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Medical plastics are extensively used in applications such as medical devices & equipment, packaging, components, and diagnostics. Medical devices made from medical-grade plastics include surgical instruments, catheters, implants, prosthetics, diagnostic equipment, and many more. They provide advantages such as sterility, lightweight, durability, and chemical resistance as compared to other materials. Examples of medical plastics include polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), polystyrene (PS), polycarbonate (PC), and polymethyl methacrylate (PMMA).
The Medical Plastics Market is estimated to be valued at US$ 16,458.83 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market Dynamics:
Increasing demand for medical devices and equipment facilitated by rising prevalence of lifestyle and chronic diseases is expected to drive the medical plastics market growth. The rising cases of cardiovascular diseases, cancer, neurological disorders, and other such illnesses have increased the need for surgical procedures, thereby supporting the demand for medical devices. In addition, growing geriatric population that is more prone to chronic ailments will fuel the market growth. Medical plastics exhibit properties such as being lightweight, durable, and chemically resistant which make them a preferred choice over other materials for medical device manufacturing. However, stringent regulations pertaining to the use of medical-grade plastics and increasing demand for biodegradable substitutes may hamper the market growth.
Segment Analysis
The medical plastics market can be segmented based on type, application, and region. By type, polyvinyl chloride (PVC) dominates the market owing to its low cost and wide usage in medical equipment. It is used in blood bags, tubing, face shields, and many other medical devices.
PEST Analysis
Political: Governments across the globe are focusing on developing robust healthcare infrastructure and increasing healthcare spending to ensure greater access to quality medical services for citizens which is expected to drive demand for medical plastics.
Economic: Growth in the aging population coupled with rising incomes is increasing healthcare expenditure globally which is projected to positively impact the medical plastics industry.
Social: Advancements in the field of regenerative medicine, organ transplant, and 3D printing are enhancing reliance on advanced medical solutions utilizing plastics.
Technological: Developments in biomaterials and biopolymers offering options like enhanced biocompatibility and sustainability are promoting wider acceptance of plastics in medical applications.
Key Takeaways
The global medical plastics market is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing investments toward developing advanced healthcare infrastructure and services across major countries. North America dominates the market currently owing to presence of major players and strong healthcare spending in the region. The Asia Pacific region is projected to witness fastest growth due to rising medical requirements of its immense population and improving healthcare systems in developing economies like India and China.
The global medical plastics market size for 2023 is estimated at US$ 16,458.83 Mn. Regional analysis: The Asia Pacific region is expected to grow at highest CAGR during the forecast period supported by rising health awareness, healthcare reforms & modernization of facilities especially in India and China.
Key players operating in the medical plastics market are Arkema S.A., BASF SE, Celanese Corporation, Covestro AG, Royal DSM, DowDuPont Inc., Solvay SA, Exxon Mobil Corporation, Trinseo S.A., Trelleborg AB, The Lubrizol Corporation, Saint-Gobain S.A., Tekni-Plex, Inc., and Röchling SE & Co. KG.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
