Medical Plastics Market Worth 6,978.03 Million USD by 2020

13 Nov, 2015, 11:00 ET from MarketsandMarkets

PUNE, India, November 13, 2015 /PRNewswire/ --

The report "Medical Plastics Market by Type (PVC, PP, Engg Plastics, PE, PS, Silicones & Others), by Application (Implants, Disposables, Drug delivery devices, Syringes, Diagnostic instruments, Surgical instruments, Catheters, & Others) and by Region - Forecast to 2020", published by MarketsandMarkets, The Global Medical Plastics Market is expected to reach USD 6,978.03 Million by 2020 at a CAGR of 7.12% between the projected year.

Browse 128 market data Tables with 52 Figures across 191 Pages and in-depth TOC on "Medical Plastics Market".

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The global medical plastics market size, in terms of value is projected to reach USD 6,978.03 Million by 2020, at a CAGR of 7.12% between 2015 and 2020. This growth is fueled by the aging population increasing the demand for existing and new medical technologies and growing application sectors globally.

Polyvinyl Chloride - The largest medical plastics, by type 

Polyvinyl chloride is the largest market in the medical plastics market. PVC is the third most widely produced synthetic plastic polymer, after polyethylene and polypropylene. The demand for PVC is more as PVC is compatible with different kinds of additives that make it a versatile polymer and thus suitable to be used in manufacturing of medical plastics. PVC is widely used in manufacturing of Class I medical devices. Medical devices that are manufactured using PVC can be easily sterilized using such methods as steam, radiation, or ethylene oxide. The two main applications for medically approved PVC compounds are flexible containers and tubing.

Disposable medical devices - The largest application market for medical plastics 

Disposable medical devices can be disposed or can be thrown away once they are used. Medical devices such as contact lenses, hypodermic needles, disposable enemas, dialysis disposables, medical and cleaning gloves, and other medical products are considered in this segment. Among the major disposable medical devices, dialysis disposables witness the fastest growth rate globally, because of increasing end-stage kidney disorders and high frequency of therapeutic requirements. Polymers such as silicone hydrogel, polyethylene, polystyrene, epoxy resins, and polypropylene are used for manufacturing disposable medical devices.

The demand for disposable medical devices is more in the emerging economies as the health care sector in these economies has expanded and modernized. Abbott Laboratories (U.S.), Access Closure (U.S.), Advanced Medical Solutions Group plc (U.K.), Lohmann & Rauscher GmbH & Company KG (Germany), Medline Industries Incorporated (U.S.), and Medtronic Incorporated (Ireland) are some of the notable companies that are operating in the disposable medical devices market.

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Europe - The largest market for medical plastics 

The European Union has a positive outlook for the medical industry. The emerging technology in the region has allowed it to produce better quality medical devices. The demand for medical devices has been increasing owing to rising awareness for early diagnosis and treatment of countless diseases in European countries. The medical device manufacturers are attracted towards Europe, as it is easy to get fast approvals and the regulatory bodies are flexible. This acts as a great advantage for the manufacturers because this reduces the launch time of the device. Thus, Europe is witnessing a large number of acquisitions and expansions in the medical and healthcare industry.

The global medical plastics market is a fragmented market owing to the large number of buyers and limited availability of suppliers across the globe. Also, the increasing rivalry among the players to obtain majority of the patents for medical plastics-based applications has played a major role in intensifying the level of competition. Major players such as Phillips-Medisize Corporation (U.S.), Freudenberg Medical (U.S.), Nolato AB (Sweden), Roechling Engineering Plastics (Germany), West Pharmaceutical Services, Inc. (U.S.), Parker Hannifin Corporation (U.S.), MedPlast Inc. (U.S.), and GW Plastics (U.S.) have adopted various organic and inorganic developmental strategies. These strategies majorly include expansion, merger & acquisition, partnerships, and new product launch & product development to achieve growth in the medical plastics market. They mainly focus on providing high-quality and low-cost medical plastics.

For Further Inquiries

This report covers the market by value and volume for medical plastics and forecasts the market size till 2020. It includes the market segmentation by type, application, and region. It also provides company profiles and competitive strategies adopted by the major market players in the global medical plastics market.

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