NEWARK, Del, March 06, 2024 (GLOBE NEWSWIRE) -- The global high performance medical plastic market is anticipated to reach a valuation of US$ 1.1 Billion in 2024, driven by market expansion in emerging economies. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 8.1% between 2024 and 2034, and reaching a total valuation of approximately US$ 2.4 Billion by 2034.
The emergence of advanced manufacturing techniques such as micro molding, nanoimprinting, and electrospinning is enabling the production of high performance medical plastic components with precise geometries and functionalities. The techniques offer opportunities for the development of next generation medical devices with enhanced performance and capabilities.
High performance medical plastics enable rapid prototyping and customization of medical devices and components, allowing for quicker development cycles and personalized healthcare solutions. The trend is particularly relevant in areas such as prosthetics, orthopedics, and patient specific implants.
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The expansion of healthcare infrastructure, particularly in emerging markets, presents significant growth opportunities for the high performance medical plastic market. Increasing investments in healthcare facilities, hospitals, and medical equipment drive the demand for advanced materials for medical devices and equipment.
Collaboration among stakeholders such as material suppliers, medical device manufacturers, research institutions, and healthcare providers facilitates innovation and product development in the high performance medical plastic market. Strategic partnerships help in leveraging complementary expertise and resources to address complex challenges and drive market growth.
The integration of electronics, sensors, and other smart technologies into medical devices and equipment is a growing trend in healthcare. High performance medical plastics play a crucial role in enabling the integration of electronic components while ensuring biocompatibility, durability, and reliability.
Infection control is a critical concern in healthcare settings, driving the demand for antimicrobial and antifungal high performance medical plastics. The materials inhibit the growth of microorganisms on medical devices and surfaces, reducing the risk of healthcare associated infections and improving patient outcomes.
Key Takeaways from the Market Study
- Global high performance medical plastic market was valued at US$ 994.4 Million in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 8.8%.
- The market in Japan is expected to expand at a CAGR of 9.0% through 2034.
- By raw material, the polycarbonate segment to account for a CAGR of 8.0% through 2034.
- The market in Korea is expected to expand at a CAGR of 9.5% through 2034.
- In terms of application, the medical disposables segment to account for a CAGR of 7.8% through 2034.
“Bioresorbable polymers, which gradually degrade and are absorbed by the body over time, are gaining popularity in medical applications. High performance bioresorbable plastics offer temporary support or drug delivery mechanisms in various medical procedures, including sutures, implants, and tissue scaffolds,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape
Prominent players in the high performance medical plastic market are Solvay, Mitsubishi Chemical Corporation, SABIC, DuPont, Röchling SE & Co. KG, Saint-Gobain Performance Plastic, Evonik Industries AG, Arkema, Ensinger, Victrex PLC, Raumedic AG, and The Chemours Company, among others.
Company Portfolio
- Solvay is a leading global supplier of advanced materials and specialty chemicals, which offers a diverse portfolio of materials designed for medical device applications. The medical grade plastics of the company exhibit properties such as biocompatibility, chemical resistance, and sterilization compatibility, making them suitable for surgical instruments, implants, and diagnostic devices.
- SABIC is a global leader in diversified chemicals and polymer solutions, that provides a wide array of materials suited for medical device manufacturing.
Report Scope of the High Performance Medical Plastic Market
| Attribute | Details | ||
| Estimated Market Size in 2024 | US$ 1.1 billion | ||
| Projected Market Valuation in 2034 | US$ 2.4 billion | ||
| Value-based CAGR 2024 to 2034 | 8.1% | ||
| Forecast Period | 2024 to 2034 | ||
| Historical Data Available for | 2019 to 2023 | ||
| Market Analysis | Value in US$ billion | ||
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global high performance medical plastic market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the high performance medical plastic market, the market is segmented on the basis of raw material (polycarbonate, polypropylene, polysulfone, polytetrafluoroethylene, polyphenylene sulfide, others), and application (medical disposables, medical equipment and tools, prosthetics and implants, drug delivery, diagnostics, others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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