As the world population continues to grow naturally and the aging population trend intensifies, the demand for the healthcare industry is on the rise. Simultaneously, the economic growth in developing countries is boosting the consumption capacity of their citizens, providing a solid foundation for the sustained growth of the global medical device market.
According to the latest data from Fortune Business Insights, the global medical device market reached a value of $4,890 billion in 2021 and is projected to grow to $4,960 billion in 2022. The market is expected to continue growing at a compound annual rate of 5.5% in the coming years. By 2025, the market is likely to exceed $5,800 billion, and by 2029, it could reach approximately $7,190 billion.
In recent years, the surge in demand for medical devices has sparked the adoption of numerous new technologies. Notably, some companies have started to apply polyethylene terephthalate (PET) material in medical device manufacturing. Known for its excellent biocompatibility and mechanical properties, PET is becoming an important material in the production of medical devices.
Market analysts note that the medical device industry, as a vital component of modern clinical medicine, prevention and control, public health, and healthcare security systems, maintains balanced and stable growth on both the supply and demand sides. This indicates a broad and promising outlook for the medical device industry, with particular emphasis on the application prospects of PET material.
Currently, the research and development team at Wankai New Materials Co., Ltd. is dedicated to the innovation of medical PET resin, with the expectation of announcing significant scientific achievements in the near future.