FMI forecasts the Fluoropolymers In Healthcare Market valuation of USD 792.9 million by 2033, with a CAGR of 5.3%. The market is currently growing rapidly and is expected to be valued USD 472.4 million in 2023.
New materials that exhibit suitable properties for particular applications have resulted in increasing interest among healthcare professionals and patients over the past few decades.
Among them, fluoropolymers (FP) are relevant niche candidates that are equipped with favorable properties, such as chemical inertness (to oils, solvents, and acids), thermal stability, and durability.
Increased emphasis on health and hygiene to avoid potential COVID-19 contagion has bolstered sales of various hospital disposables. In addition, governments and health authorities are leveraging federal powers to influence manufacturers to ramp up production of hospital disposables at a significant pace.
As such, the COVID-19 pandemic has fueled sales of hospital disposables and medical equipment as epidemiological numbers continue to surge. These trends work in favor of fluoropolymers in the healthcare market.
Medical tubing is another area of healthcare that has advanced significantly due to the impact of medical fluoropolymers over the years. Doctors can provide their healthcare solutions with more features and utility by using fluoropolymer tubes and catheters.
| Attributes | Details (Values) |
|---|---|
| Fluoropolymers in Healthcare Market CAGR (2023 to 2033) | 5.3% |
| Fluoropolymers in Healthcare Market Size (2023) | USD 472.4 million |
| Fluoropolymers in Healthcare Market Size (2033) | USD 792.9 million |
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The global fluoropolymers in the healthcare industry experienced steady growth between 2018 and 2022, with a CAGR of 4.4%. Initially, the market had a worth of USD 450.9 million in 2022.
Future Market Insights (FMI) in its latest market analysis forecasts that the market is likely to have an absolute dollar opportunity of USD 21.5 million during the forecast period.
The COVID-19 pandemic and subsequent rising hospital admissions across the globe have considerably fueled the demand for medical disposables. The World Health Organization (WHO) has instructed industries and regulatory bodies to scale up manufacturing of personal protective equipment (PPE) such as medical gloves, hospital gowns, and face shields by 40% to cater to increasing global demand.
FMI also finds that the rise in demand for such accessories has fueled their prices significantly. Case in point, the price of hospital gowns has surged two-fold, and that of surgical masks has increased six-fold.
Short-term growth (2023 to 2026): Due to their durability, corrosion resistance, temperature resistance, and capacity to bear wear and tear, medical fluoropolymers are becoming crucial in the production of medical equipment and medical products.
Medium-term growth (2027 to 2030): One of the main drivers of the high production during this time has been the expanding economy in the health care sector.
Long-term growth (2031 to 2033): Applications of polyvinylidene fluoride (PVDF) in scientific research and industrial operations are widely used due to its excellent thermal stability and membrane-forming capabilities.
The global medical device industry is witnessing tech-enabled advances and continuous innovations. As such, investments in research and development in this domain have surged by nearly 2X over the recent past.
According to recent estimates, firms in the medical device industry spend about 7% of their yearly revenue on research and development activities, echoing the competitive nature of this sphere.
Further, these estimates suggest that adoption of fluoropolymers in medical devices is prominent in developed regions, especially the United States.
While hospital disposables and pharma packaging have been conventional applications for fluoropolymer manufacturers, adoption in medical devices such as catheters, and introducers is likely to rise at rapid CAGR during the forecast period.
Principal Consultant
Polytetrafluoroethylene (PTFE) segment is expected to dominate the market with a CAGR of 5.1% by 2033. About half of medical equipment globally contains polytetrafluoroethylene (PTFE) or teflon coatings, owing to their umpteen resistance against corrosion and various chemical agents.
Healthcare professionals generally prefer medical equipment that is coated with teflon. In laboratories, teflon plays a crucial role in maintaining a safe and bacteria-free environment.
Moving ahead, in certain labs, microbial cultures are created for research purposes. Myriads of utensils utilized by healthcare professionals, as well as platforms and analyzing tables, are coated with teflon, as the material does not impede development of bacteria and microbes.
