Medical plastics are plastics materials that is used to make medical products for various diagnostics applications and for primary packaging for pharmaceuticals. Medical plastics from polymers such as polypropylene (PP), polyvinyl chloride (PVC), and polyethylene (PE) are resistant to corrosion, chemicals and temperature. These medical plastics are helping transform healthcare industry with its properties such as easy sterilization, versatility, durability and greater safety. Besides, these plastics are cost-efficient and environmentally friendly.
A surge in the demand for advanced or highly developed medical devices and technology, ever-increasing investment in the healthcare industry in developing countries, ongoing research and development activities in the field of medical plastics and devices, and rising inclination toward minimally invasive medical procedures are some of the major driving factors behind the growth of the global medical plastics market. Likewise, factors such as increasing consumer awareness regarding hygiene, high disposable income of the people across the globe on health, surge in the demand and popularity of home care products, and growing technological advancements to increase product demand are further likely to propel growth of the market.
However, increasing concerns regarding medical plastic waste management is major restraining factor that could hamper the growth of the market.
The study analyses global medical plastics market based on type, application and geography.
Based on type, engineering plastics segment is projected to witness fast growth during the estimated timeframe. Engineering plastics is further bifurcated into polyamide (PA), acrylonitrile butadiene styrene (ABS), polycarbonate (PC), polyacetal and others. The engineering plastics provides some major benefits over standard plastics, such as faster production time, good malleability, resistance to high impact, low weight, shock, flame, and chemicals, and improved friction reduction. These benefits further make them more demandable in the medical plastics applications.
Based on application, medical disposables segment dominated the market in 2020 and is expected to maintain its dominance at high growth rate during the forecast period. Medical disposables segment is further sub-segmented into general disposables, medical bags, catheters and syringes. Medical disposables are manufactured and designed for all healthcare and medical facilities, care homes and hospitals, as well as all health workers. These disposables are intended for one-time or temporary use. A surge in the adoption of disposable syringes, bags and many others to avoid various hospital acquired diseases which can cause by medical devices is accredited to the growth of the market.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America held the largest market share of global medical plastics market and is likely to dominate the market over the estimated time frame. The United States and Canada are dominated the market in 2020. Well-established healthcare and medical devices industry of the region, rising expenditure on health, and massive presence of various key market players are some of the major driving factors behind the growth of the market in the NA region.
However, Asia Pacific is projected to witness fast growth during the forecast period. Major factors such as rising industrialization and urbanization, a surge in the demand for improved healthcare systems, and growing technological advancements in the field of healthcare system are likely to contribute to the market growth.
The major key players of market includes SABIC, Arkema, BASF, Biomerics, Celanese Corporation, Covestro, DSM, E. I. Du Pont De Nemours and Company, Eastman Chemical Company, Ensinger, Evonik, Invibio, Lanxess, Londyllbasell, Lubrizol, Mitsubishi Chemical Advanced Materials, Polyone, Röchling, Rtp Company, Saint Gobain Performance Plastics, Solvay, Tekni Plex, Teknor Apex, Trinseo, and Wacker Chemie among others.
The study analyses global medical plastics market based on type, application, and geography. Medical plastics market by type is segmented into standard plastics, engineering plastics, high performance plastic (HPP), silicone, and others. The engineering plastics segment is likely to dominate the market over the forecast period. Increased adoption of engineering plastics such as polyvinyl chloride (PVC) in medical plastics application owing to its several benefits such as high resistance property is attributed to the market growth. The market finds application in medical disposables, prosthetics, medical instruments & tools, drug delivery, and others. The medical disposables segment is likely to register fastest growth in years to come owing to the growing adoption of medical disposables in several healthcare settings across the globe. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World.
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