Global Medical Plastics Market Report 2022 to 2028: Featuring SABIC, BASF, Celanese and Eastman Chemical Among Others

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Nov 04, 2022, 09:30 ET

DUBLIN, Nov. 4, 2022 /PRNewswire/ -- The "Global Medical Plastics Market, By Type, By Application & By Region - Forecast and Analysis 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The Global Medical Plastics Market size was valued at USD 45.89 Billion in 2021, and it is expected to reach a value of USD 76.13 Billion by 2028, at a CAGR of 7.50% over the forecast period (2022 - 2028).

Medical plastics are polymers that can be molded into nearly any shape. Medical plastics frequently use thermoplastic compounds. After being heated, thermoplastics can be easily molded. Medical-grade polymers are heat and chemical-resistant. Some of the most commonly used medical plastics are polycarbonate, polypropylene, and polyethylene. It can be used to make medical devices and equipment, such as medical and surgical tubing.

The Global Medical Plastics Market is expected to grow as a result of increased healthcare investment and rising consumer health concerns. Furthermore, rising disposable income and a shift in consumer lifestyle will drive market growth in the forecasted timeframe.

Segments covered in this report

The Global Medical Plastics industry is segmented on the basis of Type, Application, and Region. Based on the Type, the Global Medical Plastics Market is segmented as an Engineering Plastic, HPP, Standard Plastics, Silicone, and Others. Based on the Application, the Global Medical Plastics Market is segmented as Medical Disposable, Prosthetics, Medical Instruments & Tools, Drug Delivery, and Others. Based on Region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Driver

Significant growth in medical businesses around the world is one of the primary factors driving the market's positive outlook. As COVID-19 spreads around the world, the demand for single-use medical plastics and consumables in healthcare facilities has skyrocketed. Thermal scanners, ventilators, gloves, respirators, and masks are commonly used to treat patients in hospitals, diagnostic centers, and clinics. Numerous product developments, such as the development of medical polymers with improved biocompatibility, are also growth-inducing factors. Other factors driving industry growth include extensive improvements in healthcare infrastructure, particularly in developing economies, as well as an increasing geriatric population, which is expected to drive the market even further.

Restraint

Pollution and increased waste are the factors limiting the industry's growth. The human population is steadily increasing, which increases the demand for plastics. These products are to blame for the continuous increase in plastic production and waste generation, both of which contribute to increased pollution and stifle industry progress. These are typically non-recyclable materials that are individually treated to prevent infection spread. Medical waste that is not properly managed causes a variety of pollution, including water and soil degradation.

Market Trends

Price volatility in Polyvinyl Chloride (PVC), Polyethylene (PE), Polypropylene (PP), and Polystyrene (PS) has been exacerbated by fluctuations in oil prices (PS). Price volatility in the market has also been influenced by capacity expansion and contraction. Furthermore, rising overproduction in the Chinese market is expected to have an impact on raw material prices. Furthermore, the market is expected to grow during the forecast period as a result of the enforcement and upgrading of various infection prevention regulations, as well as an increase in the number of surgical, hospital, and outpatient procedures.