Wilmington, Delaware, United States, May 11, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Medical Grade Plastics Market is anticipated to rise at a CAGR of 7.2% from 2022 to 2031, reaching a valuation of US$ 76.6 billion. As of 2022, the market was valued at US$ 41 billion.
The uptake of medical-grade plastics is largely inclining amid key advancements in the healthcare industry, such as rising demand for lightweight packaging and equipment manufacturing material.
Manufacturers are on the vigil for incremental opportunities in emerging technologies for molding medical grade plastics to broaden their revenue streams. A promising opportunity for medical grade plastics is in point-of-care diagnostics. As POC testing transitions to patients’ homes and doctors’ offices, there is a rising demand for portable, efficient, and aesthetically pleasing equipment. The advancements in POC testing have compelled original equipment manufacturers to source new material and manufacturing techniques, thus encouraging uptake of medical grade plastics.
The demand for cutting-edge and innovative medical devices is also enhancing uptake of medical grade plastics, especially polymers to assist device development. An interventional guidewire, for instance, may require a medical grade plastic coating to offer a cushioning tip, biocompatible hydrophilic surface, radiopaque character, and abrasion resistance, while maintaining manufacturing efficiency.
The blood/tissue biocompatibility of a material for a pacing or neuromodulation lead, as well as its resistance to oxidative and hydrolytic degradation in the body (over many years), its dielectric properties, physical strength and flexibility, and the ability to produce thin-walled constructions and assemble over electrical wires and other components, may all play a role in the selection of medical grade plastics.
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Market Scope:
| Market Revenue | USD 41.0 Bn | |
| Estimated Value | USD 76.7 Bn | |
| Growth Rate - CAGR | 7.2% | |
| Forecast Period | 2022 - 2031 | |
| No. of Pages | 330 Pages | |
| Market Segmentation | By Product Type, Process Technology, and Application | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
Key Takeaways from the Market Report
- As of 2023, the market for medical grade plastics is likely to be valued at US$ 43.9 billion
- From 2023 to 2031, the market for medical grade plastics is expected to grow by 1.7x
- By type, polyethylene medical grade plastics are expected to register a 7.1% CAGR
- Based on application, medical grade plastics are most likely to be utilized for manufacturing disposable products
Medical Grade Plastics Market- Key Expansion Drivers
- From device miniaturization to multi-purpose packaging, the medical industry is experiencing major disruptions. To further these objectives, healthcare providers are incorporating various grades of medical plastics
- Market players are likely to find sweet spots in the design and manufacturing of disposable catheters, syringes and surgical instruments with respect to medical grade plastics
- Designing orthopedic devices, drug delivery equipment, and other medical devices to monitor various conditions are also expected to widen applications of medical grade plastics in the years to come
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Medical Grade Plastics Market: Regional Profile
- Asia Pacific is expected to remain the primary hub for medical grade plastics manufacturing, accounting for 45% of revenue. India and China are the frontrunners in the APAC market
- North America is likely to present substantial growth opportunities. The region is slated to account for nearly 1/5th of global production targets. Growth is being spurred by applications in pharmaceutical packaging
- Changing regulatory frameworks governing plastic usage is encouraging medical grade plastics uptake in Europe. In Europe, medical devices fall under Regulation (EU) 2017/745 which provides guidance for their usage.
Competitive Landscape
Key players operating the medical grade plastics landscape are mentioned below:
- 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 developments in the market range from the introduction of new plastic grades to strategic business decisions, ranging from collaborations with various entities to various acquisitions. Some key developments are as follows:
- In November 2021, Arkema S.A. introduced a new advanced bio-circular medical polymer for manufacturing surgical tools and medical devices. The new polymer offers a combination of features in terms of physical performance, lightweight and sustainability. Formulated with a high content (65%) of glass fibers, the Rilsan® MED polyamide 11 grade displays a tensile modulus of 18.5GPa, making it an ideal candidate to replace metal for the production of highly demanding surgical tools
- In July 2021, BASF introduced a range of green plastic additives under the brand name VALERAS. The brand encompasses additives that bring about a high sustainability value by improving durability, energy saving, emissions reduction, and promoting biodiversity
- Celanese Corporation announced in February 2023 its decision to expand its materials portfolio for the healthcare market in the MD&M West 2023. The extended portfolio includes offerings such as Zytel PA, Hytrel TPC-ET, Crastin PBT and Micromax polymer materials. These polymers will be deployed for manufacturing biosensors for diabetes treatment, auto injection devices, and inhalation devices among others
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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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