The global medical plastics market is anticipated to reach over USD 37.5 billion by 2026 growing at a CAGR of 6.1% according to a new study published by Polaris Market Research. The report “Medical Plastics Market Share, Size, Trends & Industry Analysis Report by Type (Standard Plastics, Engineering Plastics, Others); By Application (Medical Device Packaging, Medical Components, BioPharma Devices, Mobility Aids, Sterilization and Infection Prevention, Others); By Region: Segment Forecast, 2018 – 2026” provides a comprehensive analysis of present market insights and future market trends.
In 2017, the medical components segment dominated the global industry. North America will be the key revenue contributor during the forecast period. Plastics are now no more just an existing component but have grown in stature in advanced devices and is anticipated to support the growth of medical plastics market.
The key players in Medical Plastics includes E.I DuPont de Nemours and Company, HMC Polymers, Specialty Silicone Fabricators, Inc., Trinseo S.A., GW Plastics, Inc., Eastman Chemical Company, The Dow Chemical Company, Orthoplastics Ltd and Saint Gobain Performance Plastics among others.
The factors boosting growth stems from the geriatric population and their demand for services, rising home healthcare services and self remedies that boosts the market. Other driving factors include Government impetus for promotion of quality healthcare services, rising demand for minimally invasive procedures and technological advancements. However strict Government rules and absence of standardized healthcare regulations globally are expected to hinder growth of market. An ever-lasting demand from developing nations and technological innovation coupled with a persistent use of plastics in place of metals are expected to provide overwhelming growth opportunities to players during forecast period.
Volatility in prices of polyvinyl chloride, polyethylene, polypropylene and polystyrene has affected the market. The increasing aged people in the United States. added to the growing lifestyle diseases in the country drives growth of medical plastics in the region. The industry is pronounced by large number of companies involved in production of advanced grade plastics for use adding to growth in the market.
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The industry is characterized by multiple technological gains that pertain to manufacture of advanced plastics in the market. Keys strategies include players invest time and efforts in R &D and develop advanced products. High degree of cost competitiveness will boost growth of medical Plastics. High production volumes coupled with ease of availability of medical plastics are expected to bring about increase in buyer strength.
The use of thermoforming polypropylene leads to high strength packaging thereby offering very high impact resistance to the packaged products. Furthermore, packaging made of polypropylene is found to be highly durable and sterile leading to big growth in demand. PETG is a specialized plastic that owns properties such as superior moisture and oxygen barrier coupled with high transparency leading to efficient packaging proponent of device components.
The Governing agencies in U.S. keep belief in recycling plastics with federal agencies investing a solid amount towards healthcare, enough to boost industry. An increasing requirement for dental and body contouring implants in Europe is anticipated to have a positive impact on medical plastic industry growth in forecast period. High disposable income and an expanding cosmetic dentistry is expected to add growth to medical plastics in the region. Factors such as product quality and cost competitiveness are impacting buyer decision.
China is projected to post substantial growth over forecast period. This is due to high healthcare cost and growing incidence of diseases. Increasing aged population in China is als a contributor to industry growth.
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Polaris Market Research