As a result of recent technical breakthroughs and new inventions for the creation of new products, the demand for polychlorotrifluoroethylene (PCTFE) has increased significantly on a global scale.
Hospital disposals are likely to show a significant expansion from a CAGR of 4.9% during 2018 to 2022 to 5.9% during 2023 to 2033.
Increasing prevalence of HAIs and pandemic-related diseases has compelled consumers to resort to hospital disposables. The US Department of Health & Human Services (HHS) states that about 4% of total inpatients suffer from infection due to hospital care, at any given time.
Moreover, sales of hospital disposables have reached their peak amidst the COVID-19 pandemic. Among hospital disposables, medical gloves and blood bags continue to account for greater demand. Moving ahead, market players can hurt their revenue pool if they do not place their bets on medical devices.
North America Outlook
| Country | United States |
|---|---|
| Market Value (2033) | USD 150.8 million |
| Market CAGR (2018 to 2022) | 5.7% |
| Market CAGR (2023 to 2033) | 5.1% |
| Country | Canada |
|---|---|
| Market Value (2033) | USD 19.3 million |
| Market CAGR (2018 to 2022) | 5.1% |
| Market CAGR (2023 to 2033) | 4.6% |
The fluoropolymers in healthcare sector in the United States are receiving major impetus from a notable rise in hospital acquired infections (HAIs) and medical surgeries. HAIs result in myriads of mortalities and cost the United States healthcare system significantly every year.
As such, the US Department of Health and Human Services (HHS) has recognized reduction of HAIs as Agency Priority Goal (APG). The United States remains at the forefront of the regional market, as the country accounts for sales of about 9 out of 10 fluoropolymers, while the market in Canada is likely to fade in the coming years.
The absolute dollar opportunity in Canada is expected to be USD 0.5 million during the forecast period. One of the well-known and most cutting-edge regional markets for fluoropolymers in healthcare is Canada.
The increased use of medical fluoropolymers in the development of medical tubing, catheters, medical bags, medication delivery devices, etc. is a major factor in the industry's expansion in Canada.
In the upcoming years, it is anticipated that the market in Canada is likely to expand as a result of the increased demand for these fluoropolymers from the region's medical industry for the packaging of tablets and capsules.
China expects a valuation of 36.7 million by 2033, with a CAGR of 5.9% during the forecast period. Due to these nations' escalating healthcare costs, hospitals in the major economies of Asia Pacific, particularly China and India, are seeing an increase in demand for the finest medical devices and components. China is likely to have an absolute opportunity of USD 0.9 million during the forecast period.
East Asia continues to engage stakeholders in fluoropolymers in the healthcare market over the following decade.
The WHO reveals that 10 out of every 100 hospitalized patients in developing countries at any given time acquire at least one healthcare-associated infection (HAI). Further, prevalence of HAIs is significantly higher in middle- and low-income countries (LMIC).
In addition, East Asia has been among the worst affected regions by the COVID-19 pandemic. China and South Korea have registered a notable rise in prevalence of COVID-19 spread. Densely populated pockets in these regions are triggering the risk for community transmission of the virus.
These broad factors drive East Asia fluoropolymers in the healthcare market. While China and South Korea collectively capture around 90% of overall regional market value, Japan reflects potential growth prospects.
Europe Market Outlook
| Country | United Kingdom |
|---|---|
| Market Value (2033) | USD 28.7 million |
| Market CAGR (2018 to 2022) | 4.9% |
| Market CAGR (2023 to 2033) | 4.6% |
| Country | Germany |
|---|---|
| Market Value (2033) | USD 18.1 million |
| Market CAGR (2018 to 2022) | 4.2% |
| Market CAGR (2023 to 2033) | 3.9% |
Europe follows East Asia in the global market in terms of revenue share and CAGR. Pharmaceutical industry is among key-performing high-tech industries in Europe. Germany represents the leading fluoropolymers in healthcare market share in Europe.
