Global Medical Plastics Market to Reach US$ 38.3 Billion by 2028, Fostered by Significant Growth in Medical Industry

According to the latest report by IMARC Group, titled "Medical Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global medical plastics market size reached US$ 25.9 Billion in 2022. Medical plastics refer to plastic products specifically designed for applications in the healthcare industry. They are shatter-proof, non-permeable, temperature, chemical, and corrosion-resistant, and have frequent sterilization cycles. They are preferred over other materials due to their excellent biocompatibility, durability, and ease of processing. The most commonly used variants of medical plastics include synthetic rubber, silicon, polymer blends, and engineering plastics. As a result, they are used in drug delivery systems, such as inhalers, insulin pens, pre-filled syringes, and in the packaging of drugs to protect them from contamination and ensure their shelf life. They are also used to transport biohazardous materials as they have antimicrobial surfaces and can aid in preventing the spread of pathogens. 

Global Medical Plastics Market Trends:

The increasing usage of medical devices in hospitals is driving the global market. This can be attributed to the rising incidence of chronic diseases, such as cancer, diabetes, and cardiovascular disease, among the masses. Moreover, the growing demand for minimally invasive surgeries is catalyzing the market as these devices provide surgeons with greater precision and control during procedures, resulting in shorter recovery times and fewer complications for patients. Apart from this, the rapid adoption of injection molding and 3D printing in the healthcare industry for the creation of cost-effective and customized prosthetics with complex geometrics is providing a boost to the market. In line with this, numerous product developments, such as the launch of medical plastics with improved biocompatibility, are acting as another growth-inducing factor. Furthermore, continuous technological advancements in packaging methods, including the development of multi-layered films and barrier coatings, are significantly supporting the demand as they improve the safety and efficacy of medical products. Besides, the growing demand for infection control is fuelling the overall market for medical plastics as they are used in the production of infection control products, such as gloves, masks, and gowns. The market is further driven by the increasing demand for veterinary services, as medical plastics are utilized for the production of medical devices and supplies for animals. Additionally, the rising demand for single-use devices is creating a positive market outlook as medical plastics are a popular choice for the production of these devices due to their ability to be molded. Moreover, the rising demand for eco-friendly plastics is propelling the market as medical-grade bioplastics are made from renewable materials, such as corn starch, sugar cane, and cellulose. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 38.3 Billion by 2028, exhibiting a growth rate (CAGR) of 6.6% during 2023-2028.  

Market Summary:

• On the basis of the material, the market has been divided into polyvinyl chloride (PVC), polypropylene (PP), engineering plastics, polyethylene (PE), polystyrene (PS), silicones, and others.
• Based on the application, the market has been segmented into disposables, drug delivery devices, diagnostic instruments, catheters, surgical instruments, and others.
• On the basis of the region, the market has been categorized 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 the Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include 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.

Report Scope:

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