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Medical Fluoropolymers Market Size, Share & Trends Analysis Report By Product, By Application, By Region And Segment Forecasts, 2022 - 2030

·3-min read

Medical Fluoropolymers Market Size, Share & Trends Analysis Report By Product (Ethylene Tetrafluoroethylene, Polytetrafluoroethylene, Polyvinylidene Fluoride, Fluoroelastomers), By Application, By Region, And Segment Forecasts, 2022 - 2030

New York, Aug. 19, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Medical Fluoropolymers Market Size, Share & Trends Analysis Report By Product, By Application, By Region And Segment Forecasts, 2022 - 2030" -

Medical Fluoropolymers Market Growth & Trends

The global medical fluoropolymers market size is expected to reach USD 962.0 million by 2030. The market is expected to expand at a CAGR of 9.2% from 2022 to 2030. The market is driven by the rising demand for lightweight and high-strength fluoropolymers. This demand can be attributed to the development of advanced fluoropolymers and their composites for use in medical devices such as catheters, surgical instrument handles, and syringes.

In the U.S., frequent increments in costs and reduced margins of medical products have severely impacted healthcare service providers and health plan formulators. This has led the Government of the U.S. to ensure a significant transformation in healthcare funding and insurance coverage in the country through the introduction of the Affordable Care Act (ACA) and Medicaid. Key government initiatives such as ACA and Medicaid have enabled a large percentage of the population of the U.S. to gain access to healthcare facilities and services. This has led to a surged demand for branded drugs, medical devices, and healthcare services in the country, thereby driving the demand for medical fluoropolymers in the U.S. primarily used in medical components, as well as packaging and wound care applications.

The rising level of consumer healthcare expenditure, notably in the United States, China, and Germany, is likely to boost the application segment.Furthermore, growing positive coronavirus incidences throughout the world are favorably affecting medical equipment demand, boosting the need for medical fluoropolymers.

Increasing efforts to enforce and upgrade infection prevention during medical treatment are expected to drive the demand for disposable products such as catheters, containers, and syringes over the forecast period. As a result, fibers and resins, medical elastomers, and biodegradable fluoropolymers used for manufacturing medical products are expected to witness growth in demand over the forecast period.

Predominant consumption of medical fluoropolymers in industrial applications on account of good tensile strength is expected to keep its high market penetration.Rising expenditure by the governments of India, China, and the Middle East to enhance manufacturing output is expected to propel medical fluoropolymer market growth in the near future.

Technological advancement in emerging markets of China and India in light of rising medical spending at the domestic level is expected to fuel the demand for PVDF and PTFE. As a result, medical tubing application is expected to witness high growth in the near future.

Medical Fluoropolymers Market Report Highlights
• North America dominated the market in 2021, while Asia Pacific is expected to expand at the fastest CAGR of 9.6% in terms of revenue over the forecast period on account of rising consumer expenditure on healthcare
• The medical component was the largest application segment in 2021, driven by the high-volume consumption of fluoropolymers in the manufacturing of catheters, containers, medical bags, surgical instruments, and syringes
• The demand for Polytetrafluoroethylene (PTFE) in medical components is expected to remain the highest due to the superior properties of this fluoropolymer such as high sterilization and impact resistance. Furthermore, the growing population coupled with the increasing prevalence of chronic diseases is likely to propel the demand for medical components
• In February 2021, Arkema has invested in its Changshu (China) production facility to increase its fluoropolymer production capacity by 35%. Owing to this investment, the company will be fueled by further strong demand for fluoropolymers from its applications
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