Medical Plastics - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Medical Plastics Market is accounted for $20.99 billion in 2018 and is expected to reach $44.11 billion by 2027 growing at a CAGR of 8.6% during the forecast period. Increasing healthcare investments in emerging economies and increase in demand for advanced medical technology and devices are the factors driving the market. However, time-consuming regulatory approval process is restraining the growth of the market. Furthermore, development of patient-specific implants and 3d printed devices is creating lucrative opportunities across the globe.
Medical plastics are polymers made from polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), etc., which are resistant to temperature, chemicals, and corrosion. These plastics are transforming the healthcare industry owing to properties such as versatility, easy sterilization, greater safety, and durability. Additionally, these plastics are environmentally friendly and cost-efficient. Hence, medical plastics are commonly used for making disposables products, drug delivery devices, and diagnostic instruments.
Based on type, engineering plastics segment has a growing prominence during the forecast period. Engineering plastics provide many advantages over standard plastics, such as good malleability, faster production time, low weight, resistance to high impact, flame, shock, and chemicals, and better friction reduction. Improving standards and regulations mandating high quality of plastics used in medical applications are responsible for the large market size in this segment. In addition, the increasing use of engineering plastics in robotic assistance, AI-driven procedures, 3D printing of implants and prosthetics, and others are driving the use of engineering plastics.
By geography, Asia Pacific is likely to have a huge demand due to the industrial and urbanization in the region. In addition, APAC has immense growth potential driven by the increasing demand for a better healthcare system.
Some of the key players in Global Medical Plastics market include Arkema, BASF, Biomerics, Celanese Corporation, Covestro, DSM, E. I. Du Pont De Nemours and Company, Eastman Chemical Company, Ensinger, Evonik, Hmc Polymers, Invibio, Lanxess, Londyllbasell, Lubrizol, Mitsubishi Chemical Advanced Materials, NuSil Technology LLC, Proxy Biomedical Ltd., SABIC, Saint Gobain Performance Plastics, Solvay, Trelleborg Sealing Solutions, and Trinseo S.A.
• High Performance Plastic (HPP)
• Standard Plastics
• Engineering Plastics
• Other Types
• Blow Molding
• Injection Molding
• Other Technologies
• Medical Disposables
• Medical Instruments & Tools
• Drug Delivery Devices
• Medical Device Packaging
• Medical Components
• Wound Care
• Mobility Aids
• BioPharm Devices
• Orthopaedic Implant Packaging
• Cleanroom Supplies
• Sterilization and Infection Prevention
• Orthopaedic Soft Goods
• Denture Base Material
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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