Global Medical Plastic Market - 2021-2028
The global medical plastic market size was worth US$ XX billion in 2020 and is expected to show significant growth by reaching up to US$ XX billion by 2028, growing at a CAGR of XX% during the forecast period (2021-2028).
Medical plastic is termed as plastic products specially designed for healthcare industry applications. These plastics are polymers made from polyethylene (PE), polyvinyl chloride (PVC), polypropylene (PP), etc., which are resistant to temperature, chemicals, and corrosion. This makes them easy for regular sterilization and enables efficient storage of other medical fluids. Due to mobility, fast sterilization, greater protection, and longevity, these plastics are changing the healthcare industry.
These plastics, besides, are environmentally friendly and cost-effective. Medical plastics are also widely used to manufacture disposable goods, drug delivery systems, and diagnostic equipment. Medical plastic is used in numerous packaging applications, including containers, bottles, cups, drums, trays, boxes, and vending packaging, baby products and protective packaging. Growing production of medical disposables and different medical equipment such as ventilators, respirators, thermal scanners, and masks showed a positive impact on the growth of medical plastic in 2020.
The global medical plastic market is driven by growing technological advancements and recent technology adoption by various key players across the globe. The growing percentage of regular surgeries, outpatient procedures, and up-grading various infection prevention standards is creating immense opportunities for the medical plastic market to proliferate in the near future.
Growing technological advancements and adoption of recent technology by various key players across the globe
An array of disruptive developments such as product miniaturization, point-of-care (POC) , multi-purpose packaging, diagnostics, and globalization are confronting the medical plastics industry. An increased degree of cooperation between original equipment manufacturers (OEMs), material suppliers, design engineers, mold manufacturers, and manufacturers is needed to create high-quality products in this current market successfully. For instance, custom blow forming is a technological solution designed to produce thinner medical bottles, improve the moisture transmission rate, and strengthen the twist caps. In addition, Unique Device Identification UDIs and barcodes that are important for identifying and monitoring devices are designed using materials that can be laser-engraved, pass biocompatibility checks, and be easily identified regardless of the product or its packaging position. These growing technologies are more likely to accelerate the medical plastic market in recent times. Companies are collaborating to create products that meet these new demands to reap the benefits existing within medical device miniaturization, multi-purpose packaging, POC diagnostics, and globalization trends. Thus, the above growing trend is helping to elevate the patient's treatment efficiency and boost the market's growth.
The growing percentage of regular surgeries, outpatient procedures, and up-grading of various infection prevention standards and increasing key players in the market create immense opportunities for the medical plastic market to proliferate in the near future.
As per the reports, nearly 234 million major surgical procedures are performed every year across the globe. These growing numbers of surgical procedures and infection prevention standards are more likely to accelerate the demand for medical disposables, prosthetics & implants, medical instruments, and drug demand of medical devices in recent times.
The arrival of global medical plastic players is another factor adding value to medical plastic's growing market. Due to growing players in the market, it leads to a high degree of competition in the industry, which is expected to bolster consumer buying power. Factors such as product quality and cost competitiveness are the major factors improving the buyer power decision. Also, many key players are investing huge amounts in R&D for the development of innovative products such as3D printed medical devices.
For instance, in October 2019, Evonik brings a new product- bioresorbable PLA-PEG copolymers' commercial line underneath the brand name RESOMER PLA-PEG for the medical devices. With the arrival of this product development, Evonik prolonged its assortment for functional biomaterials.
Stringent government policies on environmental pollution and medical waste management are severely hampering the medical plastic market in the current time
Plastic is turned out to be the backbone of the medical plastic industry, and the market is completely relying on plastic only. The growing demand for medical plastic is directly responsible for increasing the demand for plastic production and the immense generation of waste. The growing plastic waste has triggered the government to build stringent policies to reduce plastic's impact in the environment, thereby hampering the growing market of medical plastic in the coming future. For instance, medical plastics are regulated by numerous agencies across the globe. In Europe, medical devices fall under the EU Council Directive (93/42/EEC), offering guidance for their consumption. Restructuring of the European regulations for medical devices is expected to emerge as one of the key factors affecting the regional market growth. The outbreak of COVID-19 has positively impacted the industry in 2020; however, immense demand for medical plastic has uplifted plastic consumption, thereby expected to hamper the growth of medical plastic in coming years severely.
