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.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.
Asia Pacific region is expected to progress at a CAGR of 9.5% over the forecast period, in terms of revenue, on account of rising consumer expenditure on healthcare. In addition, the low cost of medical procedures in the region makes it a favorable destination for medical tourism, thereby leading to an increase in the demand for medical devices. Furthermore, the recent outbreak of COVID-19 in countries such as China, India, Japan, Australia, and Indonesia creating a huge demand in various application such as testing equipment, medical bags, gloves, masks,ventilators, syringes, surgical drapes, and personal protective equipment. Thus, the rising number of coronavirus cases in the region is projected to substantially drive the market growth.
Medical components application segment accounted for a majority of the share in the global medial plastics market, driven by the high consumption of superior grade plastics in the production of catheters, syringes, containers, medical bags, and surgical equipment. The requirement for easier sterilization coupled with the need for lightweight and high-strength products is expected to propel the product demand in the aforementioned application.
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Medical device packaging segment is projected witness significant growth over the forecast period.Rising chronic diseases owing to the growing population of individuals aged over 65 years of age. 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 the market growth. Increasing demand for portable, lightweight, and compact medical devices is likely to boost the consumption of medical plastics over the forecast period. In addition, increasing demand across the globe owing to the COVID-19 pandemic is augmenting the demand for medical device packaging segment.
Medical Plastics Market Report Highlights
• In terms of revenue, North America dominated the overall market and is projected to expand at a CAGR of 8.7% over the forecast period
• Medical components was the largest application segment in the global market in 2019 and is anticipated to continue dominating the market over the forecast period
• The companies operating in the industry are involved in the production premium quality plastic composites used for specialized applications in order to achieve a high degree of product differentiation
• Various strategic initiatives were recorded over the past few years in order to boost the market growth. For instance, in April 2020, Exxon Mobil Corporation announced to increase the monthly production of specialized polypropylene by 1,000 tons to meet the growing need for medical masks and gowns owing to the spread of coronavirus. This surge in production of polypropylene is expected to help the masks and gown manufacturers to produce an additional 20 million gowns or 200 million medical masks
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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
• Others
Medical Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o Italy
o France
• Asia Pacific
o China
o India
o Japan
• Central & South America
o Brazil
• Middle East & Africa
o Saudi Arabia
List of Key Players of Medical Plastics Market
• Rochling Group
• Nolato AB
• GW Plastics, Inc.
• Saint-Gobain Performance Plastics
• SABIC
• 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 provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.