The rising prevalence of chronic diseases, the aging population, and fewer side effects of cannabis than the other treatment options are driving the growth of the medical cannabis market. However, limited approvals of drugs from the regulatory authorities hinder the market growth during the forecast years. Moreover, expanding clinical trials and research development activities, increasing disposable income, and rising healthcare spending is anticipated to provide an opportunity for market growth.
Based on type, the medical plastic market is segmented into standard plastic, engineering plastic, High Performance Plastic (HPP), silicone, and others. The standard plastic segment held the largest share of the market in 2019. Further, the engineering plastic segment is estimated to register the highest CAGR during the forecast period. Polyvinyl chloride, polyolefin, polyethylene, polypropylene, polystyrene, and poly (methyl methacrylate) are some of the types considered under the standard plastic segment. These materials must be processed and manufactured under a physician's license to pass validation requirements and verification of the regulatory agencies. From test equipment such as beakers and vials to catheters, surgical instruments and implants, plastics are used more and more for their lightweight, high performance, and lower costs.