PiBond Takes a Leap into Fast-Growing Medical Device Materials MarketJun 11th 2024
Pibond Ltd., a leading innovator in semiconductor and photonics technology and materials science, is expanding into the rapidly growing medical device materials market to establish a foothold in a new market segment. With a focus on driving further growth and expansion in this area, the company sees significant potential for generating substantial sales.
In response to the increasing demand in the healthcare sector, Pibond is extending its expertise from ultra-pure semiconductor materials to a range of advanced materials. These materials are not just aimed at revolutionizing the manufacturing of medical devices, including implantable devices, pharmaceutical ingredients and formulations, and microfluidic chips, but also at improving patient outcomes and advancing medical technology.
"This strategic step is not just about Pibond's growth but about reinforcing our commitment to meeting the evolving needs of the medical device industry. The industry’s push for more technologically advanced solutions places PiBond in a unique position to leverage our status as a leading semiconductor materials supplier. We are dedicated to advancing technology and supporting our customers with high-quality speciality materials," said Jonathan Glen, Chairman of the Board of PiBond.
The demand for high-quality medical device materials is rapidly increasing, driven by advancements in polymer technology, the rising healthcare demand resulting from ageing populations, and the prevalence of chronic diseases.
According to Fortune Business Insights, the global medical devices market, valued at USD 518.5 billion in 2023, is projected to reach USD 886.8 billion by 2032, representing a robust annual growth rate (CAGR) of 6.3%. Additionally, within the market, Global Market Insights forecasts that the global medical polymers market, valued at USD 20 billion in 2022, is expected to more than double by 2032.
To capitalize on such strong market growth, Pibond is expanding its production facility in Espoo, Finland.
Media contact:
Pasi Leinonen
Senior Director, Sales & Marketing, PiBond
+358405094066