Vantage Market Research
Jun 19, 2022
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 demand for home healthcare are expected to propel the growth of the Medical Plastics Market during the forecast period. However, the biggest concern for the Medical Plastics Market is that the polymers used to create medical plastics can and do undergo significant price changes. This is a stumbling block to the medical plastics market's expansion.
Key Highlights from Report:
- The medical components sub-segment held a significant share in 2021. This is attributable to the increased use of PP in diagnostic instruments, trays, pans, containers, syringes, implant trials, and medical cover sheets, which in turn fuels market growth. Owing to its potential benefits such as low weight, strong microbiological & chemical resistance, and low cost, polypropylene is likely to see significant expansion in medical component applications. It has a wide range of applications in the medical disposables industry. It can also be easily molded into exact proportions as needed, which is why it is in high demand in the syringe industry.
- The disposable sub-segment is projected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period because of the growing demand for single-use goods in general check-ups and procedural applications. In addition, regulatory authorities such as the USFDA and the European FDA are supporting the use of medical plastics in disposables, which is also boosting the growth of the Medical Plastics Market.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the rise in industrialization and urbanization in the region. In addition, the growing desire for a better healthcare system in APAC offers enormous growth potential. China, India, Indonesia, Malaysia, Vietnam, and Thailand are some of the largest and fastest-growing economies in APAC. To improve the efficiency of medical devices and related healthcare services, local governments are altering regulations in domains such as IT integration, innovative materials, and others in the healthcare business across these economies.
The increasing research and development in the Medical Plastics Market sector are anticipated to augment the growth of the Medical Plastics Market in the years to come as they will be able to produce a new generation of polymers that are tougher, less expensive, and have a more comprehensive range of applications than prior forms of medical plastics. In addition, commodity plastics account for a substantial percentage of the medical plastics industry, but engineering plastics are slowly making inroads into the medical segment because of their advanced properties. Engineering plastics, despite their higher costs, are expected to expand quickly in the medical vertical more than commodity plastics.
Engineering plastics is expensive, thus demand will mostly rise in areas where high performance is required. These areas include preventative & self-treatment medications, geriatric care applications, surgical & diagnostic testing industries, and drug delivery systems. Engineering plastics are used in surgical medical instruments, including scalpels and syringes, as well as diagnostic equipment casings and research application tools.
North America held the largest shares in 2021. The US held the largest share in this region for the Medical Plastics Market. The growing geriatric population in the United States, as well as the growing demand for home healthcare services are driving the demand for the Medical Plastics Market in this region. In addition, the regional market is likely to be driven by rising product demand in pharmaceutical packaging applications and the rapid growth of the pharmaceutical industry in countries like Mexico and Canada.
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