Medical Plastic Market Worth About USD 33.6 billion By 2025
The global MedicalPlastics Market size is expected to value at USD 33.6 billion by 2025. The market is subject to witness a substantial growth due to the growing demand for sterilized plastics form healthcare sector. Implementation and upgradation of infection prevention standards is one of the critical factors responsible for the growth of medical plastics industry of late.
The
other factors such as rise in the number of surgical, hospital, and outpatient
procedures are expected to boost the market growth over the forecast period.
Globally, the medical plastics market is predicted to grow at CAGR of 5.7% in
forecast period, providing numerous opportunities for market players to invest
in research and development in the market.
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However,
changes in prices of crude oil are considered as critical factors responsible
for variations in the cost of materials like polyvinyl chloride (PVC),
polyethylene (PE), polypropylene (PP), and polystyrene, thereby largely
affecting market expansion during the forecast period. Additionally, increasing
production in the Chinese market is predicted to fuel the price of raw
material. Such factors are expected to negatively hamper market growth in the
years to come.
Yet,
rising healthcare expenditure by local governments and growing preference
toward adoption of medical plastic by various clinics and healthcare
professionals is predicted to boost market growth in the years to come.
Furthermore, rising competition in the market is responsible for the
development of innovative products, thus leading to market expansion.
Development
of advanced grade plastics and their use in the healthcare sector is predicted
to drive the growth of medical plastic industry in near future. Medical
plastics are extensively integrated through-out supply chain network in
healthcare sector. Growing adoption of the advanced grade plastics in all four
stages in the supply chain network including end-use products that are largely
utilized used by the governmental clinics, number of medical institutions &
facilities, and private clinics, are predicted to amplify the growth of medical
plastics market over the forecast period.
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Rise
in the per capita income in both - developed and developing economies is likely
to boost demand of the medical plastics in coming years. Medical plastics are
known for their enhanced product quality and cost-effectiveness, particularly
in comparison with their counterparts, leading to growing demand for the
product. Higher production rate and easy availability of medical plastics are
expected to drive market demand in next decade. Increasing adoption of
thermoforming polypropylene by pharmaceutical companies is attributed to
factors such as high strength packaging and higher impact resistance for the
packaged products. Other advantages of the thermoforming polypropylene include
high durability and sanitization, thus escalating market demand, in the recent
years.
The
integration of plastic into modern medicine has gradually risen over the past
decade. Medical plastics have substantially reduced medicine costs, and pain
management. Advanced polymers are increasingly adopted to manufacture new and
enhanced artificial limbs. Such polymers are vital for production of plastic
disposable delivery devices that are critical in limiting the risk of infection
to patients. Medical plastics directly affect patient’s health condition, thus
saving more lives with their prolonged use.
The
medical plastics industry is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in the adoption of the latest technologies in
medicine and pharmaceutical sector and existence of well-established healthcare
infrastructure. Asia-Pacific region is predicted to hold major market share in
the medical plastic market with massive growth in forecast period.
Countries
such as India, China, and Japan are leading the Asia-Pacific’s market with rise
in the healthcare spending, increase in incidences of lifestyle disorders and
diseases, and significant investment by leading industry players considering
potential growth opportunities in the region. The key players in the medical
plastics industry are Celanese Co., Eastman Chemical Co., Spectrum Plastics
Group, Emco Industrial Plastics, Inc., Ensinger GmbH, Connecticut Plastics Co.,
and Dow Chemical Co.
Market
Segment:
Application
Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Medical Device Packaging
• Polyvinyl Chloride
• Polypropylene
• PETG
• HDPE
• Polystyrene
• PEEK
• Others
• Medical Components
• Polyvinyl Chloride
• Polypropylene
• Polyethylene
• Polycarbonate
• PEEK
• ABS
• Polystyrene
• Engineering Plastics
• Others
• Orthopedic Implant Packaging
• Polyvinyl Chloride
• ABS
• PETG
• Polycarbonate
• Others
• Orthopedic Soft Goods
• Polypropylene
• Silicone
• ABS
• Polycarbonate
• PEEK
• Engineering Plastics
• Wound Care
• Polypropylene
• Thermoplastic Polyurethanes
• Others
• Cleanroom Supplies
• Polyvinyl Chloride
• Polypropylene
• PETG
• Polycarbonate
• PEEK
• ABS
• Polystyrene
• Engineering Plastics
• Others
• BioPharma Devices
• Polycarbonate
• Silicone
• Engineering plastic
• Others
• Mobility Aids
• ABS
• Polycarbonate
• PEEK
• Engineering plastic
• Sterilization and Infection Prevention
• Polypropylene
• Silicone
• ABS
• Polycarbonate
• PEEK
• Engineering plastic
• Tooth Implants
• Polycarbonate
• PEEK
• Others
• Denture Base Material
• PMMA
• Polycarbonate
• Polyamide
• Others
• Other Implants
• Polypropylene
• Silicone
• Polycarbonate
• PEEK
• Engineering Plastics
• Others
• Polyvinyl Chloride
• Polypropylene
• Polystyrene
• Silicone
• ABS
• Polycarbonate
• PEEK
• Engineering plastic
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