The latest report by IMARC Group, titled “Medical Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global medical plastics market reached a value of US$ 24.0 Billion in 2021. Medical plastics are polymeric products that can be molded into various shapes. They are chemical-, temperature-, and corrosion-resistant materials, which makes them suitable for regular sterilization and enhances the storage ability of medical fluids. They are increasingly used as an efficient alternative to ceramic, steel and glass equipment due to their cost-effectiveness and durability. As a result, medical plastics are utilized in the production of medical devices and equipment such as medical and surgical tubing, tamper-proof caps, vials, beakers, inhalation masks, bedpans, pill casings, prosthetics, and catheters. They are also used in the transportation of biohazardous materials, owing to the antimicrobial surface that prevents the spread of pathogens.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Medical Plastics Market Trends:
The market is primarily driven by the rising demand for advanced medical devices due to aging population and extensive healthcare investments. Besides this, the growing volume of surgical, hospital and outpatient procedures is increasing the enforcement and upgradation of infection prevention standards, which is propelling the market growth. Moreover, significant growth in the medical industry, inflating disposable incomes and changing lifestyles are increasing the need for affordable and efficient healthcare technologies, which in turn, is escalating the demand for medical plastics. In addition, the presence of a large number of key manufacturers that are developing advanced medical grade plastics to be used in hospitals and healthcare institutions is fueling the market growth. Furthermore, with the rapid spread of the coronavirus disease (COVID-19), individuals have become inclined toward single-use medical plastics and consumables in the healthcare centers, which is positively influencing the market growth. Looking forward, the market is expected to grow at a CAGR of
6.9% during the forecast period (2022-2027).
- Based on the material, the market has been segmented into polyvinyl chloride (PVC), polypropylene (PP), engineering plastics, polyethylene (PE), polystyrene (PS), silicones, and others.
- On the basis of the application, the market has been classified into disposables, drug delivery devices, diagnostic instruments, catheters, surgical instruments, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Arkema SA, BASF SE, Celanese Corporation, Covestro AG, The Dow Chemical Company, DuPont de Nemours Inc, Evonik Industries AG, Exxon Mobil Corporation, SABIC, Solvay S.A., The Lubrizol Corporation (Berkshire Hathaway Inc.) and Trinseo PLC.
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