Medical Plastics Market – Increasing Demand for Home Healthcare is expected to Lead Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 7.3% from 2022 to 2028

As stated in our extensive report; providing insights on Key Drivers, Key Restraints, and Segments (i.e.,by Application, Type, and Region); the Global Medical Plastics Market accounted for USD 45.1 Billion in the year 2021.

Plastics are a type of polymer that can be molded into almost any shape. Thermoplastic materials are commonly used in Medical Plastics. Thermoplastics can be easily molded once they have been heated. Medical-grade polymers are resistant to temperature and chemicals. Polycarbonate, polyethylene and polypropylene are some of the most commonly used Medical Plastics. Medical devices and equipment, such as medical and surgical tubing, can be made with it. The growing population in Asian countries such as China & India along with the growing demand for home healthcare is considered to be significant factors which are expected to fuel the growth of market in the years to come.

The market is further expected to grow due to the upgrading of various infection prevention regulations, as well as an increase in the number of surgical, inpatient, and outpatient operations. However, time-consuming regulatory approval process along with increase in waste management concerns is expected to hamper the growth of the market in the years to come. Moreover, the rising investments in the medical sector with an aging population are expected to drive the market growth in near future. Furthermore, an increase in implementation of advanced products such as patient-specific implants and 3D printed devices is expected to create immense opportunities for the growth of the Medical Plastics Market within the estimated timeframe.

North Americadominated the Global Medical Plastics Market in 2021. This is owing to the increasing use of Medical Plastics in emerging economies such as India, China, and South Korea in the region.Furthermore, heavy investments in Research and Development (R&D) along with digitalization in the medical sector are also expected to support the regional growth of the market. Additionally, the growing demand for improved healthcare systems is also likely to augment the growth of the market in the near future.

Some of the key players in the GlobalMedical Plastics Marketinclude-SABIC (Saudi Arabia), BASF (Germany), Celanese (US), Evonik (Germany), Solvay (Belgium), Covestro (Germany), and others.