Market Segmentation:
The MRFR provides an inclusive Segmental Analysis of the Medical Plastics Market Forecast based on Application & Type.
By Type, the Medical Plastics Market has been segmented into silicones, polystyrene (PS), polyethylene (PE), engineering plastics, polypropylene (PP), polyvinyl chloride (PVC), and others. Of these, polypropylene will lead the market over the forecast period as it is the most neutral plastic having only hydrogen and carbon. This will be followed by polyvinyl chloride that can be sterilized easily and reused with radiation, ethylene oxide, and steam.
By Application, the Global Medical Plastics Market is segmented into surgical instruments, catheters, diagnostic instruments, drug delivery devices, disposables, and others. Of these, disposables will dominate the market over the forecast period for the increasing prominence of disposable enemas bags, cleaning gloves, and hypodermic needles.
Key Players:
Notable Players Profiled in the Global Medical Plastics Market Report include Fortune Medical Plastic Products Company (China), Ensinger (Germany), Trinseo (US), Saint-Gobain Performance Plastics (France), Eastman Chemical Company (US), Tekni-Plex (US), Rochling Group (Germany), The Lubrizol Corporation (US), Solvay (Belgium), Covestro AG (Germany), Celanese Corporation (US), Evonik Industries AG (Germany), DuPont de Nemours, Inc. (US), BASF SE (Germany), and Exxon Mobil Corporation (US).
Industry News:
March 2020: GW Plastics will soon expand its GW Silicone for accommodating growth in its liquid silicone rubber medical device business.
Market Analysis:
The Medical Plastics Market is likely to grow at a 5.9% CAGR between 2019-2025, reveals the new Market Research Future (MRFR) report. Medical Plastics have transformed the healthcare industry. They are polymers made from silicones, polystyrene (PS), polyethylene (PE), engineering plastics, polypropylene (PP), polyvinyl chloride (PVC), and others that are resistant to corrosion, chemicals, and temperature. Durability, greater safety, easy sterilization, and versatility are some of its alluring features owing to which it is widely used in surgical instruments, catheters, diagnostic instruments, drug delivery devices, disposables, and others. Above all, they are cost-efficient and eco-friendly.
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Numerous factors are propelling the Global Medical Plastics Market Demand. Such factors, as revealed by the latest MRFR report, include increased usage of innovative medical technologies like customized devices and 3D printed implants, demand for efficient and affordable healthcare systems, and changing lifestyle. Additional factors pushing the growth of the market include increasing disposable income, increasing healthcare investments in India & China, and burgeoning demand for the latest medical devices, especially from the aging population.
On the contrary, lack of standardized healthcare regulations worldwide and strict government regulations are factors that may limit the Medical Plastics Market Growth over the forecast period.
Regional Analysis:
By Region, the Global Medical Plastics Market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, & the Middle East and Africa (MEA). Of these, the APAC region will command the largest share in the market during the forecast period for the rising geriatric population, improved living standards due to GDP growth, awareness about the early diagnosis as well as treatment, and increasing investments in the healthcare sector by China & India.
Global Medical Plastics Market in North America is predicted to hold the second-largest share over the forecast period. Factors adding to the growth of the Medical Plastics Market in the region include innovations in Medical Plastics, high investment in the research and development sector, strict government policies on the use of plastic in various segments, and shift of the medical sector towards disposable plastics as medical plastics have wide application in catheters, inhalation masks, orthopedic sutures, tubing, surgical cables, among others.
The Medical Plastics Market in Europe is predicted to have healthy growth over the forecast period for the constant improvisation in the healthcare sector that is augmenting the quality of amputees, thereby making their life easier and comfortable. The specialty of Medical Plastic is they can be custom made from the process such as injection molding that plays an imperative part in creating prosthetics, making them lightweight and durable.
The Medical Plastics Market in the MEA will have steady growth over the forecast period for rising reforms like mandatory insurance and increasing private sector investment in the healthcare sector.
The Medical Plastics Market in Latin America will have notable growth over the forecast period for the growing healthcare industry.
COVID-19 Study in Detail:
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NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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