Polyester Medical Films Market
Global Market Study on Polyester Medical Films: Rapidly Increasing Demand for Diagnostic Strips Fuelling Market Growth
Polyester Medical Films Market is segmented by Film Thickness that is Less than 100 Microns market, 100 Microns - 300 Microns market, More than 300 Microns market.
East Asia and South Asia are projected to progress at a fast pace in the global polyester medical films market during the forecast period (2020-2030). Increasing population, increasing investments in the healthcare sector, and rising per capita income are the primary factors driving market growth in these regions.
In addition, increasing investments in the pharmaceutical sector during the ongoing COVID-19 pandemic are also impacting the market positively. Furthermore, the Asia Pacific market is driven by countries such as India and China, owing to the rapidly growing healthcare sector.
All these factors are together driving the growth of the polyester medical films market in the Asia Pacific region.
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- Toray Industries, Inc
- Tekra Corporation
- Mitsubishi Chemicals Holdings Corporation
- Cosmo Films Limited
- Filmquest Group Inc.
- Grafix Plastics
- DUNMORE Corporation
- Flex Films USA Inc.
- Coveme spa
- FUTAMURA CHEMICAL CO., LTD.
- Merck KGaA
Increasing Incidence of Chronic Conditions Driving Demand
Chronic care needs are exerting substantial demand on the healthcare system. People and increasingly leading sedentary lifestyles as urbanization accelerates, which indirectly leads to health hazards such as obesity and diabetes. Another growing concern regarding health is global pandemics.
The pandemics of the past decades have clearly stated how infections spread across the globe with the prevalence of chronic diseases. For instance, COVID – 19, Ebola, SARS, MERS, and H1N1 call for coordinated and agile responses to healthcare.
In all probability, chronic health conditions are bound to exert periodic and significant disruptive pressure on the healthcare system. Healthcare organizations around the globe need to be prepared to work together to quickly contain outbreaks when they happen. All these factors are ultimately driving the polyester medical films market forward.
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Increasing Expenditure on Healthcare Facilities
Innovative operational models on advanced healthcare are being opted for addressing the growing demand for chronic care. Accurate disease detection and diagnosis is an integral part of chronic condition treatment.
Modern medical facilities are emerging with growing technology access and influence, worldwide. Economic and geopolitical forces clash to create a more competitive and dynamic environment.
The medical sector emphasizes more on preventive health solutions and patient-centered care. This opens up the door for the polyester medical films market to bring in innovative solutions for chronic disease prevention and management.
Governments of various countries are investing in their healthcare systems to be prepared for future pandemics. These increasing investments in the healthcare sector are driving the growth of the polyester medical films market.
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Growing Demand for Polyester Material
Polyester is a widely used and preferred fiber in the healthcare sector, owing to its enhanced physical properties, lower price, versatility, and recyclability. It offers additional material benefits as compared to any other natural or synthetic fiber.
Medical polyester films come into the picture for a wide base of medical applications, as they are capable of providing high resistance to moisture, clarity, and tensile strength.
High performance standards contribute in making polyester medical films a superior option, suited for various medical applications. The polyester market is expected to witness substantial growth owing to rising consumer disposable income and effects of low energy pricing.
In addition, polyester material growth is being accelerated by urbanization and the retail segment in emerging economies of Asia and the Middle East and Africa. Niche market innovation for fiber and packaging drives value added polyester growth. Such factors will ultimately fuel the growth of the polyester medical films market.
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Polyester Medical Films Market: Structure Analysis
Tier-1 players account for around 30% share in the global polyester medical films market, which is estimated to be highly fragmented. Key participants in the global polyester medical films market are Mitsubishi Polyester Film, Inc., 3M, Toray Industries, Inc, FUTAMURA CHEMICAL CO., LTD., Dupont Teijin Films U.S. Limited, Cosmo Films Limited, Flex Films USA Inc., and Filmquest Group Inc, among others. To gain a competitive advantage in the landscape, market participants are investing more in R&D activities so as to launch new products.
The global polyester medical films market is estimated to witness substantial growth over the coming years, owing to increasing investments in the healthcare sector. North America and Europe are estimated to collectively account for more than half of the global polyester medical films market in 2020.
There will be high demand for diagnostic strips, which are anticipated to hold a leading market share throughout the forecast period. The COVID-19 pandemic is projected to lead to a sharp rise in market growth during 2020-2021, mainly due to the surging demand for diagnostic strips and medical adhesives & tapes during this crisis period.
Key Segments of Polyester Medical Films Market
PMR’s study on the polyester medical films market is divided into three significant segments - film thickness, end use, and region. This report offers comprehensive data and information about important market dynamics and growth parameters related to these categories.
Key Questions Answered in Report
- How much is the polyester medical films market worth?
The global polyester medical films market is estimated to be worth US$ 3.3 Bn by the year 2031.
- What will be the demand outlook?
The global polyester medical films market is expected to witness a CAGR of 7.5% between 2021 and 2031.
- What was the last 5 year market CAGR?
The global polyester medical films market witnessed a CAGR of 6% between 2015 and 2020.
- What are the key trends of polyester medical films market?
The latest trend is that of key market participants actively engaging in providing polyester medical films in MEA and the Asia-Pacific.
- What is driving the demand for polyester medical films?
The advantages provided by polyester medical films like resistance against moisture, higher thermal stability, and better strength are driving the demand for polyester medical films.
- What is the market share of top 5 players?
The top 5 players like Toray Industries, Inc., Tekra Corporation, Mitsubishi Chemicals Holdings Corporation, DuPont, and 3M hold more than 35% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving demand include the US, UK, Germany, India, and Japan.
- What is North America’s market Outlook?
North America holds more than 20% of the market share.
- At what percentage polyester medical films market is going to register growth in Europe?
Europe is expected to register growth at the rate of 6% in the polyester medical films market between 2021 and 2031.
- What are the key market statistics in Korea and Japan?
Japan and South Korea are expected to witness linear transition in the polyester medical films market between 2021 and 2031.