Growing demand in healthcare investments in emerging economies is expected to provide opportunities for the medical plastics market growth
The global medical plastics market size is projected to reach nearly USD 53.0 billion by 2028. In addition, it is projected to gather a CAGR of above 9.0% over the forecast years 2020-2028 Medical devices range from simple devices, to test equipment, to implants. For weight, cost, and performance purposes, plastics are used more and more in these devices. Examples of medical devices include operating instruments, catheters, coronary stents, pacemakers, MRI machines, x-ray machines, prosthetic limbs, hip/knee artificial, operative gloves, and bandages.
Plastic demand is growing, as it is an essential ingredient in the production of medical instruments, equipment, and packaging. In recent years this has led to steady market growth. Factors such as increased demand for medical devices, increasing aging population and the growth of the home healthcare sector in North America and Europe are expected to drive demand for polymers of medical-grade over the forecast period.
In combination with the resulting demand for medical devices, the increasing number of insured individuals in the US is expected to have positive consequences for growth in the industry in the projected years. The presence of numerous companies involved in producing state-of-the-art plastics for the industry is also a characteristic of the market. A large integration through various phases of the value chain marks the medical plastics market. All four phases of the HELM AG value chain are integrated, from raw material production through plastic production through the manufacture of final products for hospitals and hospitals including private customers.
The report also outlines the various characteristics of the global medical plastics industry by assessing the market from value chain analysis. Moreover, the medical plastics market report comprises various qualitative parts of the medical plastics industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The medical plastics market has solid competition amongst the already well-known and new market players. Also, the medical plastics industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
By application, the medical plastics market is bifurcated into medical components, wound care, cleanroom supplies, biopharma devices, mobility aids, and tooth implants. Single-use products used in both surgical and procedural applications could be defined as medical devices. These medicinal products are increasingly used in procedural applications and in general checks. Moreover, as instructed by different agencies, such as the USFDA and Europe FDA, the use of those devices drives global demand for medical plastics. The main drivers on the market are increasing incidences of chronic diseases, changing the middle-income group's lifestyle, demand for improved health facilities, and an increase in the elderly population.
North America expected to account for over 30% share of the total medical plastics market is expected to grow in the coming years. The increase of per capita health spending in the US is expected to significantly increase demand for medical devices in future years. This can increase the regional demand for products. In addition, the presence of key fabricators such as Dow Inc., DuPont, Celanese Corporation, and Eastman Chemical Co. in the area is expected to have a positive impact over the forecast period on overall market growth.
Medical plastics are being used increasingly because of their flexibility. Medical disposables can be characterized as products of single-use which are used in both surgical and procedural applications. The use of these medical products in clinical and general inspection applications is growing. Moreover, the use of these disposables as advised by various agencies, such as USFDA and Europe FDA, is propelling global demand for medical plastics. The major drivers for the sector are rising incidences of chronic diseases, evolving middle-income community lifestyle, demand for better health facilities, and an increase in the aging population.
Segment Overview of Global Medical Plastics Market
Application Overview, 2018-2028 (USD Million) (Kilo Tons)
- Medical components
- Wound care
- Cleanroom supplies
- BioPharma Devices
- Mobility Aids
- Tooth implants
Type Overview, 2018-2028 (USD Million) (Kilo Tons)
- Engineering Plastics
- Standard Plastics
Regional Overview, 2018-2028 (USD Million) (Kilo Tons)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America