The global medical plastics market size is expected to reach USD 45.2 billion by 2027, expanding at a CAGR of 8.6% over the forecast period, according to a new report by Grand View Research, Inc. Robust growth of the healthcare industry coupled with rising healthcare expenditure across the world are anticipated to drive the market growth. In addition, the market is expected to register significant growth owing to the high adoption of plastics for implants on account of their chemical inertness and superior fatigue resistance. Not only this, but enforcement and upgrading of various infection prevention standards coupled with a growing volume of surgical, hospital, and outpatient procedures are also anticipated to drive the market growth. Moreover, there is an ascending demand for plastic since it is a key ingredient used for manufacturing medical devices, equipment, and packaging. This has also again resulted in steady market growth over the past few years. Furthermore, factors such as increasing demand for medical devices, growing aging population, and expanding home healthcare sector in North America and Europe are anticipated to drive the demand for medical-grade polymers over the forecast period.
Medical plastics are regulated by numerous agencies across the globe. In Europe, medical devices fall under the EU Council Directive (93/42/EEC), which provides guidance for their consumption. Restructuring of the European regulations for such devices is anticipated to emerge as one of the key factors affecting the regional market growth. Beside this, the market is subject to multiple technological advancements pertaining to the production of advanced plastics for use in the healthcare industry. The companies in the market, resort to new product developments as one of the major strategies to achieve market growth. In addition, the key players invest significantly towards R&D to develop advanced products. High degree of competition in the industry is likely to bolster consumer buying power. Factors such as product quality and cost competitiveness are the major factors impacting the buyer power decision. High production volumes coupled with the ease of availability of medical plastics are expected to be the increase buyer power in the next few years.
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Medical Plastics Market Report Highlights
• The growing number of insured individuals in the U.S., coupled with the resultant demand for medical devices, is expected to have a positive impact on industry growth over the forecast years.
• Medical components segment accounts for the largest revenue share of over 35% in 2019. The growing application scope of polypropylene in manufacturing diagnostic devices, trays, pans, containers, syringes, implant trials, and medical cover sheets is expected to drive the demand.
• The medical device packaging segment is projected to witness significant growth over the forecast period. The enhanced mechanical and thermal properties offered by PVC as compared to traditional materials such as metals and glass are anticipated to open up new avenues for market growth.
• North America accounted for the largest revenue share of over 30% in 2019 and is expected to continue its dominance over the forecast period. With the rising per capita health expenditure in the U.S., the demand for medical devices is expected to increase significantly in the forthcoming years. This is likely to boost regional product demand.
• Due to COVID-19, the increased use of plastics in the healthcare sector is alarming, hence, in September 2020, Environment and Climate Change Canada and the Vinyl Institute of Canada have started a project where they are encouraging hospitals to recycle PVC medical devices.
• The key players are continuously working on introducing technologically advanced products. For instance, In July 2020, Celanese Corporation and Dow Inc. introduced enhanced polyethylene resins, which are marketed under the trade name ELITE.
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Medical Plastics Market Segmentation
Grand View Research has segmented the global medical plastics market on the basis of application and region:
Medical Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
• Medical Device Packaging
• Medical Components
• Orthopedic Implant Packaging
• Orthopedic Soft Goods
• Wound Care
• Cleanroom Supplies
• BioPharm Devices
• Mobility Aids
• Sterilization and Infection Prevention
• Tooth Implants
• Denture Base Material
• Other Implants
Medical Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central and South America
• Middle East & Africa
• Saudi Arabia
List of Key Players of Medical Plastics Market
• Rochling Group
• Nolato AB
• GW Plastics, Inc.
• Saint-Gobain Performance Plastics
• Eastman Chemical Company
• Celanese Corporation
• Dow Inc.
• Solvay S.A.
• Trelleborg Sealing Solutions
• Trinseo S.A.
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About Grand View Research
Grand View Research is an Indian & U.S.-based market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company’s rich database includes in-depth analysis across a range of industries including chemicals, materials, energy, healthcare, and technology, among others.
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