The Global Medical Plastics Market is expected to exhibit a robust 5.9% CAGR over the forecast period from 2019 to 2025, according to the latest research report from Market Research Future (MRFR). The Global Medical Plastics Market was valued at USD 22.34 billion in 2018 and is expected to exhibit steady progress over the forecast period due to growing demand from the healthcare sector.
Medical Plastics are an important material for the healthcare sector due to the sterility of plastics, which allows their usage in a wide range of medical applications, including drug delivery devices, medical devices, and other disposables used in diagnostic and surgical operations. The chemical resistance of plastics, along with their lack of support for microorganisms, makes them the perfect material for use in devices that are likely to come into contact with the patient. Drugs and other perishable materials can also be safely stored in medical plastics, as their excellent resistance to air, heat, and moisture makes them the perfect material for airtight packaging. The growing demand for strong and sterile materials in medical devices and other accessories in the healthcare sector is likely to be a major driver for the Global Medical Plastics Market.
The growing use of disposable devices and wearables in surgical applications is likely to be a major driver for the Global Medical Plastics Market. Medical gloves and other surgical tools have to be made new for every surgical process, as this helps ensures the sterility and cleanliness of the operating theater. This is likely to be a key driver for the Global Medical Plastics Market. On the other hand, this has also raised questions about the environmental viability of Medical Plastics, as medical plastics are not biodegradable and thus comprise medical waste, which is becoming a growing problem all over the world. The lack of environmental viability of medical plastics is likely to be a key theme in the Global Medical Plastics Market over the coming years, as major players are likely to be hindered by the growing opposition to the use of nonbiodegradable plastics in the healthcare sector. The development of biodegradable plastics could solve this issue and thus represents a highly promising research and development avenue for players in the Global Medical Plastics Market.
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Competition:
Leading players in the Global Medical Plastics Market include Fortune Medical Plastic Products Company, Ensinger, Trinseo, Saint-Gobain Performance Plastics, Eastman Chemical Company, Tekni-Plex, Rochling Group, The Lubrizol Corporation, Solvay, Covestro AG, Celanese Corporation, Evonik Industries AG, DuPont de Nemours Inc., BASF SE, and Exxon Mobil Corporation.
In October 2019, Compamed, a leading trade fair for the medical supply industry, announced the presence of medical plastics in its 2019 exhibition, to be held in November 2019.
Segmentation:
The Global Medical Plastics Market is segmented based on Type, Application and Region.
By Type, the Global Medical Plastics Market is segmented into polyvinyl chloride, polypropylene, engineering plastics, polyethylene, polystyrene, silicones, and others. The polypropylene segment holds the largest share in the Global Medical Plastics Market and is likely to be the major revenue generator over the forecast period due to its high chemical sterility, which allows it to be used in a wide range of medical devices and packaging devices.
By Application, the Global Medical Plastics Market is segmented into disposables, drug delivery devices, diagnostic instruments, catheters, surgical instruments, and others. The disposables segment accounts for the largest share in the Global Medical Plastics Market.
Regional Analysis:
Asia Pacific is likely to be the leading revenue generator in the Global Medical Plastics Market, followed by North America and Europe. The Asia Pacific market for Medical Plastics is mainly driven by the growing demand from the healthcare sector in Japan, China, South Korea, India, and Australia, where the healthcare sector has advanced steadily. The growing geriatric population in this region is also likely to lead to a growing demand from the Medical Plastics Market.
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