COVID-19 Impact Analysis
The outbreak of COVID-19 has shown a positive impact on the growth of medical plastic in 2020. The outbreak leads to an increase in the demand for polymers for medical applications, including PP, PE and engineering plastics. Increasing production of medical disposables and medical equipment such as ventilators, respirators, masks, gloves and others has shown a positive shift towards the growth of the market. COVID-19 closed all the international borders of almost all global countries, thereby disrupted supply chain management and hampering the medical device market. However, the shutdown of international borders created immense opportunities for the local players to proliferate their business during this crisis.
The global medical plastic market is segmented based on type, application and region.
Lower cost, higher efficiency, and easy sterilization of the products such as gloves, injections, masks and others of medical disposables are triggering the demand of the segment.
In terms of application, the global medical plastic market is bifurcated into medical disposables, catheters, prosthetics, drug delivery, medical instruments & tools, syringes, implants, surgical instruments and others. Medical disposables are more likely to rule the medical plastic market due to lower cost, higher efficiency, and easy sterilization of the products such as gloves, injections, masks and others. Owing to their flexibility, the use of medical plastics is growing. Medical disposables can be defined as single-use products that are used in surgical as well as procedural applications. The use of these medical products in procedural and general check-up applications is growing. Furthermore, the use of these disposables as driven by various agencies, such as the USFDA and the European FDA, is driving global demand for medical plastics. The market's key drivers are the increased prevalence of chronic diseases, the evolving lifestyle of the middle-income community, the demand for better healthcare services, and the rise in the aging population.
For instance, in August 2018, SABIC announced the collaboration with a consulting and product designing firm, Nottingham Spirk (Cleveland, US). This collaboration helped both the companies to commercialize multiple specialty plastics suitable for a broad array of industry verticals, such as medical, automotive, and aircraft.
Presence of key players, shift towards disposable plastics and increasing investment from government on R&D project is boosting the North American medical plastic market
North America is expected to grow at the fastest rate in the timespan mentioned above as the demand for medical devices is projected to increase significantly with the growing per capita health expenditure in the U.S. This is expected to raise regional demand for goods. In addition, the presence in the area of key producers such as DuPont, Dow Inc, Celanese Corporation; and Eastman Chemical Co. is expected to affect the overall growth of the market overall positively. Besides, owing to the stringent government policies over usage of plastic in different segments, the medical sector in the North America region is shifting towards disposable plastics as they have a high use in the field with applications in the product such as catheters, surgical cables, tubing, inhalation masks, orthopedic sutures, among others. Moreover, the government has a high investment in the R&D sector, innovating in medical plastics for more considerable aids to the healthcare industry.
The medical plastic market is highly competitive with the presence of local as well as global companies. Some of the key players contributing to the market's growth include Exxon Mobil Corporation, DuPont de Nemours, Inc, Celanese Corporation, The Lubrizol Corporation, Saint-Gobain Performance Plastics, Rochling Group, Trinseo, BASF, Evonik Industries AG, Eastman Chemical Company and among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the medical plastic market's growth globally. The kay players prefer expansion and collaboration as the growth strategy to build their business.
Overview: BASF SE is a German multinational chemical company and the largest chemical producer in the world. The BASF Group includes subsidiaries and joint ventures in more than 80 countries and operates six integrated production sites and 390 other production sites in Europe, Australia, Asia-pacific, the Americas and Africa. The company is 150 years old, ranging from chemicals, plastics, performance products and crop protection products to oil and gas. As the world's leading chemical company, the company economic success with environmental protection and social responsibility.
Ultraform® PRO (POM) and Ultradur® PRO (PBT): The product is a semi-crystalline copolymeric engineering plastic having high crystallinity, ideal combination of strength, stiffness and toughness. Furthermore the product has excellent thermal and oxidative stability, high resistance to heat deflection (continuous temperatures of up to 100 °C) and very good resilience (spring properties)
The global medical plastic market report would provide access to an approx: 53 market data table, 50 figures and 235 pages.
Target Audience 2022