Medical Plastics Market Research 2020-2027: Market Analysis, Drivers, Restraints, Opportunities
The global medicalplastics market size is projected to reach USD 54.29 billion by 2027,exhibiting a CAGR of 7.1% during the forecast period. Meteoric rise in thedemand for personal protective equipment (PPE) across countries will inevitablyfuel the uptake of medical plastics, finds Fortune Business Insights™ in itsreport, titled “Medical Plastics MarketSize, Share & Industry Analysis, By Application (Medical Disposables,Medical Instruments, Prosthetics & Implants, Drugs Packaging, and Others),and Regional Forecast, 2020-2027”. PPE is made from plastics and otherpolymers and the on-going COVID-19 pandemic has escalated the demand for suchequipment among frontline health workers worldwide. In Texas, for instance, therequest for PPE from healthcare facilities surged from less than 2,000 in thethird week of June to more than 22,000 in the last week of the same month. InIndia, the Apparel Export Promotion Council (AEPC) estimates that the domesticdemand for PPE will be worth INR 10,000crore in the upcoming year andworldwide, the business will stand at an estimated value of USD 60 billion.Thus, the outbreak of the COVID-19 pandemic is expected to prove beneficial forthis market in the immediate future.
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The reportstates that the global market value stood at USD 29.93 billion in 2019 andanswers the following questions:
· What are the primary growth driversfor this market?
· What challenges does the marketface?
· Which are the top market trends andupcoming opportunities?
· Who are the major players and whatare their key strategies?
· Which are the most promising regionsfor the market?
Market Driver
Deferment of EU MDR to Support Medical Plastics Market Growth
TheEuropean Medical Device Regulation (EU MDR) is an updated batch of regulationsframed to monitor and govern the production and distribution of medical devicessold in Europe. The new regulations are focused on adopting a life-cycleapproach to medical devices owing to the rapidly aging population in thecontinent. The regulations are based on the rationale that the probability ofmalfunctions and accidents associated with medical devices used to treat agingpeople is higher than normal. The EU MDR was expected to create a major turmoilin the medical plastics industry in Europe. However, with the coronavirusraging across the globe, the European Parliament has decided to postpone theenactment and implement of this regulation to May 2021 so that companies canfocus on prioritizing the production of medical devices to battle the pandemic.This decision, therefore, augurs well for this market.
Regional Insights
Changing Dynamics of Health Industry in Asia Pacific to FuelMarket Growth
AsiaPacific is expected to lead the medical plastics market share in the comingyears owing to evolving dynamics and preferences in the healthcare industry inthe region. For example, there is growing awareness about sanitation andhygiene in healthcare facilities in India and China, which is spiking theadoption of advanced medical plastics in the region.
In NorthAmerica, where the market size was at USD 5.36 billion in 2019, the market isanticipated to be characterized by high healthcare spending and excellentR&D infrastructure for medical research. The market in Europe is alsoexpected to register considerable growth owing to favorable government policiespromoting the adoption of medical plastics, especially during the currentcoronavirus pandemic.
Competitive Landscape
Prioritization of Response to COVID-19 to be Central Focusfor Key Players
As thecoronavirus continues to wreak havoc around the world, key players in themarket for medical plastics are focused on prioritizing their response of thisunprecedented health crisis. Many companies have boosted their production toproduce essential equipment for frontline health workers, while some others areramping up their R&D spending to launch innovative solutions for the healthindustry.
Industry Developments:
· April2020: US-based Celanese Corporation is supporting healthcareworkers by enhancing its production of specialty materials for applicationssuch as PPE, ventilators, and other medical devices.
· February2020: Pirouette Medical designed and developed a novelauto-injector, featuring improved portability and affordability, along withlower costs, for the delivery of epinephrine and other medications in patients.The unique device has been injection-molded with Covestro’s Makrolon® 2458polycarbonate.
List of Companies Profiled in theMedical Plastics Market Report:
· Eastman Chemical Company (the U.S.)
· GW Plastics (the US)
· Solvay (Belgium)
· Evonik (Germany)
· Celanese Corporation (the U.S.)
· Nolato AB (Sweden)
· Röchling (Germany)
· Covestro AG (Germany)
· BASF SE (Germany)
· SABIC (Saudi Arabia)
