NEW YORK, Feb. 24, 2016 /PRNewswire/ -- Growing demand of medical plastics from the medical devices industry, globally
The global medical plastics market is projected to reach USD 6,978.03 million by 2020, registering a CAGR of 7.12% from 2015 to 2020. The demand for medical plastics is high as they have excellent conductivity, tensile strength, long life span, and thermal stability. The growing demand from the Asia-Pacific region and the increasing application sectors such as implants, dental tools, drug delivery devices, surgical instruments, syringes, disposable medical devices, and so on fuel the demand growth of medical plastics in the global medical market. Medical plastics are being used as the preferred substitute for traditional glass and metal instruments by major medical device manufacturers and suppliers globally.
Implants and disposable medical devices – fastest-growing application market for medical plastics
Medical plastics are used for manufacturing the outer body of the disposable medical devices. High tech polymers are used to create new and improved artificial limbs and plastic disposable delivery devices that have succeeded in reducing the risk of infection to patients. The demand for disposable medical devices is more in the emerging economies as the health care sector in these economies has expanded and modernized. An implant is a medical device that is manufactured to replace a missing natural structure, support a damaged biological structure, or enhance an existing biological structure. Polymers such as polyethylene, polyurethane, PET, PMMA, hydrogels, fluropolymers, and polycarbonate are used in manufacturing of implants. The use of polymers in temporary and permanent implants is rapidly growing.
Asia-Pacific- the fastest-growing market for medical plastics
The Asia-Pacific region is the fastest-growing market of medical plastics, in terms of value and volume. High economic growth rate, growing manufacturing industries, cheap labor, increasing medical plastics patents, expansion, and global shift of consumption and production capacity from the developed markets to the emerging markets are few factors leading to the growth of medical plastics in this region.
China dominates the medical plastics market in Asia-Pacific. China's consumption of medical plastics has grown significantly and is expected to witness further growth in the near future. The growing middle class and the aging population, increasing purchasing power of people, improvement in living standards and therefore demand for medical devices, technology upgradation in hospitals, requirements for higher quality products, and the development of China's western regions are the major reasons that are driving the medical devices market in China.
This study has been validated through primaries conducted with various industry experts globally. These primary sources have been divided in three categories: by company type; by designation; and by region. The by company type category states the company's position in the market, that is Tier 1, Tier 2, or Tier 3. Our study has covered all the three Tier companies for our primary interviews. By designation refers to the position that the primary expert holds in the specific industry, and is divided in three sub-categories: C-Level (CXO's), Director Level, and Others (managers, analysts, R&D experts, and so on). By region involves the Asia-Pacific, North America, and Europe medical plastics markets for this study.
The report also provides company profiles and competitive strategies adopted by the major market players, such as Phillips-Medisize Corporation (U.S.), Freudenberg Medical (U.S.), Nolato AB (Sweden), Röchling Engineering Plastics (Germany), West Pharmaceutical Services, Inc. (U.S.), Parker Hannifin Corporation (U.S.), MedPlast Inc. (U.S.), and GW Plastics (U.S.), among others.
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