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Publishing News and Press Releases

Medical Polyurethane Market Size Forecast to Reach $5.2 Billion by 2026

(Publishing-NewsWire.com, August 27, 2021 ) Medical Polyurethane Market size is forecast to reach US$5.2 billion by 2026, after growing at a CAGR of 4.3% during 2021-2026. Globally, polyurethanes have been formulated to provide strong biocompatibility, bending resistance, high strength, high abrasion resistance and a wide variety of applications for processing in medical sector. Increasing use of medical polyurethane for the production of injection molded devices would further raise the growth of the market.



Furthermore, rising usage of medical polyurethane in applications such as artificial heart, catheter tubing, feeding tubes, surgical drains, intra-aortic balloon pumps, dialysis instruments, non-allergenic gloves, medical clothing, hospital beds, wound dressings and more, is anticipated to create new opportunities for the growth of the global medical polyurethane industry in the forecast era.



Impact of Covid-19



The COVID-19 pandemic has a huge impact on the medical polyurethane market. Furthermore, the continuous trade disruption had a significant effect on the supply of medical polyurethane in countries that depend on imports. Thus, led to the declination of the medical polyurethane market over the year 2020. According to the National Association of Manufacturers (NAM), 75% to 80% of industrial manufacturers in the United States expect the 2020 pandemic to have a significant financial effect on their companies. The general slowdown of the national economy during 2020 will exacerbate these losses. Furthermore, in light of the impending economic losses, a number of manufacturing firms have begun to offer layoffs to their workers.



Medical Polyurethane Market Segment Analysis - By Type



Thermoplastic polyurethane segment held the largest share in the medical polyurethane market in 2020. Melt-processable polyurethanes, also known as thermoplastic polyurethanes or polyurethane elastomers are widely used in medical devices. Biocompatible, tough, and strong polyurethanes are often needed for catheter use. Increasing use of catheters, such as over-the-needle IV catheters, central-venous access catheters, and multilumen catheters, often made from melt-processable polyurethanes is estimated to drive the market growth. Also, wound dressings are another application that takes advantage of thermoplastic polyurethanes' flexibility.



The majority of wound dressings today are made up of composite materials. Wound-dressing films made of polyurethane are impermeable to fluids and bacteria while allowing moisture to pass through. Additionally, the increasing usage of thermoplastic polyurethanes or polyurethane elastomers for creating feeding tubes and surgical drains has further raised the market growth. Thus, the rising demand for thermoplastic polyurethane would further drive the growth of the market.



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Medical Polyurethane Market Segment Analysis - By Application



Cardiovascular treatment devices held the largest share in the medical polyurethane market in 2020 and is projected to grow at a CAGR of 3.3% during the forecast period 2021-2026. Biomedical polyurethanes can help remove certain acute and chronic health problems with the introduction of new surgical implants. Because of their good biocompatibility and mechanical properties, polyurethanes are widely used in cardiovascular and other biomedical fields.



Elastomeric properties, hardness, tear resistance, and abrasion resistance are all present in many of these polyurethanes. The cardiovascular treatment devices have been used widely in the artificial heart and pacemaker lead insulation applications. The above properties are propelling the demand for polyurethane consequently in the cardiovascular treatment devices and are driving the global medical polyurethane market.



Medical Polyurethane Market Segment Analysis - By Geography



Asia Pacific held the largest share with 37% in medical polyurethane market in 2020. Growth in end-use industry such as healthcare industry and rising investments by the government in medical sector is driving the medical polyurethane market. Growing demand for healthcare in the emerging economies, such as China, Japan, India, and South Korea is anticipated to drive the market in the upcoming years. Hospitals, medical devices such as polyurethane injection molded devices, outsourcing, telemedicine, health insurance and medical supplies are part of healthcare network.



The healthcare market will rise by three times up to US$ 133.44 billion by 2022 according to the India Brand Equity Foundation. Also, as per the International Trade Administration, the medical device industry is one of the fastest growing market segments in China, having sustained double-digit growth for over a decade. In 2018, the medical device industry hit USD 78.81 billion, a rise of 22 percent from 2017. Thus, growth in the healthcare industry would further drive the market demand in the forecast period.



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Medical Polyurethane Market Drivers



Increasing Demand For Hollow-fiber Devices



Hollow fibres are economically manufactured and structurally reliable. The way in which hollow-fiber membranes, such as hemodialyzers, oxygenators and hemocentrator, were built, was revolutionized. Increasing use of polyurethane in this filter separates the membranes in order to allow blood and medicine to pass through it without interaction. The instrument is placed in a centrifuge and the fluid polyurethane is spun in two parts, enclosing the various fibres and separating the membranes.



Most of these devices used flat-sheet membranes before hollow-fiber membranes were introduced. Since flat-sheet membrane devices were difficult to construct and had a major leakage problem, thus, the hollow-fiber system was introduced as a replacement. Owing to the abrasion resistance property, the demand for polyurethane is further increased. Thermoplastic polyurethanes or polyurethane elastomers for instance, are currently being used to tie bundles of hollow fibres in artificial dialysis cylinders as a special sealant. Thus, owing to such benefits, an increase in demand for hollow-fibre devices will drive the medical polyurethane market in the forecast period.



Medical Polyurethane Market Challenges



Health Hazards of Polyurethane will Hinder the Growth of the Market



Polyurethane consists of two chemicals an isocyanate and a polyol plus additives and catalysts. Both isocyanates and polyols emit heat and vapor when mixed to form polyethylene, and even cause irritation and sensitization. Asthma, lung damage and other breathing and breathing problems, skin and eye irritation and cancer can be caused by the vapours and aerosols released during and after the chemical mix-up until polyurethane are cured. Polyurethane cures in about 23 to 72 hours. Also, for those who are exposed to polyurethane vapours, the Environmental Protection Agency has personal safety guidelines. A flexible polyurethane fabrication facility is classified as a major source of hazardous air pollutants (HAP) emissions by the Environmental Protection Agency (EPA). Thus, due to the above mentioned factors the market for medical polyurethane is estimated to face challenges in the forecast period.



Medical Polyurethane Market Landscape



Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the medical polyurethane market. Major players in the medical polyurethane market are Mitsubishi Chemical Corporation, The Lubrizol Corporation, Covestro AG, BASF SE, Taiwan PU Corporation, AMERICAN POLYFILM, INC., Huntsman International LLC, Avient Corporation, Wanhua Chemical Group Co.,Ltd., Tosoh Corporation, and Kolon Industries, Inc among others.



Acquisitions/Technology Launches



In November 2019, Mitsubishi Chemical announced that it will acquire thermoplastic polyurethane business of U.S.-based AdvanSource Biomaterials in the year 2020.



Key Takeaways



The Asia Pacific region dominated the medical polyurethane market due to the growing government and public investments towards the healthcare industry, in order to enhance the medical facilities in this region.



Since the use of polyurethane can be more cost-effective and have more reliability and toughness in medical applications. The demand for medical polyurethane is estimated to rise in the forecast period.



Furthermore, due to the rising usage of plastic equipment (medical devices) in hospitals, the demand for injection molded devices made up of polyurethane has increased in the healthcare industries. Thus, this has raised the growth of the medical polyurethane market.



Related Reports :



A. Polyurethanes Market

https://www.industryarc.com/Report/11682/polyurethanes-market-analysis.html



B. Medical Foam Market

https://www.industryarc.com/Report/17906/medical-foam-market.html



For more Chemicals and Materials Market reports, please click here



About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

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