Medical Plastics Market Growth Analysis | 2023-2028

Market Insights

The Medical Plastics Market was estimated at US$ 22.06 billion in 2022 and is expected to grow at a healthy CAGR of 6.8% during 2023-2028 to reach US$ 32.83 billion in 2028.

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What are Medical Plastics?

Medical plastics refer to a range of polymers and materials specifically designed and used in various medical applications. These plastics possess characteristics that make them suitable for medical devices, equipment, and packaging. They are biocompatible, meaning they do not produce toxic or harmful effects when in contact with the human body. Medical plastics offer properties such as transparency, flexibility, strength, and resistance to chemicals and sterilization methods. They are utilized in applications such as surgical instruments, implants, catheters, prosthetics, drug delivery systems, and packaging for pharmaceuticals. The use of medical plastics has revolutionized healthcare by providing safe, reliable, and cost-effective solutions.

Market Dynamics

The medical plastics market is experiencing substantial growth, driven by key factors. Emerging economies like China and India are making significant investments in healthcare, while the aging population creates demand for advanced medical devices. Factors such as rising disposable income, changing lifestyles, demand for affordable and efficient healthcare systems, and the adoption of enhanced medical technologies like 3D printed implants and customized devices further contribute to market growth during the forecast period.

Segments Analysis

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By Type

Based on the type, the market is segmented as standard plastics, engineering plastics, high-performance plastics, silicone, and others. Engineering plastic is expected to be the leading segment of the market during the forecast period. It offers more attractive features than those standard plastics, such as better malleability, lower weight, faster production time, resistance to high impact, flame, shock, and chemicals, and better-reduced friction. The largest market size of this segment is attributed to the enhancing standards and regulations mandating excellent quality of plastics used in the applications of the medical field. Additionally, there are some other factors, such as the use of engineering plastics for assisting robots, AI-driven procedures, 3D printing of implants and prosthetics, and others, which are likely to fuel the growth of the segment during the forecast period.

By Application Type

Based on the application type, the market is segmented as medical disposables, prosthetics, medical instruments & tools, drug delivery, and others. Medical disposable is estimated to be the fastest-growing segment of the market during the forecast period. This growth can be attributed to its increasing usage because of the versatile features of medical disposables. Medical disposables are single-use products that are being used in surgical applications and procedural applications as well. There is an increase in the usage of medical products in procedural applications and general check-ups. Moreover, the demand for medical plastics has been boosted across the globe due to the use of medical disposables as per the instructions given by various agencies, such as the US FDA and Europe FDA. Factors such as an increase in chronic disease cases, change in lifestyle of the middle-class group, need and demand for better healthcare facilities, and a growing aging population are driving the growth of the segment during the forecast period.

Regional Analysis

In terms of regions, Asia-Pacific is estimated to account for the largest share of the market during the forecast period. This growth can be attributed to industrialization and urbanization in the region. Moreover, the increasing demand for a better healthcare system is driving the growth potential of APAC. Asia-Pacific is the largest region in the market with rapidly growing economies such as China, India, Malaysia, Indonesia, Vietnam, and Thailand, across which, local governments are reforming rules and regulations in various fields such as advanced materials, IT integration, and others in the healthcare industry to boost the efficiency of different medical devices and other healthcare-related services provided by this industry. The major factors such as changing reforms related to value-based care in existing systems, increasing R&D, ecosystem partnership across the value chain, and digitalization of the healthcare systems are fueling the medical device sector. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Key Players

Some of the key players in manufacturing medical plastics are-

• Arkema
• BASF
• Celanese
• Covestro AG
• Ensinger
• Evonik Industries
• Lubrizol
• SABIC
• Solvay
• Trinseo

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players).
• SWOT analysis of key players (up to three players).

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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