Global Medical Plastics Market: Overview
The medical industry world over has been benefitting from the wide rangeof devices, equipment, and implants made with high performance plastics.Sellers and manufacturers in the global medical plastics market arereaping revenue gains by leveraging the versatility, safety, andcost-effectiveness of medical-grade plastics in these applications. Inaddition, the freedom that medical grade plastics offer to fabricators hashelped bolster their application, underpinning the evolution of the medicalgrade plastics market, notes Transparency Market Research (TMR).
Manufacturers over the recent decade have been increasingly adoptinghigh technology polymers in making devices that will be used for various stagesin disease management and surgeries. Unique set of characteristics of plasticshave enabled manufacturers in medical plastics market replacetitanium/stainless steel metals with plastics, such as in medical tubing.
The global medical plastics market is projected to clock a CAGR of 7.2%from 2019 to 2027 and reach valuation of US$15.4 bn by the end of the period.
The competitive landscape in the global medical plastics market ischaracterized by the presence of several small- and medium-scale players.Further, the shares are fairly distributed among numerous players.Well-entrenched manufacturers in the medical plastics market are forking outmoney for constant capacity expansion and are engaging in mergers to consolidatetheir position globally. Some of them are The Lubrizol Corporation, Solvay,Covestro AG, Arkema S.A., and Evonik Industries AG.
The range of medical-grade plastics available for application are vast.Major of them are PVC, PE, PP, PS, engineering plastics, and silicone. Thoughthe use of conventional plastics still rules the roost, engineeredthermoplastics are gathering steam among manufacturers in the medical plasticsmarket.
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Application of 3D Printing Underpin AbundantOpportunities for Manufacturers
The environmentally friendliness of medical grade plastics along withtheir cost-effectiveness is one of the compelling propositions for the demandsin the medical plastics market. Advent of 3D printing and their risingapplications in polymer manufacturing have expanded the prospects in themedical plastics market. Among all medical devices, braces and prosthetics madewith medical plastics are witnessing huge demands in the healthcare industriesin various developing and developed nations. The application of 3D printing hasalso helped spur the use of medical plastics in making personalized implants,broadening the scope of therapeutics possible with plastic materials. A case inpoint is patient-specific prosthetic arms. Thus, the potential of medicalplastics in making customized implants has catalyzed revenue generation in themedical plastics market market.
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Rising Use in Making in Disposable Medical DevicesUnderscore Vast Potential
One of the most prominent applications of medical plastics has beendisposable medical devices, mainly due to the fact that plastics iscost-effective and light. Further, the medical plastics market is seeing newdemands in the use of medical-grade plastic containers and boxes for disposingof surgical sharps and biohazards.
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Growing role of devices made with medical plastics in chronic diseasemanagement has catalyzed prospects in the medical plastics market. Favorableinsurance regulations in some regions are offering large momentum to the globalmarket. North America and Europe have been at the forefront, and the growth inthe markets are driven by widespread uptake of medical-grade plastics.
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