Medical Plastics Market

Global Medical Plastics Market

Medical Plastics Market- By Application, Type, and Region.

Market Synopsis:

The Global Medical Plastics Market is valued at USD 48.15 Billion in the year 2022 and is forecasted to reach a value of USD 82.74 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 7.00% over the forecast period.

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 readily formed once they have been heated. Growing healthcare investment, along with an older population, is expected to propel the industry forward. The demand for Medical Plastics will also be driven by an increase in disposable income and a shift in consumer lifestyle.

The Medical Plastics market is expected to grow gradually as demand for medical equipment from insured individuals grows in developed countries such as the United States and Canada. Furthermore, the global fuel price fluctuation is a crucial factor impacting market growth. Toxic substances contained in medical plastics, such as Bisphenol A, have an unfavorable effect on infants, which can have a negative impact on their development. Cost-effective Medical Plastics have paved their way into the production of disposable devices such as syringes, inhalation masks, catheters, and other surgical tools. As an alternative to other raw materials, these plastics offer greater safety and antimicrobial functioning. Thereby Medical Plastics market acquires huge demand from healthcare sector owing to decontamination and secured containment of diagnostic samples.

In the anticipated timeframe, a rise in disposable income and a shift in consumer lifestyle will fuel market expansion. Disposable Medical Plastics have found their way into the production of syringes, breathing masks, catheters, and other surgical instruments. These polymers, as compared to other raw materials, have superior safety and antimicrobial properties. As a function of decontamination and secure storage of diagnostic samples, the Medical Plastics market sees a significant increase in demand from the healthcare sector.

Market Segmentation:

The Medical Plastics market is segmented based on application, and product type. Based on application, the market is segmented as the market is segmented as medical disposables, Prosthetics, Medical instruments & tools, Drug delivery and Others (medical trays, sterilization trays, and lab wares). Based on type, the market is segmented as Engineering plastics High performance plastics (HPP), Standard plastics, Silicone, Others (TPE, TPU, Biodegradable Polymers, Synthetic Rubber, and Polymer Blends).

Based on Application:

Based on application, the market is segmented as medical disposables, Prosthetics, Medical instruments & tools, Drug delivery and Others (medical trays, sterilization trays, and lab wares). The flexibility of medical disposables is credited with the market's segmented expansion. Single-use medical disposables are utilized in surgical and procedural procedures. These medical devices are increasingly being used in procedural and general checkup applications. Furthermore, as recommended by various agencies such as the USFDA and the European FDA, the use of these disposables is increasing global demand for medical plastics. An increase in the incidence of chronic diseases, a change in the middle-income group's lifestyle, need for better healthcare facilities, and the ageing population are all driving the market.

Based on Type:

Based on Type, the market is segmented as engineering plastics High performance plastics (HPP), Standard plastics, Silicone, Others (TPE, TPU, Biodegradable Polymers, Synthetic Rubber, and Polymer Blends). Engineering plastic holds the major share in the market during the forecast period. The variety of services provided by engineering plastics is attributed with the market's segmented growth. Engineering plastics provide several advantages over traditional plastics, including good malleability, short production times, low weight, high impact, flame, shock, and chemical resistance, and reduced friction. The segment's market size is growing due to improved standards and laws requiring high-quality plastics in medical applications. In addition, engineering plastics are increasingly being used in robotics, AI-driven operations, 3D printing of implants and prosthetics, and other applications.

North America is Projected to Grow at the Highest CAGR during the Forecast Period

North America is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Governments in North and Latin America are enacting stricter regulations on the production, use, and disposal of non-degradable plastics. As a result, Medical Plastics are increasingly being employed in a variety of medical devices.

Furthermore, several businesses in this region are substantially investing in research and development. The goal is to create and market high-quality medicinal polymers. Also, use to improvement in healthcare industries such as India and China, Asia Pacific is the dominant area in the Medical Plastics market. The growing knowledge of healthcare items, as well as the region's large population, all contribute to the region's position at the top of the list.

Competitive Landscape:

The key players in the Global Medical Plastics Market include- SABIC (Saudi Arabia), BASF (Germany), Celanese (US), Evonik (Germany), Solvay (Belgium), Covestro (Germany) and others.

Segmentation of the Global Medical Plastics Market: