Medical Plastics Market

Medical Plastics Market Size-2023-2028

The  Medical Plastic Market was worth USD 22.56 billion in 2022 and is estimated to showcase a CAGR of close to 6% during the foreseen period of 2023-2028.

What are Medical Plastics:

Medical plastics are polymers made out of polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), and others that are repellent to temperature, chemicals, and corrosion. These plastics are changing the healthcare business due to properties like versatility, easy sterilization, safety, and durability. In addition, these plastics are environmentally friendly and price-efficient. Therefore, medical plastics are generally employed for making disposable products, drug delivery devices, and diagnostic instruments.

Drivers in the Medical Plastics Market:

Medical Plastics is a significant material for the healthcare segment owing to the sterility of plastics that lets their use in a broad range of medical applications, including drug delivery devices, medical devices, and other disposables employed in diagnostic and surgical operations. The chemical resistance of plastics, along with their lack of support for microorganisms, makes them the perfect material for employment in devices that are probably 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 suitable equipment for airtight packaging. 

The rising employment of disposable devices and wearables in surgical applications is probable to be a key driver for the Global Medical Plastics Market. Medical gloves and other surgical tools have to be made the latest for every surgical procedure, as this assists in ensuring the sterility and cleanliness of the operating theatre. This is probable to be a significant driver for the Global Medical Plastics Market. The governing agencies in various states of the US have exhibited an escalated affinity toward plastic recycling. In addition to that, the federal agencies in the country funded a total of USD 35.7 billion in healthcare R&D in 2019, in a move estimated to offer impetus to the expansion of the medical business translating into a growth of the medical plastics market. Other factors driving the market include rising home healthcare services and self-medication and increasing government initiatives to provide enhanced healthcare services. 

Moreover, the high funding in the healthcare segment owing to rising worries among people for their health and hygiene has been the principal reason for the propelling expansion of medical plastics during the foreseen period. An increasing number of insured people in the world, together with the resultant call for medical devices, is estimated to have a positive effect on the expansion over the outlook period. The market is segmented by the presence of a considerable number of businesses involved in the production of superior-grade plastics for employment in the market.

Restraints in the Medical Plastics Market:

Strict government rules and a lack of standardized healthcare regulations across the globe restrain the expansion of the Medical Plastics Market.

Opportunities in the Medical Plastics Market:

Rising demand from growing economies, technological developments and innovation, and increasing employment of plastics, when compared to metals in healthcare devices, are factors estimated to offer many development opportunities during the forecast period.

Challenges in the Medical Plastics Market:

The lack of environmental viability of medical plastics is probable to be a significant threat in the Global Medical Plastics Market in the coming years, as key players are probable to be hampered by the rising opposition to the employment of non-biodegradable plastics in the healthcare segment.

MEDICAL PLASTICS MARKET REPORT COVERAGE:

Market Segmentation:

Medical Plastics Market – By Type:

• PVC

• PP

• Engg

• Plastics

• PE

• PS

• Silicones

Medical Plastics Market – By Application:

• Implants

• Disposables

• Drug Delivery Devices

• Syringes

• Diagnostic Instruments

• Catheters

• Surgical Instruments

Medical Plastics Market – By Region:

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

The Asia Pacific medical plastics market is estimated to be the biggest and the quickest-developing region in the global business during the forecast period. The countries like China and India are funding heavily in their healthcare segment which is attributed to the rise in population, GDP expansion has enhanced the living standard of the people, and awareness about early diagnosis and treatment. North American medical plastics market holds the second-biggest share in the global industry due to the strict government policies overuse of plastic in various sectors. The pharmaceutical segment in the area is shifting towards disposable plastics as they have high employment in the field with applications in the product like surgical cables, tubing, orthopedic sutures, inhalation masks, and catheters, among others.

Europe's medical plastics market has a significant share in the global market attributed to the fact that the healthcare segment is changing continuously for enhancing the quality of life of people and making their life more comfortable and better. Medical plastic can be personalized from the procedure, such as injection molding which plays a major role in the creation of prosthetics, which is also making them long last and lightweight. The Middle East & African medical plastics market is estimated to showcase steady expansion in the global business because of high private segment investment in the healthcare sector and progressing reforms like mandatory insurance.

Recent Developments:

• Materials specialist and peelable heat shrink tubing (PHST) technique developer, Junkosha, has introduced its 2.5:1 FEP PHST solution at this year's MD&M West. Junkosha's latest 2.5:1 PHST solution has been made to offer catheter manufacturers the most significant shrink ratio presently possible in Peelable FEP thanks to its proprietary design techniques, enabling consumers to save time and money through a decreased number of shrink procedures.  

•  The packaging company introduces medical waste containers made out of recycled plastics. Packaging solutions business Mauser Packaging has introduced a medical waste container made of 100% recycled plastics generated from post-customer packaging waste. The product, the WIVA Infinity Container, has been seen by receiving the third prize in the 2018 NENnovation Award given by the Dutch Standardisation Institute NEN. 

Prominent Companies in the Medical Plastics Market analyzed in the report are:

• BASF SE

• DuPont

• Lubrizol (U.S.)

• Becton

• Cryo Industries of America, Inc

• Tekni-Plex

• Ensinger (Germany)

• Dickinson and Company

• Celanese (U.S.)

• Baxter

• Trinseo (U.S.)

• The Dow Chemical Company

• Arkema (France)

• Bayer AG

• Exxon Mobil Corporation

• Saint-Gobain Performance Plastics