The Global Medical Plastic Market size reached USD 44.84 Billion in 2021 and is expected to register a revenue CAGR of 7.5% during the forecast period, according to a latest analysis by Emergen Research. Rising high-value investments in the healthcare sector along with increasing Research & Development (R&D) initiatives by various major companies are few of the key factors driving market revenue growth. Surging demand for point-of-care diagnostic tools, multi-purpose drug packaging, miniaturization of devices, and surgical instruments are contributing to revenue growth of the market.
Rapid technological advancements in the medical sector is increasing demand for medical plastics for various applications such as 3D printing for prosthetics and injection moulding. Cost-effectiveness is helpful in preventing cross contamination as well as infection are major factors driving demand for medical plastics in healthcare, especially since COVID-19. High demand for disposable medical products such as IV tubes, personal protection equipment (PPE), inhalation masks, disposable gowns, and others is another factor contributing to the growth of market.
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The prominent players profiled in the report are:
SABIC (Saudi Basic Industries Corporation), Saint-Gobain Performance Plastics, Celanese Corporation, Evonik Industries AG, BASF SE, Röchling SE & Co. KG, Orthoplastics Ltd, Solvay S.A., Nolato AB, and Eastman Chemical Company.
Lightweight, versatility, biocompatibility, chemical, corrosion resistance as well as high temperature resistance capabilities of medical plastics are increasingly driving demand for manufacturing of medical devices and products by the healthcare sector and Original Equipment Manufacturers (OEMs). Rising prevalence of chronic diseases and growing preference for at-home healthcare are contributing to revenue growth of the medical plastic market. According to the World Health Organization (WHO), Non-communicable diseases (NCDs) kill 41 million people each year, equivalent to 71% of all deaths globally.
Easy sterilization and recyclability enables healthcare providers to meet the demanding medical applications as well as be environmentally sustainable. Growing elderly population with increasing demand for at-home healthcare and outpatient procedures owing to reduced healthcare costs and convenience is increasing demand for medical plastic. According to WHO, the proportion of global population over 60 years is expected to double from 12% to 22% between 2015 and 2050.
However, lack of medical waste management is leading to environmental pollution, which is expected to provide some restraints to revenue growth of the market.
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Some Key Highlights From the Report
The polyphenylsulfone (PPSU) segment accounted for a significant revenue share in 2021. High-temperature and chemical resistance properties of PPSU enable increasing utilization as an alternative of metals in various medical applications which is one of the key factors driving revenue growth of the segment. Moreover, owing to high-temperature resistance capability enable easy steam sterilization of medical devices made from PPSU. Versatility, good flexural modulus, high tensile strength, shatterproof and high durability of PPSU makes it ideal for production of single-use as well as multi-use surgical instruments. Resistance to cleaning agents and various solvents and low moisture absorption are some of the major factors driving revenue growth of the segment.
The medical disposables segment accounted for largest revenue share in 2021. Surging demand for single-use surgical products as well as procedural applications in addition to growing preference for at-home healthcare for increasing elderly population are few of the key factors boosting revenue growth of the segment. Medical disposables enable prevention of cross contamination between patients and reduce risk of surgical site infection which are some of the major factors increasing demand for medical disposables.
The market in Europe is expected to register significant growth rate during the forecast period. Presence of various large-scale medical grade plastics manufacturers, especially in Germany and France, as well as increasing technological innovations along with medical advancements are some of the major factors driving revenue growth of the market in the region. Furthermore, increasing support by governments and various regulatory changes in support of robust and sustainable medical devices is contributing to revenue growth of the market in Europe.
On 1 June 2022, MedNet entered into a partnership with Arkema and would represent Arkema in all countries in the Middle East, Europe, and Africa. Along with Foster Corporation, MedNet would become the distributor of high-performance polymers for medical applications in Europe and will supply Arkema’s PEbax MED, Rilsamid MED, Rilsan MED, Kynar MED, and Rilsan Clear MED product ranges. MedNet would utilze distribution channels and market position in Europe to provide its customers with the advantage of single, local point of contact for Foster’s extensive compound portfolio and Arkema’s specialty resins.
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Emergen Research has segmented the global medical plastic market on the basis of product, application, end-use, and region:
Product Outlook (Revenue, USD Billion, Volume (Kilo Tons); 2019-2030)
Polypropylene (PP)
Polyethylene (PE)
Polycarbonate (PC)
Liquid Crystal Polymer (LCP)
Polyethersulfone (PES)
Polyethylenimine (PEI)
Polyphenylsulfone (PPSU)
Polymethyl Methacrylate (PMMA)
Others
Application Outlook (Revenue, USD Billion, Volume (Kilo Tons); 2019-2030)
Medical instruments
Medical disposables
Drugs packaging
Prosthetics & implants
Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Turkey
Rest of MEA
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Key Questions Answered in the Report:
What will be the estimated growth rate of the Medical Plastic market by 2030?
Who are the prominent distributors, vendors, and manufacturers of the market?
What are the driving and restraining factors of the growth of the Medical Plastic market throughout the forecast period?
What are the current and future market trends of the Medical Plastic market?
What are the sales and price analysis of the product by types, applications, and regions?
What are the expected opportunities for the companies and new entrants in the coming years?
The report provides comprehensive details about the market with respect to overall revenue, sales and consumption, pricing trends, gross margins, growth rate, and market size. Additionally, the report also covers details of the company, such as sales and distribution area, product portfolios, specifications, and others.
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