Medical Plastics Market – Dynamics
Increasing usage of medicaldevices in hospitals is driving growth of the MedicalPlastics Market. Medical devices such as MRI plays a vital role in labtests and clinical diagnostics for inner body insights. Increasing use ofimaging techniques such as MRI is likely to boost growth of the medicalplastics market. For instance, according to a report published in the NationalHealth Services 2017, around 41 million medical imaging tests were performed inEngland in 2017, of which 3.49 million imaging tests took place in January2017, where MRI was performed 0.28 million times.
Moreover, increasing investmentsby government bodies and private organizations for health and medicalresearches and development is expected to propel growth of medical plasticsmarket. For instance, according U.S. Investments in Medical and Health Researchand Development report 2017published by Research America, investment in medicaland health research and development (R&D) in the U.S. grew by 20.6% between2013 and 2016. Also, private industries invested around US$ 115.9 billion inmedical and health R&D whereas, federal agencies invested a total of US$37.6 billion, with the National Institutes of Health (NIH) accounting fornearly US$ 30.5 billion.
However, environmental risksassociated with the use of medical plastics and the regulatory bodies thatimpose strict standards on the introduction of new medical devices are majorfactors restraining growth of the global medical plastics market.
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Medical plastics are extensivelyused in thin tubes, disposable syringes, intravenous blood bags, or in hugecasing of an open MRI system. The use of plastics for the manufacturing ofvarious disposable medical devices have made health care simpler and lesspainful. Over the past few decades, plastics have assumed a dramaticallyimportant role in modern medicine. Plastics have superior design flexibility,as compared to metals, ceramics, and glass, therefore plastic can be processedinto innumerable sizes, shapes, thicknesses, and colors. Also, their propertiescan be tailored to meet a wide spectrum of physical, mechanical, chemical, andbiochemical requirements.
Various developments inhigh-performance polymers and the related advantages of plastics over othermaterials have widened the opportunities of plastics in the healthcare sector.Polyvinyl chloride (PVC) is commonly used in the development of class I medicaldevices. Medical devices manufactured using polyvinyl chloride can be easilysterilized using methods such as ethylene oxide, steam, or radiation. Differenttypes of medical plastics present in the market include polyethylene (PE),polyvinyl chloride (PVC), polystyrene (PS), polypropylene (PP), silicones, andothers.
Medical Plastics Market – RegionalInsights
On the basis of region, theglobal medical plastics market is segmented into North America, Europe, LatinAmerica, Asia Pacific, Middle East, and Africa. North America holds thedominant position in the medical plastics market, owing to the revenuegenerated by medical devices. For instance, according to the GovernmentAccountability Office's (GAO) 2014 report, the U.S. medical device market wasvalued at over US$ 140 billion in 2015, which accounts for around 45 percent ofthe global market.
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Asia Pacific is expected toexhibit significant growth over the forecast period, followed by Europe, owingto increasing demand for plastics among medical device and healthcare productmanufacturers that has resulted in remarkable technology, enhanced delivery ofmedical care, and better reimbursement policies in the region. For instance, in2017, the China Food and Drug Administration (CFDA) replaced pilot medicaldevice recall system with a permanent process, Order No. 29. The new orderkeeps in place a three-level recall process featured in the pilot program.
Medical Plastics Market –Competitive Landscape
Key players operating in theglobal medical plastics market include Ensinger, Trinseo, Lubrizol Corporation,Celanese Corporation, BASF SE, and Arkema. Key players are adopting variousstrategies such as mergers, acquisitions, partnership, and new product launchesto retain their dominant position in the medical plastics market. For instance,in 2017, Trinseo completed the acquisition of API Applicazioni PlasticheIndustriali S.p.A., which includes API’s manufacturing and research facility atMussolente, Italy, and all of API’s business, employees, and assets.
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