Wellesley, Mass., June 13, 2017 (GLOBE NEWSWIRE) --
New proprietary research by BCC Research reveals that long–term trends in the global healthcare industry are boosting the medical plastics market. Among its key drivers, aging populations and the increasing use of minimally invasive surgical techniques are pushing the global medical plastics market to reach about 17.2 billion pounds in 2021, up from 12.7 billion pounds in 2016.
BCC Research's Medical Plastics: Technologies and Global Markets reports that plastics usage in medical devices has been growing faster than the gross domestic product (GDP) of the U.S. and other major markets. The aging U.S. population, ongoing cost-reduction pressures in the healthcare field, advances in polymer performance, and environmental issues surrounding disposable and non-disposable medical devices are key factors in the market's 6.2% CAGR.
Research Highlights
- The demand for lighter materials is rising as healthcare activities move to locations outside clinical and hospital settings.
- The shift toward using disposable medical products, especially single–use versions packaged and placed in kits, continues to expand.
- Other market drivers include advances in polymer performance and the introduction of new and lifesaving devices.
"Commodity thermoplastics dominate the global market with around 60% of total volume," says Kevin Fitzgerald, BCC Research editorial director. "Growth rates are fairly similar, ranging from 5.8% to 6.3% for the major resin types due to a variety of trade-offs based on property requirements, pricing, environmental and regulatory issues."
Emerging Healthcare Trends Shaping the Plastics Market
Long–term trends in the global healthcare industry are favorable to the continued growth of the medical plastics market, particularly aging populations in most major markets, which drive increased healthcare spending.
"One key trend that should benefit the market is healthcare provision in settings such as the home or outpatient clinics," Fitzgerald says. "The movement of healthcare activities to less costly locations have increased the need for lighter materials, especially for housings. Thus, home healthcare and other out-of-hospital treatment and service systems require prepackaged diagnostic and therapeutic kits that can be used on site and discarded. Most of these kits are plastic, as are the package contents."
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.