Pune, India, Feb. 01, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global medical plastics market size is projected to reach USD 54.29 billion by 2027, exhibiting a CAGR of 7.1% during the forecast period. The meteoric rise in the demand for personal protective equipment (PPE) across countries will inevitably fuel the uptake of medical plastics, finds Fortune Business Insights™ in its report, PPE is made from plastics and other polymers and the ongoing COVID-19 pandemic has escalated the demand for such equipment among frontline health workers worldwide.
In Texas, for instance, the request for PPE from healthcare facilities surged from less than 2,000 in the third week of June to more than 22,000 in the last week of the same month. In India, the Apparel Export Promotion Council (AEPC) estimates that the domestic demand for PPE will be worth INR 10,000 crore in the upcoming year and worldwide, the business will stand at an estimated value of USD 60 billion.
Growth Projections:
The Medical Plastics Market size was valued at USD 29.93 billion in 2019 and is projected to reach USD 54.29 billion by 2027, exhibiting a CAGR of 7.1% during the forecast period.
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List of Companies Profiled in the Medical Plastics Market Report:
- Eastman Chemical Company (the U.S.)
- GW Plastics (the US)
- Solvay (Belgium)
- Evonik (Germany)
- Celanese Corporation (the U.S.)
- Nolato AB (Sweden)
- Röchling (Germany)
- Covestro AG (Germany)
- BASF SE (Germany)
- SABIC (Saudi Arabia)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 7.1% |
| 2027 Value Projection | USD 54.29 Billion |
| Report coverage | Revenue forecast, company profiles, competitive landscape, growth factors and latest trends |
| Medical Plastics Market Size in 2019 | USD 29.93 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 100 |
| Segments Covered | By Application, By End-Use and Regional |
| Medical Plastics Market Growth Drivers | Deferment of EU MDR to Support Medical Plastics Market Growth |
| Changing Dynamics of Health Industry in Asia Pacific to Fuel Market Growth |
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Global Medical Plastics Market Forecast | Influencing Factors | Historic Data
- Market Size Forecast: Global Overall Size, By Type/Product Category, By Applications/End Users, By Regions/Geography.
- Global Drivers: Growing Demand, Reduction in Cost, Market Opportunities and Challenges.
- Global Sales Revenue: Market Share, Growth Rate, Current Market Analysis.
- Competitive Landscape: By Manufacturers, Development Trends.
Market Driver
The new regulations are focused on adopting a life-cycle approach to medical devices owing to the rapidly aging population in the continent. Growing concerns for environmental sustainability are increasing demand for bioplastics which is driving the growth of the medical plastic market. For the purposes of addressing the waste management problem, the production of bioplastics and biodegradable plastics from renewable resources is increasing. Biochemical processes naturally recycle bioplastics manufactured from renewable resources, reducing the need for fossil fuels, and preserving the environment.
Environmental degradation caused by improper medical waste management is expected to limit the growth of the market.
The EU MDR was expected to create major turmoil in the medical plastics industry in Europe. However, with the coronavirus raging across the globe, the European Parliament has decided to postpone the enactment and implementation of this regulation to May 2021 so that companies can focus on prioritizing the production of medical devices to battle the pandemic. This decision, therefore, augurs well for this market.
The Global Medical Plastics Market report is segmented into the following regions and countries:
Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
Middle East and Africa (GCC and rest of the Middle East and Africa)
Latin America (Brazil, Mexico, and the rest of Latin America)
Europe (UK, Germany, France and the rest of Europe)
Application Insights
The growing application scope of PP in the manufacturing of diagnostic devices, trays, pans, containers, syringes, implant trials, and medical cover sheets is expected to drive the demand. Polypropylene is expected to witness substantial growth in medical components application owing to its low weight, high bacterial and chemical resistance, and low cost. It has a wide scope of application in medical disposable manufacturing. Furthermore, it can be molded easily in perfect dimensions as needed and thus has a high demand in the production of syringes.
Competitive Landscape
These players are continuously investing in research and development activities to produce innovative products and gain a competitive edge in the market. Additionally, they are also expanding their geographical presence to increase their market share. The market is also witnessing the entry of new players, further intensifying the competition.
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Regional Insights
The medical plastics market is divided into different regions including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Some key insights on each region are:
- North America: Dominant market due to high demand for medical devices and well-developed healthcare.
- Europe: Growing market due to increasing demand for medical devices and favorable government regulations.
- Asia Pacific: Rapidly growing market due to increasing demand for medical devices, favorable demographic trends, and increasing healthcare expenditure.
In North America, where the market size was at USD 5.36 billion in 2019, the market is anticipated to be characterized by high healthcare spending and excellent R&D infrastructure for medical research. The market in Europe is also expected to register considerable growth owing to favorable government policies promoting the adoption of medical plastics, especially during the current coronavirus pandemic.
Industry Developments:
The medical plastics market is constantly evolving, with new developments and innovations being made regularly. Some of the recent developments in the market include:
Increase in demand for biodegradable medical plastics: Medical plastics made from biodegradable materials are gaining popularity due to their eco-friendly nature and reduced environmental impact.
Growth of the minimally invasive surgical market: The demand for minimally invasive surgical procedures is increasing, leading to increased demand for medical plastics used in these procedures.
Expansion of the disposable medical devices market: The disposable medical devices market is growing, leading to increased demand for medical plastics used in these devices.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Medical Plastics Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Application (Volume/Value)
- Medical Disposables
- Medical Instruments
- Prosthetics & Implants
- Drugs Packaging
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Application (Volume/Value)
- North America Medical Plastics Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Application (Volume/Value)
- Medical Disposables
- Medical Instruments
- Prosthetics & Implants
- Drugs Packaging
- Others
- By Country (Volume/Value)
- U.S
- By Application (Volume/Value)
- Medical Disposables
- Medical Instruments
- Prosthetics & Implants
- Drugs Packaging
- Others
- By Application (Volume/Value)
- Canada
- By Application (Volume/Value)
- Medical Disposables
- Medical Instruments
- Prosthetics & Implants
- Drugs Packaging
- Others
- By Application (Volume/Value)
- U.S
- By Application (Volume/Value)
- Europe Medical Plastics Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Application (Volume/Value)
- Medical Disposables
- Medical Instruments
- Prosthetics & Implants
- Drugs Packaging
- Others
- By Country (Volume/Value)
- Germany
- By Application (Volume/Value)
- Medical Disposables
- Medical Instruments
- Prosthetics & Implants
- Drugs Packaging
- Others
- By Application (Volume/Value)
- Germany
- By Application (Volume/Value)
TOC Continued…!
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Frequently Asked Questions About This Report:
1. What is the future of the medical industry?
Answer: In the future of health, we expect six key areas—data sharing, interoperability, equitable access, empowered consumers, behavior change, and scientific breakthrough—to collectively transform the existing health system from treatment-based reactionary care to prevention and well-being
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