Medicine's regulatory system of the region is based on a network of 50 regulatory bodies from the European Commission, 31 European Economic Area (EEA) countries, and the European Medicines Agency (EMA).
Plastic bottles are utilized in large quantities for oral medicines, distributed via prescription and bulk dose volumes to retail and mail order pharmacies. Moreover, plastic bottles find immense use in several applications as containers for over-the-counter (OTC) drugs distributed in capsules and tablets.
With prospects in a variety of end use industries, such as industrial processing, electrical and electronics, transportation, construction, healthcare, and other areas, the industry in the United Kingdom is lucrative.
Due to their exceptional qualities, such as non-stick and chemical resistant features, high performance polymers are increasingly in demand in the industrial processing, transportation, electrical, and electronics sectors.
Increasing the use of fluoropolymers in new applications and developing closed-loop upcycling manufacturing techniques for fluoropolymers are two emerging trends that have an immediate impact on the dynamics of the industry.
In the United Kingdom, PTFE fluoropolymer is anticipated to have the leading market by value and volume, and the significant growth over the forecast period. This is due to its ability to absorb ultraviolet electromagnetic radiation, excellent dialectic and chemical resistance properties, and versatility at both very high (up to 530 K) and very low temperatures.
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Top 10 players capture about 40-45% of overall revenue. Fluoropolymer manufacturers are focusing on developing multipurpose products, such as standard as well as customized or compounded products. They are looking to equip their offerings with innovative technologies to cater to high-end applications.
Mergers & acquisitions (M&A) is another key focus point for global market players. DIC Corporation has developed a novel polyester plasticizer made from biomass resources and has earned the “Biomass 100%” Biomass Mark.
Korean joint venture - Mitsui Chemicals & SKC Polyurethanes Inc. – has manufactured ECONYKOL™ bio-polyol, which is raw material for plant-sourced biomass plastics that help curb ecological impact. The product has been adopted for polyurethane (PU) cushioning in seats of Robocar™ self-driving cars.
Honeywell International Inc. has launched a breakthrough platform of liquid heat transfer agents that cool high-performance electronics more effectively compared to conventional techniques that utilize water and air. In addition, the company has rolled out 30 Series IP Cameras, which is a new set of video cameras that steps up infrastructure safety and security via advanced analytics and secure channel encryption.
3M Company has acquired Acelity, Inc. and its KCI subsidiaries. Further, the company has entered into a royalty-bearing patent license agreement with LG-Innotek (LGIT) to leverage 3M’s metal mesh technology.
Daikin Industries Ltd. has acquired Heroflon, whose product assembly consists of micro-powders and fluoropolymer compounds derived from PTFE.
Lonza has entered into collaboration with Mesoblast to commercially develop Mesoblast lead allogeneic (off-the-shelf) cell therapy product - remestemcel-L - for pediatric steroid-refractory acute graft versus host disease (aGVHD).
From 2018 to 2022, the market unfolded at a CAGR of 4.4%.
The market is worth USD 472.4 million in 2023.
The growing focus on medical devices raises the demand for fluoropolymers.
The United States, Japan, and China dominate the global market.
The polytetrafluoroethylene segment is expected to record a CAGR of 5.1% by 2033.
1. Executive Summary | Fluoropolymers in Healthcare Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. PTFE 5.2. PVDF 5.3. PVF 5.4. FEP 5.5. PCTFE 5.6. PFA 5.7. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Medical Devices 6.2. Hospital Disposable 6.3. Pharma Packaging 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. East Asia 7.5. South Asia 7.6. Oceania 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. DIC Corporation 17.2. AGC Inc. 17.3. Solvay S.A. 17.4. Daikin 17.5. Honeywell International Inc. 17.6. Arkema Group 17.7. 3M Company 17.8. The Chemours Company 17.9. Saint-Gobain 17.10. Clariant 17.11. Mitsui Chemicals 17.12. Lonza Group 18. Assumptions & Acronyms Used 19. Research Methodology
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Fluoropolymers in Healthcare Market
