Dublin, July 07, 2023 (GLOBE NEWSWIRE) — The “Global Medical Plastics Market: Analysis By Product Type (Polyvinyl Chloride, Polypropylene, Polyethylene, Silicone, Engineering Plastic, and Others), By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global medical plastics market in 2022 stood at US$34.95 billion, and is likely to reach US$54.28 billion by 2028.
Medical Plastics are a class of materials specifically designed and used in various healthcare applications. They are widely employed in medical devices, equipment, packaging, and even surgical implants. These plastics possess properties that make them suitable for medical use, such as biocompatibility, durability, chemical resistance, and sterilization capabilities.
In recent years, the usage of medical plastics has increased for various reasons, primarily due to its distinct properties. New technological innovations associated with medical plastics makes it more user-friendly. For instance, the use of biometric identification in medical devices.
As consumers continue to increase their awareness of lifestyle and diseases associated with it such as diabetes and heart disease, it is expected that the medical plastics market to deepen its offering in specific home healthcare. The global medical plastics market is projected to grow at a CAGR of 7.09% during the forecast period of 2023-2028.
Global Medical Plastics Market Dynamics:
- Growth Drivers: According to the IMF, the rising GDP per capita in both advanced and developing economies has led to an increase in disposable income, particularly among an expanding middle class. This surge in income has propelled consumer spending on healthcare such as buying home healthcare and specialized devices. Strong purchasing power of people is enabling them to increase their expenditures on personal medical devices, supporting the demand for medical solutions at massive rates. This has resulted in increasing demand for plastics globally needed to manufacture medical devices and instruments. Further, the market is expected to grow owing to increasing surgical treatments, rise in healthcare expenditure, and increase in packaging application etc. in recent years.
- Challenges: The medical plastics market pose a serious threat to the environment. With no proper disposal of medical plastics products, the environment is getting polluted. There is no strict regulations and management regarding the medical waste which eventually leads to rise in diseases causing germs, contaminated air and environmental degradation. Additionally, other factors like regulatory changes, health concerns, etc. are other challenges to the market.
- Market Trends: Digitalization and technological advancements is the ongoing trend which is influencing the medical plastics products. New medical devices are replacing the existing ones with features improving patient-experience. Additionally, use of engineering plastics is highly popularized owing to its enhanced mechanical, thermal, chemical, and electrical properties. With the innovation of 3D printing, prosthetics and mobility aids can be manufactured with ease. More devices and equipment can be produced in a shorter duration of time. More trends in the market are believed to grow the medical plastics market during the forecasted period, which may include, technological innovations, home healthcare, mobility aids, 3D printing, etc.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic has had a profound impact on the healthcare sector, causing significant disruptions, challenges, and transformations. Rising cases of novel coronavirus increased the demand for more healthcare devices and the basic requirement of medical plastics.
The global demand for Personal Protective Equipment (PPE), such as masks, gloves, and gowns, surged during the pandemic. Medical plastics, such as polypropylene and polyethylene, are vital components of PPE. The increased demand for PPE to protect healthcare workers and the general population led to a surge in the production and consumption of medical-grade plastics.
The pandemic’s transformative changes presented both challenges and opportunities, paving the way for the medical plastics industry’s evolution in the post-COVID era. The post-COVID impact on the medical plastics market is expected to result in well-established supply chain, resilient healthcare sector, scaling up innovation, accelerate technology adoption, and address industry challenges collectively.
Competitive Landscape and Recent Developments:
The global medical plastics market is moderately fragmented. This is largely due to the presence of small and large companies on a global scale with vivid medical products and strong distribution networks.
Leading companies like Evonik AG and Saint-Gobain are competing against each other by innovating products with new features. Germany based research centers are conducting trials on new products extensively.
The key players in the global medical plastics are:
- SABIC (Saudi Basic Industries Corporation)
- Evonik Industries AG
- Celanese Corporation
- Mitsubishi Chemical Group Corporation
- Solvay SA
- BASF SE
- Arkema Group (Arkema S.A.)
- Rochling Group,
- Eastman Chemical Company
- Nolato AB
- Covestro AG
Some of the strategies among key players in the market are new launch, mergers, acquisitions, and collaborations. For instance, Formerra acquired Total Polymer Solutions (TPS) in 2023. The acquisition of TPS is to enhance Formerra in the healthcare market and align with the company’s plan of expanding into Europe.
On the other hand, Fraunhofer IGD has developed 3D printed prosthetic eye. The 3D-printed prosthetic eye produced in a fraction of the time taken by the conventional process.
|No. of Pages||152|
|Forecast Period||2023 – 2028|
|Estimated Market Value (USD) in 2023||$38.54 Billion|
|Forecasted Market Value (USD) by 2028||$54.28 Billion|
|Compound Annual Growth Rate||7.1%|
Key Topics Covered:
1. Executive Summary
3. Global Market Analysis
3.1 Global Medical Plastics Market: An Analysis
3.1.1 Global Medical Plastics Market: An Overview
3.1.2 Global Medical Plastics Market by Value
3.1.3 Global Medical Plastics Market by Type (polyvinyl chloride (PVC), polypropylene (PP), polyethylene, silicone, engineering plastic and others)
3.1.4 Global Medical Plastics Market by Application (Medical Disposals, Drugs Packaging, Medical Instruments, Prosthetics and Implants and Others)
3.1.5 Global Medical Plastics Market by Region (North America, Europe, Asia Pacific and Rest of the world)
3.2 Global Medical Plastics Market: Type Analysis
3.2.1 Global Medical Plastics Market by Type: An Overview
3.2.2 Global Polyvinyl Chloride (PVC) Medical Plastics Market by Value
3.2.3 Global Polypropylene (PP) Medical Plastics Market by Value
3.2.4 Global Polyethylene Medical Plastics Market by Value
3.2.5 Global Silicone Medical Plastics Market by Value
3.2.6 Global Engineering Medical Plastics Market by Value
3.2.7 Global Others Medical Plastics Market by Value
3.3 Global Medical Plastics Market: Application Analysis
3.3.1 Global Medical Plastics Market by Application: An Overview
3.3.2 Global Medical Plastics Disposals Market by Value
3.3.3 Global Medical Plastics Drugs Packaging Market by Value
3.3.4 Global Medical Plastics Instruments Market by Value
3.3.5 Global Medical Plastics Prosthetics and Implants Market by Value
3.3.6 Global Others Medical Plastics Market by Value
4. Regional Market Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19 on Medical Plastics Market
5.2 Post COVID-19 Impact on Medical Plastics Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Aging Population
6.1.2 Increase in disposable income
6.1.3 Rise in Healthcare expenditure
6.1.4 Expanding Prosthetics Market
6.1.5 Ease in Surgical Processes
6.1.6 Increase Use of Plastics in Packaging Application
6.2.1 Environmental Pollution and Improper Medical Waste Management
6.2.2 Stringent Regulations
6.3 Market Trends
6.3.1 Technological Advancements
6.3.2 3D Printing
6.3.3 Growing use of Engineering Plastics
6.3.4 Home Healthcare
6.3.5 Mobility Aids
7. Competitive Landscape
7.1 Global Medical Plastics Market Players by Mergers and Acquisitions
7.2 Global Medical Plastics Market Players by Product Innovation
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/yb6pdd
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- Global Medical Plastics Market