Description
The global medical plastics market is expected to grow from USD 29.2 billion in 2021 to USD 45.0 billion by 2027, at a CAGR of 7.5% from 2021 to 2027. The demand is likely to register growth because of advanced plastics and plastic composites used in medical components such as catheters, surgical instrument handles, and syringes. The market for medical plastics is expected to register growth due to the high adoption of plastics for implants due to chemical inertness and superior fatigue resistance. The demand for medical device packaging is likely to be driven by the rise in the demand for in-house and advanced medical devices.
Medical plastics are widely used in various applications, including medical devices and equipment and medical packaging. Medical polymers have replaced traditional metals, ceramics, and glass because of their high thermal, chemical, mechanical strength, stability, and flexibility at high temperatures. Numerous agencies across the globe regulate medical polymers. In Europe, medical devices fall under the EU Council Directive (93/42 / EEC), which guides their consumption.
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The revision of healthcare and medical device industry regulations is likely to play an important role in the medical plastic industry. The directives mandated by regulatory authorities are likely to offer assurance for safe and better quality medical solutions to the consumers excepted to increase the demand for medical devices. As a result, the market for the plastics used in the manufacturing of these devices is expected to witness significant growth. A positive outlook toward the medical industry across the major markets in the Asia Pacific, North America, and Europe, coupled with high spending on R&D, is expected to drive the medical plastic market over the forecast period.
Global Medical Plastics Market Dynamics
Drivers: Growth of the medical device industry
Plastic, including polyethylene, polyvinylchloride, polypropylene, and engineering plastics, is increasingly used to manufacture medical devices. An increase in the home healthcare market accounts for low costs compared to hospital care, which has resulted in a rise in the demand for medical devices. Medical tests of different types in hospitals conducted for diagnosis have also contributed to the increasing demand for medical devices.
The key factors influencing the demand for medical devices are availability, awareness, affordability, and adaptability. Growing demand for better healthcare facilities coupled with the rising number of hospitals has augmented the growth of the medical devices sector. In 2015, Europe was the second-largest market for medical devices globally and accounted for over a quarter of the global demand. The growth of the medical device market in countries including Germany, Italy, the UK, and France is expected to increase the demand for medical plastics over the forecast period.
Restraints: Stringent government regulations
Regulations are the key factor influencing the medical device industry, influencing the medical plastic market in Europe and North America. Rising government concerns regarding the offering of high-quality, safe, and effective medical devices are expected to impact the industry growth over the forecast period. Medical devices and equipment such as syringes, IV bottles & bags, surgical devices, disposables, diagnostic components, drug delivery devices, and implants are primarily manufactured using plastic materials. In Europe, medical devices cannot be placed in the market without ensuring that they comply with the safety requirements given by the European Union.
Strict regulations associated with product quality and marketing are likely to increase the production cost and hamper small enterprises in the European medical device industry, which will likely affect the medical plastic market over the forecast period. Furthermore, according to Eucomed, the recent European Medical Device Directive (MDD) is anticipated to hamper the innovations and research capabilities in the region, which, in turn, is expected to hamper medical plastic industry growth over the forecast period.
Scope of the Report
The study categorizes the medical plastics market based on application and type at the regional and global levels.
By Application Outlook (Sales, USD Million, 2017-2027)
Medical Device Packaging
Medical Components
Orthopedic Implant Packaging
Orthopedic Soft Goods
Wound Care
Cleanroom Supplies
BioPharmaDevices
Mobility Aids
Sterilization and Infection Prevention
Tooth Implants
Denture Base Material
Other Implants
Others
By Type Outlook (Sales, USD Million, 2017-2027)
Disposables
Drug Delivery Devices
Diagnostic Instruments
Catheters
Surgical Instruments
Others
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By Region Outlook (Sales, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The medical component segment is projected to account for the largest market share by application
Based on type, the global medical plastics market is divided into medical components, orthopedic implant packaging, orthopedic soft goods, wound care, medical device packaging, cleanroom supplies, biopharma devices, mobility aids, sterilization and infection prevention, denture base material, tooth implants, other implants, and others. In 2020, the medical component segment accounted for the largest market share of 34.0% in the global medical plastics market. Solid waste includes residential, commercial, and municipal waste. Growing application scope for the product in the manufacturing of diagnostic devices, pans, containers, syringes, implant trials, trays, and medical cover sheets is expected to drive demand delivery. Polypropylene is expected to witness a significant growth in the medical component application owing to its lightweight, high bacterial chemical resistance, and low cost. The product has wide application scope in disposable manufacturing. The product can be molded easily in the perfect dimensions, hence having a high demand for manufacturing syringes.
Polypropylene’s environmental friendly properties are likely to open new avenues for market growth in medical applications over the forecast period. The product can be processed into non-woven fabrics leading to increased functionality in the healthcare industry. In addition, increasing demand for non-woven fabrics in medical applications such as single-use non-woven surgical gowns, caps, surgical drapes, and covers is anticipated to drive demand.
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Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global medical plastics market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 6.1% in the global medical plastics market during the forecast period. The increasing demand for high-quality medical devices and components by hospitals in major economies such as China, India, and Singapore increases the healthcare industry’s expenditure. In addition, improving service and safety standards in hospitals is expected to drive the medical plastics market growth over the forecast period.
The presence of major economies with high healthcare costs and increasing government expenditure on public & private health systems are positively impacting the market growth. The increasing private participation in the healthcare industry to improve healthcare services and infrastructure and offer high-quality treatment in countries such as Japan, India, Singapore, China, and Australia is expected to drive market growth.
Key Market Players
The medical plastics market is mildly concentrated, with few global players operating, such as Rochling Group, Nolato AB, GW Plastics, Inc., SABIC, Saint-Gobain Performance Plastics, Celanese Corporation, Eastman Chemical Company, The Dow Chemical Company, Orthoplastics Ltd., and Tekni-Plex. Every company follows its business strategy to attain the maximum market share.
Recent Developments
In August 2018, Nottingham Spirk, a consultancy and product design business, teamed with SABIC. This partnership aided both firms in commercializing a variety of specialty polymers for various industries, including medical, automotive, and aerospace.
In June 2019, BASF and SIBUR signed a Memorandum of Cooperation to develop novel polymer solutions at the PolyLab Research & Development Center in Russia. This partnership aims to provide a new variety of high-performance solutions, especially for long-term durable products.
In October 2019, RESOMER PLA-PEG, a commercial range of bioresorbable PLA-PEG copolymers for medical devices, was released by Evonik. The company’s range of functional biomaterials was increased due to this product development.
In February 2017, the company showcased an extensive portfolio of medical polymers for use in applications in the healthcare industry. It also introduced Celanese MT grade polymers that can design products capable of moving parts and providing precision dosage.
In April 2017, Trinseo S.A. introduced MAGNUM ABS resin for medical applications. The move is expected to strengthen the company’s position in the medical plastics market.
Key Issues Addressed
What is the market size by various segmentation of the medical plastics by region and its respective countries?
What are the customer buying behavior, key takeaways, and Porter’s 5 forces of the medical plastics market?
What are the key opportunities and trends for manufacturers involved in the medical plastics supply chain?
What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
What and how regulations, schemes, patents, and policies are impacting the growth of the market?
What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
The market player positioning, top winning strategies by years, company product developments, and launches will be?
How has COVID-19 impacted the demand and sales of medical plastics in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.
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