February 12, 2021
As per the report titled ‘Global Medical Plastics Market Analysis, 2020’, available with Market Study Report LLC, global medical plastics market is projected to accrue notable returns over 2020-2025, registering a CAGR of 7.1% throughout.
Industry experts state that global medical plastics market is fueled by escalating demand for advanced medical devices and increasing investments in healthcare sector.
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For the uninitiated, medical plastic is a type of substance used for manufacturing of medical devices and for primary packaging of pharmaceuticals.
Based on material, global medical plastics market is divided into standard plastics, engineering plastics, high performance plastics, silicon, and others. Of these, engineering plastics segment held significant industry share in the recent past, attributable to increasing use of these plastics in AI-driven procedures, robotic assistance, and in 3D printing of medical models, prosthetics and implants.
Meanwhile, standard plastic is witnessing an increased demand and is likely to follow a similar trend in the near future. The sudden outbreak of Covid-19 has propelled the demand for standard plastics like polyolefin (PE) and polypropylene (PP) from medical device manufacturers for the production of ventilators and other critical care systems.
Considering the application spectrum, global medical plastics industry is fragmented into medical tools & instrument, medical disposables, prosthetics, drug delivery devices, and others. Of these, medical disposable segment captured majority of the industry share in 2019. This can be ascribed to strong demand for products like medical bags, catheters, syringes, and masks as they can be easily disposed and exhibit advanced sterilization properties. Further, the Covid-19 pandemic has bolstered the demand medical disposables like masks and gloves in procedural applications. In this regard, the necessity of PPEs and other disposables has grown drastically.
With respect to the geographical scope, the key contributors to the overall medical plastics market remuneration are North America (US, Canada, Mexico), South America (Brazil, Argentina), Asia Pacific (India, China, Japan, Australia, South Korea), Europe (France, Germany, UK, Spain, Italy, Russia, Belgium, The Netherlands), and Middle East & Africa (UAE, South Africa, Saudi Arabia, Turkey).
Leading players influencing global medical plastics market trends are Koninklijke DSM N.V., GW Plastics, Ensinger Group, Lubrizol Corp., DuPont de Nemours, Inc., Trinseo S.A., Arkema S.A., Solvay S.A., Tekni-Plex, Inc., Celanese Corp., Compagnie de Saint-Gobain S.A., Covestro AG, Eastman Chemical Co., BASF SE, and SABIC.