Global Medical Plastics Market Report 2023: Sector is Expected to Reach $54.28 Billion by 2028 - ResearchAndMarkets.com
During the forecasted period of 2023-2028, polypropylene is the fastest growing segment in medical plastics.
The "Global Medical Plastics Market: Analysis By Product Type (Polyvinyl Chloride, Polypropylene, Polyethylene, Silicone, Engineering Plastic, and Others), By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global medical plastics market in 2022 stood at US$34.95 billion, and is likely to reach US$54.28 billion by 2028.
Medical Plastics are a class of materials specifically designed and used in various healthcare applications. They are widely employed in medical devices, equipment, packaging, and even surgical implants. These plastics possess properties that make them suitable for medical use, such as biocompatibility, durability, chemical resistance, and sterilization capabilities.
In recent years, the usage of medical plastics has increased for various reasons, primarily due to its distinct properties. New technological innovations associated with medical plastics makes it more user-friendly. For instance, the use of biometric identification in medical devices.
As consumers continue to increase their awareness of lifestyle and diseases associated with it such as diabetes and heart disease, it is expected that the medical plastics market to deepen its offering in specific home healthcare. The global medical plastics market is projected to grow at a CAGR of 7.09% during the forecast period of 2023-2028.
Market Dynamics
Growth Drivers
- Aging Population
- Increase in disposable income
- Rise in Healthcare expenditure
- Expanding Prosthetics Market
- Ease in Surgical Processes
- Increase Use of Plastics in Packaging Application
Challenges
- Environmental Pollution and Improper Medical Waste Management
- Stringent Regulations
Market Trends
- Technological Advancements
- 3D Printing
- Growing use of Engineering Plastics
- Home Healthcare
- Mobility Aids
Companies Mentioned
- SABIC (Saudi Basic Industries Corporation)
- Evonik Industries AG
- Saint-Gobain
- Celanese Corporation
- Mitsubishi Chemical Group Corporation
- Solvay SA
- BASF SE
- Arkema Group (Arkema S.A.)
- Rochling Group,
- Eastman Chemical Company
- Nolato AB
- Covestro AG
Market Segmentation Analysis:
- By Type: Based on the type, the global medical plastics market can be segmented into six segments: Polyvinyl Chloride (PVC), Polypropylene (PP), Polyethylene, Silicone, Engineering Plastic and Others. In 2022, polyvinyl chloride (PVC) dominated the market, owing to unique technical properties that make it suitable for a range of life-saving medical applications such as tubing, containers, blood bags, catheters, masks, gloves, and more. During the forecasted period of 2023-2028, polypropylene is the fastest growing segment in medical plastics. Polypropylene (PP) is widely used as single-use plastic in medical industry. It is highly resistant to high temperatures, therefore could undergo extreme steam sterilization and maintains high durability after processing. The anticipated growth is fueled by the growing demand of single use plastics in the healthcare and rising demand for home healthcare among the consumers.
- By Application: The report provides the medical plastics market analysis based on application: Medical Disposals, Drugs Packaging, Medical Instruments, Prosthetics and Implants and Others. The medical disposals segment held the largest share in the market, whereas the medical instruments segment is expected to be the fastest-growing segment in the forecasted period. The most commonly used medical disposals are hypodermic needles, syringes, applicators, bandages and wraps, drug tests, exam gowns and face masks. With newer devices constantly being developed, the need for new components and new specialty materials continues to increase. At the same time, new polymers and polymer formulations available for use continue to grow which would expand the market in the coming years.
- By Region: According to this report, the global medical market can be divided into four major regions: North America (the US, Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain and rest of Europe), Asia Pacific (China, Japan, India, and Rest of the Asia Pacific) and Rest of the World. In 2022, North America dominates the global medical plastics market, driven by rise in geriatric population and the increasing demand for home healthcare services. Within North America, the US dominates the market.
- Europe's medical plastic market is mainly driven by the demand for single-use healthcare products and surgical procedures. Britain has been at the heart of some of the biggest biomedical breakthroughs of recent decades. All these advancements provide many opportunities for the medical plastics industry to prosper.
- Asia Pacific is anticipated to be the fastest growing region in the medical plastics market. China, Japan, and India are the exclusive contributors to the manufacturing and supply of medical plastics. Japan is known for its advanced healthcare industry. Digital transformation in healthcare is replacing conventional devices and updating devices by inculcating biometric identification and AI.
For more information about this report visit https://www.researchandmarkets.com/r/e5w41b
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230704036739/en/