical and biocompatibility necessities of advanced medical devices and drugs has prompted the healthcare companies to opt for fluoropolymers for their future endeavors. For instance, fluoropolymers are being used in developing biomedical materials for artificially made corneas and heart valves.
Rapid growth in APAC
Currently, APAC is the largest producer and consumer of fluoropolymer products. The region is the largest market for PTFE, accounting for around 55% of the global market share by revenue. The availability of raw materials (fluorspar, ethylene, and fluorocarbon) at low prices and the availability of skilled labor, land, and industrial equipment have made the region a target destination for manufacturing fluoropolymers.
The consumption of fluoropolymer products is also high in APAC due to the growth of the healthcare industry in this region. China, India, Japan, and South Korea are the leading manufacturers and consumers of fluoropolymers in the region.
Superior properties of fluoropolymers
Fluoropolymers have been extensively used in various traditional and advanced applications in the healthcare industry owing to their superior properties such as good lubricity, excellent biocompatibility, and exceptional resistance to high temperatures, chemical reactions, and corrosion. These properties have made fluoropolymers the perfect material for the packaging and delivery of medical liquids, sprays, and powders. In addition, fluoropolymers can be easily used to manufacture required end-products using basic production techniques, such as injection molding, blow molding, and extrusion molding. This helps to reduce the overall operating costs of the manufacturers. All these exceptional properties of fluoropolymer products have resulted in the growth of its healthcare applications.
Growth of the global healthcare industry
The global healthcare industry has witnessed rapid growth in the last decade owing to the improving medical and healthcare conditions in emerging economies, especially in India, China, and countries in Latin America. This has resulted in an increase in the number of pharmaceutical, biopharmaceutical, and medical device vendors worldwide. The demand for medical devices has surged owing to the increased incidence of various diseases and disorders resulting from unhealthy dietary habits, lack of exercise, increase in smoking, and high prevalence of hypertension.
“Vendors in the global healthcare industry have expanded their product portfolio to cater to the demand for advanced and technologically innovative drugs and medical devices resulting in increased demand for fluoropolymers,” says Swapnil.
Browse Related Reports:
- Global Fluoropolymer Market 2016-2020
- Global Fluorochemicals Market 2016-2020
- Global Specialty and High-performance Films Market 2016-2020
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