Market Trends of Ethylene Propylene Diene Monomer (EPDM) Industry for Medical Application
This section covers the major market trends shaping the Medical Application EPDM Market according to our research experts:
Solution Polymerization Process to dominate the EPDM Market in Medical Application
- The solution polymerization process is polymerization of ethylene, propylene, and catalyst systems in the presence of an excess of hydrocarbon solvent.
- Catalyst systems, such as Ziegler-Natta and metallocene catalysts, are used in the process to increase productivity and maintain control of the polymer structure.
- The solution polymerization process is the most widely used and is highly versatile in making a wide range of polymers.
- The demand for EPDM in various medical applications is increasing, mainly in the Asian region, as it is the major industrial hub globally. This factor is expected to drive the demand for EPDM and thus, in turn, is expected to enhance the usage of the solution polymerization process to manufacture EPDM during the forecast period.
- The Indian pharmaceutical sector stands to be the world's largest provider of generic drugs, which supplies more than 50% of global demand for various vaccines, including 40% of generic demand from the United States and 25% of all medicines in United Kingdom.
- The increased demand for solution polymerization process is expected to drive the growth of the market studied at a robust pace.
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North America Accounted for the Largest Share in EPDM Market
- The healthcare sector in the United States is by far one of the most advanced sectors in the country. The country's expenditure in healthcare stood at USD 3.8 trillion in 2019, an increase of around 4.8% over 2019. For 2020-2027, national healthcare spending is projected to grow at an average of 5.7% and reach approximately USD 6 trillion by 2027.
- The increasing geriatric population and the growing requirement for medical facilities for the treatment of chronic diseases have been supporting the growth of the healthcare sector, as well as the consumption of silicone gels and elastomers in various medical devices and equipment in the country.
- According to SelectUSA, a program by the International Trade Administration (ITA), US Department of Commerce, the medical devices market in the country is the largest medical device market in the world. It is/was valued at USD 156 billion in 2018 and is estimated to reach USD 208 billion by 2023.
- The medical device manufacturing in Mexico is one of the fastest-growing manufacturing industries and in 2018, it exported more than USD 9 billion in medical equipment and supplies and is likely to export about USD 15 billion by the end of 2020, according to INEGI.
- Thus, the above mentioned factors are anticipated to drive the product demand from North America region during the forecast period.
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Ethylene Propylene Diene Monomer (EPDM) Market for Medical Application Report Snapshots
- Ethylene Propylene Diene Monomer (EPDM) Market for Medical Application Market Size
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- Ethylene Propylene Diene Monomer (EPDM) Market for Medical Application Market Trends
- Ethylene Propylene Diene Monomer (EPDM) Market for Medical Application Companies
