WASHINGTON, June 01, 2023 (GLOBE NEWSWIRE) -- The Global Medical Plastics Market accounted for USD 48.15 Billion in 2022 and is expected to have USD 82.74 Billion by 2030 at a CAGR of 7% over the forecast period of 2023-2030.
The medical plastics market is one of the fastest-growing markets economically, and consistent expansion is expected in the forecast period. Regardless of the industry's difficulties, various factors could influence its growth. This report evaluates current trends and future developments to provide a comprehensive industry view. It also includes information on the major industry players and their expansion initiatives.
The research examines worldwide producers and suppliers in-depth, as well as their recent state and future possibilities. It also discusses the global drivers of demand for this market in-depth, such as increased investment requirements, developing technology, and new laws.
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Vantage Market Research predicts that a few key factors will accelerate the growth of the medical plastics market over the projected period. The aging population and the increased frequency of chronic illnesses are to blame for the rising demand for medical equipment and technology. In many different medical applications, including implanted devices, medication delivery systems, surgical equipment, diagnostic tools, and others, medical plastics are widely employed. Medical plastics are ideally suited for usage in medical equipment because of their lightweight, toughness, and biocompatibility. The expansion of healthcare infrastructure in emerging regions and the expanding acceptance of less invasive surgical techniques are two additional factors anticipated to fuel the growth of the medical plastics market.
By 2030, we predict that the packaging and drug delivery segment will represent more than 40% of all sales. This is due to the increase in the need for packaging that can safeguard and maintain pharmaceutical and medical equipment, as well as cutting-edge drug delivery methods that may enhance patient outcomes.
North America led the regional market and contributed more than 32.9% of the total revenue in 2022. The spread of the older population in the US and the growing need for healthcare services directly to home are the main factors leading the market for medical plastics in North America. Also, the regional market is expected to be driven by growing product demand for the pharmaceutical packaging sector and the rapid expansion of the pharmaceutical industries in Mexico and Canada.
Rising healthcare expenditure to Drive the Market:
The need for medical devices and equipment, such as diagnostic tools, surgical instruments, implants, and prostheses, has significantly increased as healthcare spending grows. High-performance components that can guarantee the security, dependability, and durability of these devices are required. Medical plastics provide a number of benefits over conventional materials like metals and ceramics, including lightweight design, biocompatibility, corrosion resistance, and simplicity of production. As a result, medical plastics are gradually taking their place in a variety of healthcare applications, which is fueling market expansion.
Increasing Demand for Biocompatible and Sterilizable Materials to Promote Market Growth:
Excellent biocompatibility indicates that when used in medical applications, polymers do not have any negative effects on people. They are, therefore, perfect for use in catheters, pacemakers, and other medical implants and devices. Additionally, utilizing different techniques, including ethylene oxide, gamma irradiation, and autoclaving, medical plastics may be readily sterilized. This aids in maintaining the sterility of medical equipment and lowers the danger of infection, two important aspects of the healthcare sector.
Top Players in the Global Medical Plastics Market
- Dow Inc.
- Eastman Chemical Company
- BASF SE
- Bayer AG
- Arkema SA
- Solvay SA
- Evonik Industries AG
- Celanese Corporation
- Covestro AG
Top Trends in the Global Medical Plastics Market
- Vantage Market Research (VMR) predicts that one trend in the Medical Plastics Market is the increasing demand for environmentally conscious and biodegradable materials. The need for environmentally friendly medical equipment and technologies is rising as sustainability becomes a priority. In the upcoming years, the medical sector is anticipated to see a rise in the use of biodegradable polymers manufactured from renewable materials like cellulose and cornflour. While offering the required performance qualities for medical applications, these materials have the potential to lower waste and carbon emissions.
- Another trend that VMR anticipates will persist in the medical plastics market is the use of intelligent components and materials. Smart plastics are substances that can respond to changes in their surroundings and carry out specific tasks in accordance with such changes. Medical implants or medication delivery systems that can recognize and react to changes in the body could employ this technology. Medical treatments will likely become more individualized and flexible as a result of this development. Additionally, improvements in 3D printing technology are anticipated to make it possible to produce personalized implants and medical equipment built of smart polymers.
Top Report Findings
- Based on Plastic Type, Polyvinyl chloride (PVC) medical plastics are the most used type since they are affordable and simple to produce. Due to their biocompatibility and chemical resistance, PP medical plastics are also becoming more and more well-liked. This makes them perfect for medical packaging and disposable medical equipment.
- Based on Application, medical packaging is the most popular due to the rising demand for reliable and secure packaging solutions in the healthcare industry. By minimizing the danger of contamination and ensuring product safety and sterility during transit and storage, medical plastics improve patient safety. Medical plastics are a great option for medical packaging applications since they also have qualities like chemical and moisture resistance, low weight, and affordability.
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Top 10 Players Generate More Than 42% of the Global Medical Plastics Market Revenue.
According to the analysis, the top three important companies in the medical plastics market are BASF SE, Covestro AG, and Dow Inc. These companies are likely to gain from expanding demand for their services as well as increased investment in new technologies to improve their offerings. Eastman Chemical Company, Bayer AG, SABIC, Arkema SA, Solvay SA, Evonik Industries AG, and Celanese Corporation are among the other key competitors. According to a recent analysis issued by Vantage Market Research, the top ten firms generate more than 42% of the market's revenue.
Medical Packaging Category in the Medical Plastics Market to Generate Over 46% Revenue
Vantage Market Research analyzed the market for Calcium Propionate to understand its current state and potential future growth factors. For better understanding, based on application, the Medical Plastics Market is categorized into: Medical Packaging, Medical Devices, Drug Delivery Systems, and others.
We project that by 2030, the medical packaging category in the medical plastics market will count for more than 46% of sales. Because there is a greater need for clean and secure packaging for medical tools, supplies, and medications. Medical items are safe and effective until they reach patients because of the protection provided by medical packaging against contamination, moisture, and manipulation. The need for medical packaging has increased along with awareness of infection control and regulatory compliance, which is fueling the expansion of the medical plastics market in this sector.
Additionally, the demand for medical plastics in medical devices surged in 2022, accounting for the majority of sales; the main factor fueling market expansion is the increase in demand for high-tech medical devices such as implanted devices, surgical tools, syringes, and diagnostic equipment. These devices' flexibility, toughness, and safety are all improved by the use of medical polymers in construction. Additionally, the global incidence of chronic illnesses and the growing older population both support the expansion of this market. With technical developments and the demand for more effective medical equipment, this trend is probably here to stay.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Medical Plastics Market Forecast Report (2023-2030).
Global Medical Plastics Market Segmentation
By Plastic Type
- Polyvinyl chloride (PVC)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyethylene (PE)
- Medical Packaging
- Medical Devices
- Drug Delivery Systems
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
|Market Size in 2022||USD 48.15 Billion|
|Revenue Forecast by 2030||USD 82.74 Billion|
|CAGR||7% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||SABIC, BASF, Celanese, Evonik, Solvay, Covestro|
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