The global medical plastics market is expected to grow from USD 29.2 billion in 2021 to USD 45.0 billion by 2027, at a CAGR of 7.5% from 2021 to 2027. The demand is likely to register growth because of advanced plastics and plastic composites used in medical components such as catheters, surgical instrument handles, and syringes. The market for medical plastics is expected to register growth due to the high adoption of plastics for implants due to chemical inertness and superior fatigue resistance. The demand for medical device packaging is likely to be driven by the rise in the demand for in-house and advanced medical devices.
Medical plastics are widely used in various applications, including medical devices and equipment and medical packaging. Medical polymers have replaced traditional metals, ceramics, and glass because of their high thermal, chemical, mechanical strength, stability, and flexibility at high temperatures. Numerous agencies across the globe regulate medical polymers. In Europe, medical devices fall under the EU Council Directive (93/42/EEC), which guides their consumption.
The revision of healthcare and medical device industry regulations is likely to play an important role in the medical plastic industry. The directives mandated by regulatory authorities are likely to offer assurance for safe and better quality medical solutions to the consumers excepted to increase the demand for medical devices. As a result, the market for the plastics used in the manufacturing of these devices is expected to witness significant growth. A positive outlook toward the medical industry across the major markets in the Asia Pacific, North America, and Europe, coupled with high spending on R&D, is expected to drive the medical plastic market over the forecast period.
Global Medical Plastics Market Dynamics
Drivers: Growth of the medical device industry
Plastic, including polyethylene, polyvinylchloride, polypropylene, and engineering plastics, is increasingly used to manufacture medical devices. An increase in the home healthcare market accounts for low costs compared to hospital care, which has resulted in a rise in the demand for medical devices. Medical tests of different types in hospitals conducted for diagnosis have also contributed to the increasing demand for medical devices.
Request For Report Sample: https://www.marketstatsville.com/request-sample/medical-plastics-market
The key factors influencing the demand for medical devices are availability, awareness, affordability, and adaptability. Growing demand for better healthcare facilities coupled with the rising number of hospitals has augmented the growth of the medical devices sector. In 2015, Europe was the second-largest market for medical devices globally and accounted for over a quarter of the global demand. The growth of the medical device market in countries including Germany, Italy, the UK, and France is expected to increase the demand for medical plastics over the forecast period.
Restraints: Stringent government regulations
Regulations are the key factor influencing the medical device industry, influencing the medical plastic market in Europe and North America. Rising government concerns regarding the offering of high-quality, safe, and effective medical devices are expected to impact the industry growth over the forecast period. Medical devices and equipment such as syringes, IV bottles & bags, surgical devices, disposables, diagnostic components, drug delivery devices, and implants are primarily manufactured using plastic materials. In Europe, medical devices cannot be placed in the market without ensuring that they comply with the safety requirements given by the European Union.
Strict regulations associated with product quality and marketing are likely to increase the production cost and hamper small enterprises in the European medical device industry, which will likely affect the medical plastic market over the forecast period. Furthermore, according to Eucomed, the recent European Medical Device Directive (MDD) is anticipated to hamper the innovations and research capabilities in the region, which, in turn, is expected to hamper medical plastic industry growth over the forecast period.
Scope of the Report
The study categorizes the medical plastics market based on application and type at the regional and global levels.
By Application Outlook (Sales, USD Million, 2017–2027)
- Medical Device Packaging
- Medical Components
- Orthopedic Implant Packaging
- Orthopedic Soft Goods
- Wound Care
- Cleanroom Supplies
- Mobility Aids
- Sterilization and Infection Prevention
- Tooth Implants
- Denture Base Material
- Other Implants
By Type Outlook (Sales, USD Million, 2017–2027)
- Drug Delivery Devices
- Diagnostic Instruments
- Surgical Instruments
By Region Outlook (Sales, USD Million, 2017–2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The medical component segmentis projected to account for the largest market share by application
Based on type, the global medical plastics market is divided into medical components, orthopedic implant packaging, orthopedic soft goods, wound care, medical device packaging, cleanroom supplies, biopharma devices, mobility aids, sterilization and infection prevention, denture base material, tooth implants, other implants, and others. In 2020, the medical component segment accounted for the largest market share of 34.0% in the global medical plastics market. Solid waste includes residential, commercial, and municipal waste. Growing application scope for the product in the manufacturing of diagnostic devices, pans, containers, syringes, implant trials, trays, and medical cover sheets is expected to drive demand delivery. Polypropylene is expected to witness a significant growth in the medical component application owing to its lightweight, high bacterial chemical resistance, and low cost. The product has wide application scope in disposable manufacturing. The product can be molded easily in the perfect dimensions, hence having a high demand for manufacturing syringes.
Request For Report Discount: https://www.marketstatsville.com/request-for-special-pricing/medical-plastics-market
Polypropylene’s environmental friendly properties are likely to open new avenues for market growth in medical applications over the forecast period. The product can be processed into non-woven fabrics leading to increased functionality in the healthcare industry. In addition, increasing demand for non-woven fabrics in medical applications such as single-use non-woven surgical gowns, caps, surgical drapes, and covers is anticipated to drive demand.
Asia Pacificaccounts for the highestCAGR during the forecast period
Based on the regions, the global medical plastics market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 6.1% in the global medical plastics market during the forecast period. The increasing demand for high-quality medical devices and components by hospitals in major economies such as China, India, and Singapore increases the healthcare industry’s expenditure. In addition, improving service and safety standards in hospitals is expected to drive the medical plastics market growth over the forecast period.
Browse Full Report: https://www.marketstatsville.com/medical-plastics-market
The presence of major economies with high healthcare costs and increasing government expenditure on public & private health systems are positively impacting the market growth. The increasing private participation in the healthcare industry to improve healthcare services and infrastructure and offer high-quality treatment in countries such as Japan, India, Singapore, China, and Australia is expected to drive market growth.
Key Market Players
The medical plastics market is mildly concentrated, with few global players operating, such as Rochling Group, Nolato AB, GW Plastics, Inc., SABIC, Saint-Gobain Performance Plastics, Celanese Corporation, Eastman Chemical Company, The Dow Chemical Company, Orthoplastics Ltd., and Tekni-Plex. Every company follows its business strategy to attain the maximum market share.