Wilmington, Delaware, United States, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global medical plastic market was estimated to have acquired US$ 41.0 billion in 2021. It is anticipated to register a 7.2% CAGR from 2022 to 2031 and by 2031; the market is likely to gain US$ 76.7 billion.
The integration of nanotechnology into medical plastics is an area of ongoing research. Nanomaterials can impart unique properties to plastics, such as enhanced strength and improved drug delivery capabilities.
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The integration of artificial intelligence in healthcare, including diagnostic imaging and robotics, may create new opportunities for the development of AI enabled medical devices. Plastics are integral in the manufacturing of these devices.
Global Medical Plastic Market: Key Players
The following companies are well known participants in the global medical plastic market:
- Arkema S.A.
- BASF SE
- Celanese Corporation
- Covestro AG
- Royal DSM
- DowDuPont Inc.
- Solvay SA
- Exxon Mobil Corporation
- Trinseo S.A.
- Trelleborg AB
- The Lubrizol Corporation
- Saint-Gobain S.A.
- Tekni-Plex, Inc.
- Röchling SE & Co. KG
Key Findings of the Market Report
- Ongoing research and development in material science contribute to the creation of new and improved medical plastics, which includes the development of materials with enhanced properties such as strength, flexibility, and resistance to chemicals.
- The use of 3D printing in the healthcare industry has gained momentum. 3D printing allows for the customization and rapid prototyping of medical devices, and medical grade plastics are essential in this manufacturing process.
- The expansion of telehealth and remote patient monitoring has created a demand for medical devices that are lightweight, portable, and durable. Plastics play a role in the production of these devices, contributing to market growth.
- Advances in medical plastics enable the production of customized implants and prosthetics tailored to individual patient needs. The trend is likely to continue, driven by advancements in materials and manufacturing technologies.
Trends for Medical Plastic Market
- The growing global population and aging demographics contribute to an increased demand for medical devices. Plastics are widely used in the manufacturing of medical devices due to their versatility, durability, and biocompatibility.
- Ongoing advancements in medical technologies often require specialized materials, including high performance medical plastics. Innovations such as minimally invasive surgeries, wearable medical devices, and diagnostic equipment drive the demand for new and improved plastic materials.
- The ability of medical plastics to be biocompatible and withstand various sterilization methods is crucial in the healthcare sector. The development of plastics that can endure multiple sterilization cycles without compromising their properties is a key focus area.
- There is a trend toward the use of single use medical devices due to concerns about infection control and cost effectiveness. Plastics are integral in the production of disposable medical devices, leading to increased demand for medical grade plastics.
Global Market for Medical Plastic: Regional Outlook
Various reasons are propelling the growth of the medical plastic market in different regions. The regions include,
Europe
- Europe has well established and advanced healthcare infrastructure, which drives the demand for high quality medical devices and equipment. The use of medical plastics is integral in the manufacturing of these devices.
- The aging population in Europe is increasing, leading to a higher prevalence of age related medical conditions. The demographic shift contributes to the demand for medical devices and implants, many of which rely on medical plastics.
- Europe is a hub for medical technology innovation. Ongoing advancements in medical technology, such as minimally invasive surgeries, diagnostic imaging, and personalized medicine, contribute to the demand for specialized medical plastics.
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Asia Pacific
- There is a growing emphasis on preventive healthcare measures in the Asia Pacific region, which includes the use of medical devices for early detection and monitoring, that is expected to augment the demand for medical plastics.
- There is a growing demand for medical devices and materials that comply with international standards, as awareness of healthcare standards and quality improves. Medical plastics that meet stringent quality requirements are essential in this context.
Recent Development
- In 2023, SABIC revealed its newest advancement in sustainable material solutions by launching the PCR based NORYL™ resin technology. The groundbreaking NORYL NH5120RC3 resin, incorporating 30 percent post-consumer recycled content, not only showcases a 10 percent decrease in global warming potential, but also addresses the varied requirements of engineering thermoplastic applications, within the medical plastic industry.
Global Medical Plastic Market Segmentation
Type
- Poly Vinyl Chloride
- Polyethylene
- Polypropylene
- Polystyrene
- Engineering plastics
- Silicone
- Others (including Acrylate and Polysulfone)
Process Technology
- Extrusion
- Injection Molding
- Blow Molding
- Others (including Rotational Molding)
Application
- Disposables
- Diagnostic Instruments
- Catheters & Syringes
- Implants
- Dental Tools
- Surgical Instruments
- Medical bags
- Drug Delivery Devices
- Others (including Saline Bottles)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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