The latest report by IMARC, titled “Medical Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global medical plastics market size reached US$ 24.0 Billion in 2021. Medical plastics refer to numerous polymeric materials produced especially for healthcare applications. They are generally used for vials, tamper-proof caps, beakers, bedpans, inhalations masks, intravenous (IV) tubes, surgical instruments, pill casings, prosthetics, and catheters. The most commonly used variants of medical plastics include synthetic rubber, silicon, polymer blends, and engineering plastics. They are manufactured using medical-grade polypropylene, polycarbonate materials, and hypoallergenic. They are non-permeable shatter-proof, and temperature, corrosion- and chemical resistant. In recent years, medical plastics have gained traction due to their extensive employment in transporting biohazardous materials, as they possess antimicrobial surfaces and can assist in preventing the spread of pathogens.
Global Medical Plastics Market Trends:
One of the primary factors driving the market is the exponential growth in the medical industry worldwide. Additionally, due to the sudden outbreak of the coronavirus disease (COVID-19), the demand for single-use medical plastics and consumables is constantly rising in healthcare centers, thereby creating a positive market outlook. Other than this, diagnostic centers, clinics, and hospitals are widely adopting ventilators, thermal scanners, respirators, gloves, and masks for the treatment of patients. This is increasing the enforcement and upgradation of infection prevention standards, which is propelling the market growth. Besides this, numerous product developments, such as the launch of medical plastics with improved biocompatibility, are propelling the market growth. Other growth-inducing factors include developments in the healthcare infrastructure and the increasing geriatric population. Looking forward, IMARC Group expects the market value to reach US$ 36 Billion by 2027, expanding at a CAGR of 6.9% during the forecast period (2022-2027).
- Based on the material, the market has been divided 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 segregated into disposables, drug delivery devices, diagnostic instruments, catheters, surgical instruments, and others.
- Region-wise, the market has been classified 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 also been analyzed, 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, Saudi Basic Industries Corporation (SABIC), Solvay S.A., The Lubrizol Corporation (Berkshire Hathaway Inc.), and Trinseo PLC.
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