High Performance Medical Plastics Market
The global High Performance Medical Plastics Market is anticipated to expand at an annual rate of 7.5% during the forecast period. The growing adoption of 3D printed medical instruments and implants among medical professionals has bolstered the high performance medical plastics market growth.
High Performance Medical Plastics Market Dynamics
The major factors contributing to the growth of the global high performance medical plastics market include the expansion in the medical sector because of the growing disbursement on healthcare. For example, as per the Committee for Responsible Federal Budget, the healthcare expenditure in U.S. healthcare will reach USD 2.9 trillion, or 9.7% of the economy. Plastics are increasingly used in medical and dental applications by substituting metal and glass because of strong, better performance, design suppleness, the capability to differentiate products and brands by using color, stability and cost-effectiveness to conventional substances. Further, the rising cases of chronic disease especially in the senior population have stimulated the demand for miniaturised, lightweight, and portable medical devices, thereby guiding the market growth. According to the Centers for Disease Control and Prevention, nearly 6 out of 10 adults in the U.S. suffer from chronic disease. However, the rigorous government norms over waste management may restrain the high performance medial plastic market size.
Material Type Segment Drivers
The FP segment is likely to witness a remarkable growth during the forecast period, based on material type. Fluoropolymer constituents are largely used in several medical applications, such as custom tubing assemblies, retractable coils, and sensor cover. As per the High Performance Medical Plastics Market global forecast, the surging demand for fluoropolymers in the medical sector because of their remarkable medical properties such as non-stick, inert, pure, innocuous, bio-compatibility, and easy sterilization will bolster the market growth. These features make them suitable for usage in medical devices, pharmaceuticals, and cryogenic purposes. Various constituents of FP like PTFE, PVDF, and FEP are used in different medical applications such as equipment & tools, surgical instruments and medical supplies.
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