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CHEMICALS AND ADVANCED MATERIALS

Medical Plastics Market Segmentation By Material (Polyethylene (PE), Poly Vinyl Chloride (PVC), Polypropylene, Engineering Plastics, Silicones And Others); By Application (Diagnostic Instruments, Disposable Syringes, Catheters, Implants, Surgical Instruments And Drug Delivery Devices); By End User (Diagnostic Centers, Hospitals And Others) – Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Medical Plastics Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • In June 2019, BASF SE, a German manufacturer, signed a Memorandum of Cooperation with SIBUR (Moscow, Russia) to develop innovative polymer solutions at Poly-Lab Research & Development Center located in Russia. This collaboration is targeted to develop an innovative range of high-performance solutions, particularly for long-term durable goods.

  • In October 2019, Evonik Industries AG, a German manufacturer, launched a commercial line of bioresorbable PLA-PEG copolymers for medical devices under the brand name, RESOMER PLA-PEG. Through this product development, the company expanded its portfolio for functional biomaterials.

Introduction to Medical Plastics

Medical plastics are made from polymers consisting of polyvinyl chloride (PVC), polypropylene (PP), Polyethylene (PE), Polystyrene (PS) and others, which are resistant to temperature, chemicals, and corrosion. These materials are used owing to properties such as versatility, easy sterilization, greater safety, and durability and cost efficiency of the plastics. Hence, medical plastics are commonly used for making disposables products, drug delivery devices, and diagnostic instruments. The increasing use of engineering plastics in robotic assistance, AI-driven procedures, 3D printing of implants and prosthetics, and others are driving the use of engineering plastics. Furthermore, the high investment in the healthcare sector due to increasing concern among individuals for their health and hygiene has been the foremost reason for the propelling demand for medical plastics in recent years.

Market Size and Forecast

Increase in investments in health infrastructure globally in times of COVID-19 and the added advantages of medical plastics in safe and secure packaging are some of the significant factors anticipated to boost the market growth. Additionally, these plastic are light in weight, portable, and come with easy customizable packaging options that are cost effective. Driven by these prominent features along with favorable government regulations for permitting medical plastics in pharmacy and medical equipment containers, the global medical plastics market is estimated to grow with notable CAGR during the forecast period, i.e., 2020-2028.

The global medical plastics market is segmented by material, by application, and by end user. The material segment is further segmented into polyethylene (PE), poly vinyl chloride (PVC), polypropylene, engineering plastics, silicones and others, out of which, the polypropylene segment is estimated to hold leading share as this polymer is highly preferred owing to its neutral nature and this is followed by the segment for PVC, which can be easily sterilized and reused as compared to others. CLICK TO DOWNLOAD SAMPLE REPORT

Growth Drivers

Growing Healthcare Infrastructure Investment Amid COVID-19

The healthcare investments have increased globally on account of global pandemic and the policies of stockpiling the medicines and various equipment are expected to drive the market growth. In addition, the use of these disposable items as instructed by various agencies, such as USFDA and Europe FDA, are anticipated to propel the demand for medical plastics globally. Increased incidences of chronic diseases, changing lifestyle of middle-income group, demand for better healthcare facilities, and increase in the aging population are other factors projected to result in the market growth. These are some of the considerable factors that are estimated to promote the growth of the market. Additionally, this growth is backed by rising number of initiatives taken by governments of different regions to promote medical plastics use from across the globe.

Technological Advancements In New Product Developments to Boost the Market Growth

On the back of growing technological advancements and concerns towards developing ecofriendly solutions in order to minimize pollution, encourage recyclability, the global medical plastics market is estimated to witness noteworthy opportunities throughout the forecast period. This, in turn, is leading to plastic manufacturers to come up with consumer and nature-friendly solutions. The market is characterized by the presence of a large number of companies involved in the production of advanced grade plastics for use in the industry. The companies approach new product development strategy as a means to achieve market growth. The increasing use of engineering plastics in robotic assistance, AI-driven procedures, 3D printing of implants and prosthetics, and others are driving the use of engineering plastics.

Restraints

High costs

The potential factor that might affect the growth of the market is the high cost associated with procurement of raw materials and overhead costs to produce advanced grade medical plastics as compared to the conventional plastic materials.

Market Segmentation

Our in-depth analysis of the medical plastics market includes the following segments:

By Material

  • Polyethylene (PE)
  • Poly Vinyl Chloride (PVC)
  • Polypropylene
  • Engineering Plastics
  • Silicones
  • Others

By Application

  • Diagnostic Instruments
  • Disposable Syringes
  • Catheters
  • Implants
  • Surgical Instruments
  • Drug Delivery Devices

By End User

  • Diagnostic Centers
  • Hospitals
  • Others

By Region

On the basis of regional analysis, the medical plastics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for medical plastics in North America is anticipated to hold the leading share in the market on account of presence of key market players in the region which manufacture and market medical plastic products. Moreover, the growing investment in healthcare infrastructure and the utilization of medical plastics in other industries is expected to drive the market growth. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of growing health consciousness and initiatives to improve the living standards in the region.

Medical Plastics Market Graph

The medical plastics market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating the Market


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