Medical Plastic Market Size to Reach USD 85.54 Billion in 2030| Emergen Research
VANCOUVER, B.C., Jan. 3, 2023 /PRNewswire/ -- The medical plastic market size reached USD 44.84 Billion in 2021 and is expected to register a CAGR of 7.5% during the forecast period, according to latest analysis by Emergen Research. Increasing demand for at-home healthcare and outpatient procedures owing to convenience especially for rising elderly population and reduced healthcare costs in addition to growing requirement for bioplastics are a few of the factors driving the market revenue growth. According to WHO, the proportion of the global population over 60 years is expected to double from 12% to 22% between 2015 and 2050.
Plastic offers the remarkable advantage of being adaptable, with the potential to adopt various shapes and make consumer items at a low cost. Among all other industries, the medical industry has benefited the most as precise work is required, which modern plastics can readily deliver. Medical plastic is safe since it is non-permeable and shatterproof, making it easier to transfer biohazardous goods. This facilitates the safe evacuation of medical waste, hence preventing the spread of harmful illnesses.
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Even with medicines, tamper-proof lids guarantee that the contents are sterile and free of bacteria. Plastic has a long life, which can be utilized for a wide range of applications, and the material used to create plastic items is less expensive, lowering production costs. Plastic, unlike metal and glass, is resistant to corrosion and breakage. Medical grade polymers are manufactured to withstand repeated sterilization. With all these benefits, hospitals can drastically cut overhead expenses, helping both the operations and the patients by providing lower-cost treatments.
Manufacturers prefer medical plastics as it is easy to build economical and convenient medical applications since the introduction of 3D printing. Prosthetics, for example, can be customized owing to injection molding as well as being lightweight and resilient, making the patient's life a bit easier. Increasing need for medical plastic in the healthcare sector is being driven by a shift in preference for using medical plastics instead of metals, ceramics, and glass for medical implants, supports, and devices because they are lighter, more versatile, cost-effective, and have higher biocompatibility. One of the most ecologically friendly solutions for medical equipment is plastic, which is recyclable. Medical-grade plastics make it simpler for healthcare professionals to fulfill their demanding medical applications and uphold environmental responsibility.
Growing concerns for environmental sustainability are increasing demand for bioplastics which is driving the growth of the medical plastic market. For the purposes of addressing the waste management problem, the production of bioplastics and biodegradable plastics from renewable resources is increasing. Biochemical processes naturally recycle bioplastics manufactured from renewable resources, reducing the need for fossil fuels, and preserving the environment.
Most of the hospital and medical waste is required to be burnt owing to contamination, and the bio-based content of bioplastics is useful in this situation. Biogenic carbon, which is released as carbon dioxide into the environment when a substance is burned or composted, is used to make materials like bio-based PP (used in ventilator breathing circuits), bio-based TPEs, and bio-based PLA. In this manner, the carbon cycle remains closed, and the overall emissions of greenhouse gases are not increased.
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Environmental degradation caused by improper medical waste management is expected to limit the growth of the market. According to World Health Organization (WHO), in the Philippines, infectious waste levels raised by 25% in addition to the 70 tons of garbage produced by 51 hospitals, which is relatively 12% more than the pre-pandemic state. In India, medical waste surged by 17% during the first wave of the pandemic. Moreover, extremely low temperatures can make the plastic component brittle, rendering it susceptible to breaking, while extremely hot temperatures can cause the plastic part to melt and deform. Overheating during manufacturing can also cause plastics to degrade, which can result in color fading or loss of functionality.
The medical plastic market is expected to register a CAGR of 7.5% over the forecast period and revenue is projected to increase from USD 44.84 Billion in 2021 to USD 85.54 Billion in 2030. Rising use of point-of-care diagnostic tools, miniaturization of devices, multi-purpose drug packaging, surgical instruments, and catheters is expected to support revenue growth of the market.
Current Trends and Innovations:
In comparison to normal plastics, high-performance plastics provide several benefits, including good malleability, quicker production times, low weight, resistance to high impact, flame, shock, and chemicals, as well as greater friction reduction. Demand for medical plastic is rising as standards and laws demanding high-grade polymers used in medical applications improve. Due to this trend, most specialty polymer manufacturers have manufactured their own product lines of high-performance medical-grade polymers with exceptional performance characteristics and dependability through various sterilization techniques that can be used for a wide range of applications, including handles, knobs, grips, trials, cases, trays, forceps, inserters, retractors, extractors, lids, and surgery kits.
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Major companies included in the market report are SABIC, Saint-Gobain Performance Plastics, Celanese Corporation, Evonik, BASF SE, Röchling SE & Co. KG, Orthoplastics Ltd, Solvay, Nolato AB and Eastman Chemical Company.
On 20 May 2022, Medical Manufacturing Technologies (MMT) which is a portfolio company of Arcline Investment Management and a provider of medical device manufacturing solutions acquired Medical Production Technology Europe (MPT) to expand catheter manufacturing solutions. The acquisition is expected to help provide cutting-edge medical device manufacturing solutions along with catheter manufacturing. MMT is a global provider of high-precision manufacturing solutions for complex medical devices as well as offers technologies for the development of medical catheter and guidewire devices used for minimally invasive procedures.
Scope of Research
Market size in 2021
USD 44.84 Billion
Revenue forecast to 2030
USD 85.54 Billion
Base year for estimation
Revenue in USD Billion and CAGR in % from 2022 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product, application, and region
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of MEA
Key companies profiled
SABIC, Saint-Gobain Performance Plastics, Celanese Corporation, Evonik Industries AG, BASF SE, Röchling SE & Co. KG, Orthoplastics Ltd, Solvay, Nolato AB, and Eastman Chemical Company
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Emergen Research has segmented medical plastic market on the basis of product, application, and region:
Product Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019-2030)
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
Regional Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019 - 2030)
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