Global Medical Plastics Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global Medical Plastics Market: Overview
"The Medical Plastics Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."
Medical plastic is a type of plastic variant used to manufacture various medical instruments and related equipment used in the healthcare sector. These materials are processed per the global regulatory standards and are specially manufactured and engineered for medical purposes.
Increasing demand for medical plastics to manufacture medical instruments and devices and other related products is one of the major factors expected to drive the growth of the target market. Moreover, Increasing demand for light-weight, durable and cost-effective material for manufacturing medical devices is a factor anticipated to support the revenue growth of the target market.
In addition, the increasing prevalence of chronic diseases and the growing base of the geriatric population are some other factors propelling the global market growth. Furthermore, the recyclability of medical plastics is also a major factor fuelling the global medical plastics market. Lightweight and bio-compatible in nature, medical plastics are used to manufacture orthopedic devices, hearing aids, artificial cornea, and catheters.
However, stringent and continuously changing standards associated with the production of medical equipment is a major factor expected to hamper the growth of the global market during the forecast period.
Global Medical Plastics Market: Segmental Analysis
Among the material segments, the engineered plastics segment is expected to register substantial growth, owing to its various properties such as easy to mold during the production (when heated) process, flame retardant, and can sustain in the temperature up to 100 °C.
Among the application segments, the disposables segment is anticipated to account for significant revenue shares in the global market. This is attributed to increasing demand for medical disposable equipment such as dialysis disposables, medical and cleaning gloves, and disposable enemas among healthcare sector.
The blow molding segment is estimated to register considerable growth among the process technology segments.
Global Medical Plastics Market: Regional Analysis
North America is expected to dominate the global market and continue its dominance during the forecast period. This is attributed to the well-established healthcare industry in this region. Moreover, rising disposable income, economic growth, and easy accessibility to various healthcare services are some factors anticipated to propel the target market growth. In addition, the growing base of geriatric population and increasing prevalence of chronic diseases in various countries in this region are some factors estimated to augment the growth of the target market.
Asia Pacific medical plastics market is anticipated to contribute significant revenue shares in the target market, due to the rapid growth of the medical device market and supportive initiatives by the government. In addition, increasing usage of disposable medical products is a factor expected to support the revenue growth of the target market.
The market in Europe is anticipated to register moderate growth, owing to ongoing technological advancements and innovations in healthcare products.
Global Medical Plastics Market Segmentation:
Segmentation by Material:
- Polyvinyl Chloride
- Engineered Plastics
- Others (Polystyrene, Silicones, Polypropylene)
Segmentation by Application:
- Diagnostic Instruments
- Catheters & Syringes
- Dental Tools
- Others (Surgical Instruments, Medical Bags, Drug Delivery Devices, etc.)
Segmentation by Process Technology:
- Injection Molding
- Blow Molding
- Others (Rotational Molding and Compression Molding)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Exxon Mobil Corporation
- BASF SE
- Dow DuPont Inc.
- Evonik Industries AG
- Arkema S.A.
- Celanese Corporation
- Covestro AG
- Solvay S.A.
- The Lubrizol Corporation
- Trinseo S.A
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