The Medical Plastics Market growth is attributed to the aging population, increasing demand for existing and new medical technologies, and growing application globally. New product launches and agreements & joint ventures undertaken by the players operating in the market are expected to fuel market growth.
Browse 71 Market Data Tables and 31 Figures spread through 161 Pages and in-depth TOC on “Medical Plastics Market”
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Medical plastics are used in the healthcare industry, as they are lightweight and cost-effective, and possess properties such as durability, transparency, barrier, and compatibility with other materials. Medical plastics are widely used in the manufacturing of disposables, medical bags, catheters, syringes, diagnostic instruments, surgical instruments, implants, dental tools, drug delivery devices, medical trays, device housing, lab wares, films, gowns, and drapes.
Expansions and new product launches were the key strategies adopted by the industry players to grow in the medical plastics market. The strategies accounted for a share of 60.0% of the total growth strategies adopted by the market players between January 2015 and July 2017. Market players also adopted new product launches and partnerships as strategies to expand their product portfolio.
The major companies adopted both organic and inorganic growth strategies such as expansions, mergers & acquisitions, and new product launches to strengthen their foothold in the medical plastics market.
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Asia-Pacific and Europe were the key regions, in terms of strategic developments that were undertaken between January 2015 and July 2017. Asia-Pacific accounted for a share of 65% of all the expansions that took place between January 2015 and July 2017.
Companies such as Lubrizol (U.S.), Ensinger (Germany), Celanese (U.S.), Trinseo (U.S.), BASF (Germany), and Arkema (France) adopted the strategy of expansions to serve the customers more efficiently and increase their market shares.
Trinseo accounted for the largest share of all the developmental activities that took place in the medical plastics market between 2013 and 2017. The company offers the polymers such as polycarbonate resin, ABS resin, and PS resin, along with customization services. Trinseo is increasingly participating in exhibitions and tradeshows to exhibit its products. The company is enhancing its position by expanding its custom medical compounding facility in Asia.
Evonik operates in five business sectors, namely, nutrition & care, resource efficiency, performance materials, service, and others. The company manufactures different medical grade polymers under the nutrition & care, resource efficiency, and performance materials business segments. The company has manufacturing facilities, sales offices, and distribution centers for medical plastics in all the major regions.