Luton, Bedfordshire, United Kingdom, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Global Medical Plastics Market.
The Global Medical Plastic Market, valued at USD 44.87 Billion in 2023, is expected to expand at USD 78.93 Billion by 2031 with a compound annual growth rate (CAGR) of 6.9% from 2023 through 2033.
The medical plastics business is replacing conventional materials like steel, ceramics, and glass with modern, low-cost plastics such as medical-grade polypropylene and polycarbonate. These materials are intended to withstand high temperatures, chemical exposure, and frequent sterilisation, assuring cleanliness and dependability in medical equipment. This change enables breakthroughs in patient care by improving durability and usefulness in a variety of medical applications, such as MRI shells and surgical instruments.
The medical plastics market is expected to rise significantly in 2023 due to increased demand for medical equipment such as syringes, catheters, and surgical tool handles. These materials are popular because they are long-lasting, inexpensive, and versatile. Increased healthcare spending and improvements in medical infrastructure are boosting the sector's growth. As healthcare systems engage in modern technology, the requirement for dependable and efficient medical equipment grows, driving up the demand for medical plastics.
As the healthcare industry continues to evolve, there will be an ongoing need for innovations in medical plastics to meet new challenges and requirements. However, the market faces potential challenges from stringent regulations on plastic use, which could impact growth. Governments are increasingly implementing policies to reduce plastic waste and encourage sustainable practices, which may influence the production and use of medical plastics. Despite these challenges, the overall outlook for the market remains positive. The industry is expected to navigate these regulatory hurdles by adopting new technologies and developing more sustainable solutions.
The future of the medical plastics market is supported by ongoing advancements in technology and increasing investments in healthcare. Emerging trends such as the integration of smart technologies and the development of biodegradable plastics are likely to drive future growth. Companies that adapt to these trends and continue to innovate will be well-positioned to capitalize on the expanding opportunities in the medical plastics sector. Overall, the market is set to thrive, with continued profitability and growth driven by advancements in medical device technology and rising healthcare expenditures.
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Multi-Jet Fusion Technology: Revolutionizing Medical 3D Printing:
Multi-Jet Fusion (MJF) technology is transforming the production of medical devices through 3D printing. MJF allows for the rapid and precise manufacturing of customized implants, prosthetics, and medical components. This technology supports the creation of complex geometries and highly detailed structures, enhancing patient outcomes and reducing manufacturing costs. MJF’s ability to produce parts with fine resolutions and strong mechanical properties is advancing the field of personalized medicine and enabling faster prototyping and production, which is essential for meeting the evolving demands of the medical device industry
Growing Adoption of Medical Robots Creates Demand for High-Strength Plastics:
The rise of medical robotics is driving the demand for high-strength plastics. These advanced robots, used for surgeries and diagnostics, require durable, precise, and high-performance components. High-strength plastics are essential for building robotic systems that withstand mechanical stress and provide reliable functionality. The integration of robotics in healthcare improves surgical precision and patient outcomes, further increasing the need for robust and reliable materials. As medical robotics technology advances, the demand for specialized high-strength plastics that meet the stringent requirements of robotic systems continues to grow.
Asia-Pacific Leads Global Medical Plastics Market with 45% Share, Driven by China and India, as North America Holds Strong at 19.1%
The Asia-Pacific region stands as a dominant force in the global medical plastics market, commanding approximately 45% of the market share by volume. This significant presence is driven primarily by China and India, two leading manufacturers within the region. China, in particular, plays a pivotal role, not only as the world's largest producer but also as the top consumer of medical plastics. Since 2010, when China's market share was about 26%, there has been consistent year-over-year growth. This expansion has made the medical plastics industry a vital contributor to the nation's GDP. Additionally, China is a leading exporter in various sectors, including silicon, PVC, and other specific segments of the medical plastics market. North America also holds a notable position in the industry, with a 19.1% share, further solidifying its role as a key player in the global medical plastics landscape.
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Key Players:
1. Mitsubishi Chemical Holdings Corporation - Japan
2. Asahi Kasei Corporation - Japan
3. Dongyang P&F Co., Ltd. - South Korea
4. Reliance Industries Limited - India
5. LG Chem Ltd. - South Korea
6. Toray Industries, Inc. - Japan
7. Mitsui Chemicals, Inc. - Japan
8. Sumitomo Chemical Co., Ltd. - Japan
9. China Petroleum & Chemical Corporation (Sinopec) - China
10. Formosa Plastics Corporation - Taiwan
11. Johnson & Johnson - United States
12. Medtronic PLC - United States/Ireland
13. Becton, Dickinson and Company (BD) - United States
14. Thermo Fisher Scientific Inc. - United States
15. Cardinal Health Inc. - United States
16. B. Braun Melsungen AG - Germany
17. Stryker Corporation - United States
18. Freudenberg Medical - Germany
19. Braskem S.A. - Brazil
20. Polymer Technology Group, Inc. - United States
21. SABIC (Saudi Basic Industries Corporation) - Saudi Arabia
22. Eastman Chemical Company - United States
Recent Development:
- August 19, 2024 – As Medtronic marks its 75th anniversary, the company highlights the dedication of its longest-serving employees, Linda Neal, Kelli Bratz, and Deloris Blackwell. With 49 and 46 years respectively, and it reflect on their careers amid ongoing advancements in medical plastics. Neal, a line trainer, has seen her work impact patients directly, including receiving a Medtronic pacemaker herself. Bratz, who pioneered job sharing, and Blackwell, a veteran in surgical staple production, showcase Medtronic’s commitment to innovation and employee welfare, driving forward improvements in medical device manufacturing and quality.
