Theglobal medical plastics market size is projected to reach USD54.29 billion by 2027, exhibiting a CAGR of 7.1% during the forecast period.Meteoric rise in the demand for personal protective equipment (PPE) acrosscountries will inevitably fuel the uptake of medical plastics, finds FortuneBusiness Insights™ in its report, titled “MedicalPlastics Market Size, Share & Industry Analysis, By Application (MedicalDisposables, Medical Instruments, Prosthetics & Implants, Drugs Packaging,and Others), and Regional Forecast, 2020-2027”. PPE is made from plasticsand other polymers and the on-going COVID-19 pandemic has escalated the demandfor such equipment among frontline health workers worldwide. In Texas, forinstance, the request for PPE from healthcare facilities surged from less than2,000 in the third week of June to more than 22,000 in the last week of thesame month. In India, the Apparel Export Promotion Council (AEPC) estimatesthat the domestic demand for PPE will be worth INR 10,000crore in the upcomingyear and worldwide, the business will stand at an estimated value of USD 60billion. Thus, the outbreak of the COVID-19 pandemic is expected to provebeneficial for this market in the immediate future.
Clickhere to get the short-term and long-term impact of COVID-19 on this market.
Pleasevisit: https://www.fortunebusinessinsights.com/medical-plastics-market-102136
The report states that the globalmarket value stood at USD 29.93 billion in 2019 and answers the followingquestions:
· 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 promisingregions for the market?
Market Driver
Deferment of EU MDR to SupportMedical 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 HealthIndustry in Asia Pacific to Fuel Market 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.
InNorth America, where the market size was at USD 5.36 billion in 2019, themarket is anticipated to be characterized by high healthcare spending andexcellent R&D infrastructure for medical research. The market in Europe isalso expected to register considerable growth owing to favorable governmentpolicies promoting the adoption of medical plastics, especially during thecurrent coronavirus pandemic.
Competitive Landscape
Prioritization of Response toCOVID-19 to be Central Focus for Key Players
Asthe coronavirus 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-basedCelanese Corporation is supporting healthcare workers by enhancing itsproduction of specialty materials for applications such as PPE, ventilators,and other medical devices.
· February2020:Pirouette Medical designed and developed a novel auto-injector, featuringimproved portability and affordability, along with lower costs, for thedelivery of epinephrine and other medications in patients. The unique devicehas been injection-molded with Covestro’s Makrolon® 2458 polycarbonate.
Listof Companies Profiled in the Medical Plastics Market Report:
· EastmanChemical 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)
