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.
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.
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.
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.
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.
Polyester Medical Films Market - Scope of the Report
Persistence Market Research (PMR) recently published a study report on the global polyester medical films market. The report provides detailed valuation on key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the polyester medical films market structure. This market research report presents exclusive facts and figures about how the polyester medical films market will grow over the forecast period.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the polyester medical films market over the forecast period.
The study is relevant for stakeholders in the polyester medical films market, as well as manufacturers, distributors, suppliers, and investors, as it can help them understand applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the polyester medical films market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro- as well as macro-economic factors that are impacting the growth of the polyester medical films market. The study also offers actionable insights based on the future trends in the polyester medical films market. Furthermore, regional players and new entrants in the polyester medical films market can also use the information presented in this report to make business decisions and gain momentum in the market.
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 PMR’s Polyester Medical Films Market Report
Polyester Medical Films Market: Research Methodology
In PMR’s research report, exclusive research methodology is utilized to conduct comprehensive research on the development of the polyester medical films market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred to by analysts during the evaluation of the polyester medical films market study, and comprise facts and figures from the World Bank, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary and secondary resources is validated from companies operating in the market, to make PMR’s projections on the growth prospects of the polyester medical films market more accurate and reliable.