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
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.
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.
Our in-depth analysis of the medical plastics market includes the following segments:
By End User
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.
The medical plastics market is further classified on the basis of region as follows:
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