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Medical Plastics Market

Medical Plastics Market

Medical Plastics Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

141

Base Year:

2022

Date

Jun - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1665

Segments Covered
  • By Type By Type Engineering Plastics, High Performance Plastics (HPP), Standard Plastics, Silicone, Others
  • By Application By Application Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery, Others
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 48.15 Billion
Revenue 2030Revenue 2030: USD 82.74 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 7.00%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Medical Plastics Market Share

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.

Medical Plastics Market Size, 2022 To 2030 (USD Billion)

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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:

Parameter Details
Segments Covered
  • Type (Engineering Plastics, High Performance Plastics (HPP), Standard Plastics, Silicone, Others)
  • Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery, Others)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • SABIC (Saudi Arabia)
  • BASF (Germany)
  • Celanese (US)
  • Evonik (Germany)
  • Solvay (Belgium)
  • Covestro (Germany)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

In terms of revenue, the Global Medical Plastics Market is expected to reach USD 68.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.3% from 2022 to 2028. Factors such as a growing geriatric population in North America, Europe, & Asian countries like Japan and increasing dem...
FAQ
Frequently Asked Question
  • The global Medical Plastics valued at USD 48.15 Billion in 2022 and is expected to reach USD 82.74 Billion in 2030 growing at a CAGR of 7.00%.

  • The prominent players in the market are SABIC (Saudi Arabia), BASF (Germany), Celanese (US), Evonik (Germany), Solvay (Belgium), Covestro (Germany).

  • The market is project to grow at a CAGR of 7.00% between 2023 and 2030.

  • The driving factors of the Medical Plastics include

    • Increase in Demand for Advanced Medical Technology and Devices

  • North America was the leading regional segment of the Medical Plastics in 2022.

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