Medical Plastics Market Size to Worth Around US$ 54.2 Bn by 2030
According to Precedence Research, the global medical plastics market size is projected to be worth around US$ 54.2 billion by 2030 and is expanding growth at a CAGR of 7.3% from 2022 to 2030.
Ottawa, May 17, 2022 (GLOBE NEWSWIRE) -- The global medical plastics market size was estimated at US$ 33.45 billion in 2021. Plastic is a polymeric material that can be molded into any shape. Medical plastics are generally made from thermoplastic materials. Once thermoplastics are heated, they can be easily molded. Medical grade plastic is resistant to temperature and chemicals. Some of the most widely used medical plastics include polycarbonate, polypropylene, and polyethylene. It can be used to manufacture medical devices and instruments, such as medical and surgical tubes.
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Growing investment in healthcare industry along with aging population is expected to drive the growth of the market. For example, in January 2021, PTA Plastics invested more than $2 million in capital equipment and buildings. This injection molding machines and finishing equipment will be used for medical plastic products. In addition, increasing disposable income and changing lifestyles of consumers will continue to drive demand for medical plastics. As the demand for medical devices is gradually increasing in developed countries like the United States and Canada from policymakers, the medical plastics market is expected to witness steady growth. In addition, the volatility of global fuel prices is another major factor influencing the growth of the market. However, toxic elements such as bisphenol A present in medical plastics have adverse effects on infants, which can negatively impact the growth of the medical plastics market.
Scope of the Report
Report Attributes | Details |
Market Size in 2021 | USD 33.45 Billion |
Revenue Forecast by 2030 | USD 54.2 Billion |
CAGR | 7.3% from 2022 to 2030 |
Base Year | 2021 |
Forecast Data | 2022 to 2030 |
Medical plastics are regulated by many agencies around the world. In Europe, medical devices comply with the EU Council Directive (93/42/EEC), which provides guidance on their use. The restructuring of European regulations for these devices is expected to become one of the key factors influencing the growth of the industry in the region. This industry depends on many technological advances related to the production of advanced plastics for use in the healthcare industry. The companies in the market consider the development of new products as one of the main strategies to achieve market growth. Furthermore, the major players in the market are investing significantly in R&D to develop innovative products.
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Report Highlights
On the basis of type, engineering plastics segment holds the largest market share in the global medical plastics market.
On the basis of application, medical disposable segment holds the largest market share in the global market is anticipated to retain its dominance during the forecast period.
By region, North America holds the largest market share in the global medical plastics market. However, Asia-Pacific is expected to be the fastest growing market for the medical plastics.
Regional Snapshot
North America accounted for the largest market share in the year 2020 in medical plastics industry and is expected to restrain dominant in the global market during the forecast period in terms of value sales. Rising demand for products in pharmaceutical packaging applications and rapid growth of the pharmaceutical industry in Mexico and Canada are expected to drive the regional market. For example, the removal of strict regulations by the Mexican government, which had previously restricted the creation of new manufacturing units, has led to the development of new pharmaceutical production facilities from pharmaceutical companies. large, such as Takeda and Astellas, in the country. This strategy has played an important role in boosting the national pharmaceutical industry, which in turn is expected to drive product demand in the coming years. In addition, rising COVID19 cases in the region are expected to boost demand for generic drugs and medical devices, thereby positively influencing the overall growth of the market.
In Europe, PVC is mainly used in the production of blood storage bags. The European Pharmacopoeia has approved the use of PVC for this specific purpose due to its property of helping to store blood under safe conditions for a longer period of time. Rising COVID19 cases globally are creating a great demand for testing equipment, ventilators, syringes and medical trays, which will drive the growth of this segment. In addition, the increase in production capacity of some companies, such as 3M and Medtronic Plc, is creating lucrative opportunities for this segment.
Asia Pacific is predicted to witness high growth rate during the medical plastics market forecast period. This is attributed to rising application of medical plastics in emerging economies such as China, India, and South Korea. The market growth in the Asia-pacific region is largely driven by continuous investment in R&D by the key players, coupled with digitization in healthcare ecosystem.
Market Dynamics
Drivers
Rising advancement in technology to augment market growth
The medical plastics market has seen high growth in technological advancements such as device miniaturization, multipurpose drug packaging, and point of care (POC) diagnostic instruments. This is one of the factor which is responsible for the growth market growth. Custom blow forming, for example, is a technological solution designed to manufacture thinner prescription bottles while also improving moisture transmission rates and reinforcing twist closures. Additionally, Unique Device Identification (UDI) and other barcodes for device identification are constructed for easy biocompatibility testing. These technologies are leading to high consumption of plastic for medical applications thus supporting the market growth. Companies work together to create products to meet new product needs for medical applications in POC diagnostics, medical device miniaturization and versatility packaging. Technological advancements are helping to increase the efficiency of treatment for patients, thus driving the growth of the global market.
Restrain
Medical waste management and environmental pollution to restrict market growth
The global population is rising consistently which, in turn, has risen the demand for plastics in various industries. These products are the main reason for the continuous increase in the production of plastic and waste generation which are increasing environmental pollution levels and affecting the market growth. Plastics are non recyclable materials and are treated separately to avoid infection spread. Limited availability of medical waste management is leading to different types of pollution that include water and soil pollution. The COVID19 pandemic has led to high usage of the plastics products, which in turn is affecting the global environment. Therefore, limiting the use of these products for environmental reasons could jeopardize demand for medical devices.
Opportunities
High investment in the R&D to fuel the market
The growing competitiveness of industry players is driving the growth of the medical plastics market. Various factors such as the same cost competitiveness with the quality of products to attract consumers are the factors that greatly influence the growth of the market. High production of these plastics to meet consumer demand will lead to more product availability, which will increase purchasing power in the coming years. In addition, many major players are investing heavily in R&D to develop innovative products such as 3D printed medical devices. The global COVID19 outbreak is driving demand for medical equipment such as gloves, medical masks, ventilators and testing equipment. This will help national and small businesses in developing products to meet consumer needs.
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Challenges
Rising in global fuel price hampering the market growth
Rising fuel prices are often thought to increase inflation and slow economic growth. The price of fuel directly affecting the price of many goods and services. This is because the price of fuel indirectly affects costs such as raw material transportation, production, and others. These increases in costs are affecting the prices of medical plastics ultimately restricting the growth of the market.
Top Medical Plastics Manufacturers in 2020
Some of the top market players operating in the medical plastics market are SABIC, BASF, Celanese Corporation, Evonik, Solvay S.A., Covestro, Trelleborg Sealing Solutions, Trinseo S.A., Dow Inc., Saint-Gobain Performance Plastics.
Market Segmentation
By Type
Engineering plastics
High performance plastics (HPP)
Standard plastics
Silicone
Polyvinyl Chloride (PVC)
Polypropylene (PP)
Polyethylene (PE)
Polystyrene (PS)
Others
By Application
Medical Disposables
Prosthetics
Medical Instruments & Tools
Drug Delivery
Medical Device Packaging
Medical Components
Orthopedic Implant Packaging
Orthopedic Soft Goods
Wound Care
Cleanroom Supplies
BioPharm Devices
Mobility Aids
Sterilization & Infection Prevention
Tooth Implants
Denture Base Material
Others
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa (MEA)
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