Growth of the polyester medical films market is mainly supported by increasing healthcare spending in various countries across the globe. Polyester medical films are preferred in many medical applications, owing to their various advantages such as high thermal stability, high strength, resistance to moisture, and many others over other materials. In addition, the continuously increasing global population creates more demand for various diagnostic products, which is subsequently boosting the growth of the global polyester medical films market.
Polyester medical films find application in several end-use products such as diagnostic strips, medical tapes and adhesives, transdermal therapeutic systems (TTS), biosensors, labelling, and others. A study by PMR on the polyester medical films market concludes that, the market is anticipated to reach US$ 3.1 Bn by the end of 2030, expanding at a CAGR of more than 7% over the forecast years (2020-2030).
Key Takeaways of Polyester Medical Films Market Study
- According to the research, the 100 microns – 300 microns segment will dominate the polyester medical films market throughout the forecast period, owing to their wide application in various medical products such as diagnostic strips, medical tapes and adhesives, and others.
- By end use, the medical tapes and adhesives segment is estimated to progress at a relatively high CAGR during the forecast years. Due to the high demand for medical adhesives and tapes in routine medical applications, the segment is estimated to remain a crucial driver for the growth of the global polyester medical films market.
- The ongoing COVID-19 pandemic is having a positive impact on the polyester medical films market, owing to a sudden rise in the demand for diagnostic strips, medical adhesives and tapes, and others, across the globe.
- Owing to increasing investments in the pharmaceutical sector and presence of key manufacturers in the region, North America is estimated to hold a prominent share and remain dominant in the global polyester medical films market throughout the forecast period.
“Enhancing product quality by implementing new technologies will be the key to thrive in the market. Durable and rigid polyester films with added features at a competitive price point will help companies retain and also increase their customer base,” says a PMR analyst.
The polyester medical films market is highly fragmented. Top five to six players are expected to hold less than 30% share in the global polyester medical films market. In developed regions such as North America and Europe, organized or tier-1 and tier-2 players hold a prominent share. Up-gradation of operational bases and investments in the research & development of new products in order to gain a competition advantage over tier-2 and tier-3 players have been the main strategies of key players in the global polyester medical films market.
Highly Lucrative Opportunities in South Asia Market
The demand for polyester medical films is expected to gain traction in South Asia in the coming years, owing to increasing investments in the pharmaceutical sector and increasing healthcare spending. Governments of emerging economies such as India and China are encouraging private sector players to invest more in these regions. This, in turn, is fueling the growth of the global polyester medical films market.
About the Report
The research report analyzes the total sales of polyester medical films on the basis of value (US$ Mn) and volume (tons), bifurcated into film thickness, end use, and region. The polyester medical films market is projected on the basis of factors such as medical sector outlook, healthcare spending by various countries, and polyester production overview. Also, the report provides a competition analysis section that includes tier structure analysis, market structure analysis, competition development, and other crucial information of polyester medical film manufacturers.
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