- June 18, 2024 – Cardinal Health has announced a recall of plastic syringes manufactured by Jiangsu Shenli Medical Production Co. Ltd., which are included in Merit Medical kits within Cardinal Health Presource kits. This recall follows FDA warnings that these syringes lack FDA clearance. Affected customers are instructed to quarantine the kits, affix warning labels, and return acknowledgment forms. Cardinal Health has expanded the recall in response to a similar action by Merit Medical. The recall underscores Cardinal Health’s commitment to product safety and quality, aiming to mitigate any risks associated with the unapproved syringes.
- April 24, 2024 – Cardinal Health is marking 25 years of surgical glove manufacturing at its Rayong, Thailand facility. The Rayong site, which began producing Protexis™ Surgical Gloves in 1999, has been pivotal in advancing glove technology and sustainability. Recent upgrades have led to a 17% reduction in greenhouse gas emissions per glove pair and over 90% of manufacturing waste diverted from landfills. The facility, celebrated for its robust quality controls and sustainable practices, continues to meet rising global demand for surgical gloves with innovative, high-quality products. The milestone reflects Cardinal Health’s ongoing commitment to excellence in medical plastics.
- May 22,2024 – Mitsubishi Tanabe Pharma Corporation (MTPC) has launched "CANAGLU® OD Tablets 100 mg" (Canagliflozin Hydrate) following its inclusion in the NHI drug price list on May 22. Approved on March 15, the OD tablets are designed to dissolve easily with minimal water, enhancing convenience for type 2 diabetes patients. MTPC’s commitment to sustainability is reflected in the adoption of biomass-plastic PTP sheets, reducing CO2 emissions by 30-70% compared to traditional oil-based plastics. This launch continues MTPC's focus on improving treatment satisfaction and environmental responsibility in diabetes care.
Global Medical Plastics Market Dynamics:
Volatility in Raw Material Prices:
The medical plastics market is significantly constrained by the volatility of raw material prices, particularly those of petroleum-based resins like polyethylene and polypropylene. Fluctuations in crude oil prices directly affect the cost of these essential materials, leading to unpredictable manufacturing expenses. This instability poses challenges for medical device manufacturers, making it difficult to maintain consistent pricing and profitability. Furthermore, the industry’s reliance on non-renewable resources adds to concerns about long-term sustainability. In response, manufacturers are increasingly seeking alternative materials that are more stable and sustainable, but these alternatives often come with higher costs and limited availability, further complicating production strategies.
Growth in Telemedicine and Home Healthcare:
The surge in telemedicine and home healthcare is opening significant opportunities for the medical plastics market. As healthcare delivery increasingly shifts to home settings, there is a growing demand for portable, easy-to-use medical devices and packaging solutions. Medical plastics play a crucial role in developing these products, offering lightweight, durable, and safe options for home-based care. This includes diagnostic tools, drug delivery systems, and monitoring devices that are essential for remote patient management. Companies that focus on serving this expanding market segment have the potential to capitalize on growing consumer demand for convenient and reliable home healthcare solutions.
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Market Segmentation of the Medical Plastics Market:
- By Type of Plastic
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polycarbonate (PC)
- Polystyrene (PS)
- Polyamide (Nylon)
- Ethylene Vinyl Alcohol (EVOH)
- Polyethylene Terephthalate (PET)
- By Application
- Medical Devices
- Packaging
- Biotechnology
- Drug Delivery Systems
- Patient Monitoring
- Personal Protective Equipment (PPE)
- Medical Implants
- Laboratory Consumables
- By End-User
- Hospitals
- Clinics
- Pharmaceutical Companies
- Laboratories
- Research Institutions
- Diagnostic Centers
- Home Healthcare Providers
- Veterinary Clinics
- By Process Technology
- Injection Molding
- Blow Molding
- Extrusion
- Thermoforming
- Rotational Molding
- Compression Molding
- 3D Printing
- Co-extrusion
- By Geography
- North America
- Europe
- Asia-Pacific
- Middle East and Africa
- South America
Quantitative Analysis -
- Market size, estimates, and forecasts from 2024 - 2032
- Market size and revenue estimates for products up to 2032
- Market revenue estimates for application up to 2032
- Market revenue estimates for type up to 2032
- Regional market size and forecast up to 2032
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