United States, Rockville, MD, Aug. 10, 2022 (GLOBE NEWSWIRE) -- According to the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, expanding at a CAGR of 5%, the global medical plastics market is projected to reach a valuation of US$ 27 billion by 2026.
Numerous macromolecules are used in the production of medical plastics. In the healthcare sector, these plastics are used to create reliable and secure devices and equipment. They are remarkably affordable, flexible, and long-lasting. Key drivers for market growth are the efficacy, sterility, and quality of these medical devices. Medical plastics are used in a wide variety of products, including catheters, disposables, syringes, implants, and drug delivery systems.
Wood has been replaced by engineering plastics in the manufacturing of surgical tool handles. These plastics can be used as a handle for surgical tools in place of wood or any other metal because they are non-hygroscopic materials.
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The simplicity of cleaning plastics is another benefit. It can also be shaped according to specific and accurate dimensions. Plastics can be utilized for surgical tool handles because of their strong impact resistance and heat stability. Additionally, this material requires minimal upkeep and less regular sterilization.
Engineering plastics such as POM are replacing metal and wood in manufacturing because of their low cost, improved performance, non-hygroscopicity, and good machinability.
Key Takeaways from Market Study
- Worldwide sales of medical plastics are expected to increase at a CAGR of 5% from 2020 to 2026.
- The engineering plastics segment is expected to expand at a CAGR of 6% through 2026.
- North America & Asia Pacific will be lucrative regional markets for medical plastic manufacturers.
- Key market players are focusing on technological advancements to develop improved products
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Winning Strategy
The medical plastics business is highly competitive, with a handful of firms holding a lion's share of the market. A majority of businesses are investing heavily in research and development, especially to produce high-quality medical plastics.
Key suppliers of medical plastics utilize mergers and acquisitions as well as product portfolio expansion as primary business strategies.
- A highly innovative bio-circular medical polymer for the production of surgical instruments and plastics for medical devices was unveiled by Arkema on November 17, 2021.
Key Segments Covered in Medical Plastics Industry Research
- By Type :
- Standard Plastics
- Engineering Plastics
- High Performance Plastics (HPP)
- Silicone
- Others
- By Application :
- Medical Device Packaging
- Medical Components
- Orthopedic Implant Packaging
- Orthopedic Soft Goods
- Wound Care
- Cleanroom Supplies
- BioPharm Devices
- Mobility Aids
- Sterilization & Infection Prevention
- Tooth Implants
- Denture Base Materials
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global medical plastics market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2026.
The study divulges essential insights on the market on the basis of type (standard plastics, engineering plastics, high performance plastics (HPP), silicone, and others), and application (medical device packaging, medical components, orthopedic implant packaging, orthopedic soft goods, wound care, cleanroom supplies, BioPharm devices, mobility aids, sterilization & infection prevention, tooth implants, denture base materials, and others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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