Medical Plastics Market – Overview
The widespread usage of plastics is evident, and its adoption for the manufacturing of medical Devices has positively affected the development of the market. Market reports linked to the chemicals and materials sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this industry. The market is expected to grow with an encouraging CAGR while achieving record levels of revenue in the forecast period.
The demand for Medical Devices is found to be motivated by its characteristics such as its sterility, quality, and performance in equipment which is among the important factors influencing the market’s expansion. The market will be influenced by the rising geriatric population and growing health care aid which is projected to boost the Medical Plastics Market. Moreover, the polyethylene segment is projected to observe a speedy growth due to its growing consumption in medical tubing and sutures in the duration of the forecast period.
The Medical Plastics Market is segmented into the segments of Type and Application. The type based segment of the market, comprises of polypropylene, polyvinyl chloride, engineering, polyethylene, plastics, polystyrene, and silicones. Among these segments, the polyvinyl chloride segment controls a bulk of the market share owing to features offered by the product such as chemical resistance, biocompatible, heat stability, inert and versatile nature. The market segmentation by application is segmented into implants, disposables, drug delivery devices, diagnostic instruments, syringes, catheters and surgical instruments. Among these segments, the disposables segment is responsible for a large share of the market due to rising popularity of Medical Devices such as disposable enemas, cleaning and medical gloves. Furthermore, the engineering plastic is projected to boost the market owing to the outstanding features presented by the product such as transparency, flexibility, and resistance to the electromagnetic waves.
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Detailed Regional Analysis
The Medical Plastics Market is covers regions such as Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa. Among these regions, the North American region leads the chief share of the market owing to the rising demand for lightweight materials in manufacturing of medical devices such as disposable enemas, hypodermic needles, dialysis disposables, and others. Thus, the disposables segment is estimated to observe speedy growth in the market for the duration of the forecast period. The Asia Pacific region is also seen increasing considerably owing to an amplified consumption of plastics in health care aid, packaging, medical instruments, and others. It is projected that the growing awareness and regulations planned by the government are expected to boost the market during the forecast period. The increasing consumption of polyethylene and polyvinyl chloride and segments in the medical industry has boosted countries such as Japan, China, and India to attain dazzling growth in the market.
The European market has also experienced remarkable growth owing to an execution of new European Medical Device Regulation scheme to swap former medical directives and the Active Implantable Medical Device Directive (90/385/EEC). The market is also seen to be driven by the application of this rule in the medical industry. It is projected that the emergent innovation and technological developments are predicted to push the growth in the region during the forecast period. Moreover, the Middle East & Africa region is expected to observe an elevated growth rate in the market owing to rising demand for Medical Plastics in syringes, diagnostic instruments, drug delivery systems, and catheters.
The enhanced financial liquidity of the competitors in the market has increased thereby proving new opportunities for growth of the market. The market attractiveness and competitors’ dynamics are greatly enhanced by the strategies that are being employed by market players. The market is very well defined in terms of segments relating to the products as well as the end users that are a part of the market. The market shows a great deal of potential for developing at an expedited pace. The product offering of the market has diversified tremendously as compared to the past few years, thereby making the market more lucrative for current and new contenders. The long term sustainability of the market is however greatly dependent on the tactics and the strategic roadmaps that are employed by market players.
The Lubrizol Corporation (U.S.), Eastman Chemical Company (U.S.), Röchling Group (Germany), BASF SE (Germany), Saint-Gobain Performance Plastics (France), Solvay (Belgium), NUSIL(U.S.), Tekni-Plex (U.S.), The Dow Chemical Company(U.S.), and Celanese Corporation (U.S.) among others are a few of the prominent companies operating in the Market.
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