The medical plastics market is expected to reach a valuation of over $37.5 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
According to the report, in the year 2017, the medical components segment dominated the global market, in terms of proceeds. Given the rising geriatric population along with the increasing pervasiveness of lifestyle diseases, the North America medical plastics market is estimated to be the leading contributor to industry growth during the forecast period.
Medical plastics materials are essential to the modern healthcare system. These materials conform to global regulatory requirements and are engineered exclusively for medical use. The expanding applications of plastics in advanced medical devices is anticipated to boost medical plastics market growth. The rising demand for healthcare services from aging consumers, increasing at-home healthcare services, and self-medication has accelerated the adoption of medical plastics.
The report states that favorable government initiatives enhancing the quality of healthcare services, the rising demand for non-surgical or minimally invasive medical procedures, as well as technological advancements will boost industry growth. However, strict government legislations and limited awareness pertaining to standardized healthcare regulations worldwide would hamper the growth of the medical plastics market. Growing demand from developing countries and the extensive use of plastics in comparison to metal are expected to help contenders in the medical plastics market traverse a path of lucrative opportunities during the forecast period.
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In terms of the regional landscape, the North America medical plastics market recorded the highest revenue in 2017 and is anticipated to dominate the global market in the coming years. The attractive growth prospects of North America can be attributed to the growing geriatric population paired with the rising prevalence of lifestyle diseases. Additionally, significant investments toward research and development and favorable government initiatives will further drive market growth in the region. Meanwhile, the Asia-Pacific market is anticipated to grow at the highest rate over the ensuing years, cites the report.
The report provides an in-depth analysis of the global medical plastics market drivers, restraints, and growth opportunities over the forecast period. A deep dive analysis of the report in terms of end-users, product benchmarking, recent expansions, regional landscape, and competitive profiling has also been detailed in the report.
The competitive landscape of the global medical plastics market includes major players like E.I. du Pont de Nemours and Company, Specialty Silicone Fabricators, HMC Polymers, GW Plastics Inc., Trinseo S.A., Eastman Chemical Company, Tekni-Plex Inc., Orthoplastics Ltd., Saint Gobain Performance Plastics and The Dow Chemical Company among others. These manufacturers launch innovative products and often team up with other market leaders to innovate and introduce new products that meet the rising consumer demand, thereby augmenting the medical plastics market.