Medical Plastics Market
Medical Plastics Market Size, Share & Trends Analysis Report by Type (Engineering Plastics, High Performance Plastics (HPP), Standard Plastics, Silicone), by Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Forecast Years for Medical Plastics Market:||2022 - 2028|
|Historical Years for Medical Plastics Market:||2016 - 2021|
|Revenue 2021 for Medical Plastics Market:||USD 45.1 Billion|
|Revenue 2028 for Medical Plastics:||USD 68.8 Billion|
|Revenue CAGR (2022 - 2028) for Medical Plastics Market :||7.3%|
|Fastest Growing Region (2022 - 2028) for Medical Plastics Market:||Asia Pacific|
|Largest Region (2021) for Medical Plastics Market:||North America|
Global Medical Plastics Market
Medical Plastics Market- By Application, Type, and Region.
The Global Medical Plastics Market is valued at USD 45.1 Billion in the year 2021 and is forecasted to reach a value of USD 68.8 Billion by the year 2028. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 7.3% 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.
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.
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:
Regions & Countries Covered
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
Frequently Asked Questions
the global demand for Medical Plastics
in terms of revenue?
The global Medical Plastics valued at USD 45.1 Billion in 2020 and is expected to reach USD 68.8 Billion in 2028 growing at a CAGR of 7.3%
are the prominent players
in the market?
The prominent players in the market are SABIC (Saudi Arabia), BASF (Germany), Celanese (US), Evonik (Germany), Solvay (Belgium), Covestro (Germany).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 7.3% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Medical Plastics include
- Increase in Demand for Advanced Medical Technology and Devices
region accounted for the
largest share in the market?
North America was the leading regional segment of the Medical Plastics in 2020.