Global Medical Plastics Market to 2028: Rising Awareness Regarding Personal Hygiene, Technological Advancement and High Investment Drives Growth

DUBLIN, April 7, 2023 /PRNewswire/ -- The "Global Medical Plastics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product, Application and Region" report has been added to ResearchAndMarkets.com's offering.

According to this analysis, the Global Medical Plastics Market is expected to record a positive CAGR of ~7% during the forecast period (2022-2028) and is expected to reach approximately US$ 60 billion by 2028.

Rising awareness regarding personal hygiene, technological advancement, and high investment by the players in the development of medical plastics is positively impacting the market

Technologies including device downsizing, multipurpose drug packaging, and point-of-care (POC) diagnostic tools have all contributed significantly to the rapid expansion of the medical plastics market.

As an illustration, bespoke blow forming is a technical approach developed to produce thinner prescription bottles, enhance performance in terms of moisture transmission rate, and strengthen the twist caps. A simple biocompatibility test is made possible by the design of Unique Device Identification (UDI) and other device identification barcodes.

Concerns about improper medical waste management as well as environmental concerns limit the market growth
The demand for medical plastics has grown as a result of the continually rising human population.

Due to the constant rise in plastic production and waste creation caused by these items, environmental pollution levels are rising and the development of the medical plastics industry is being hampered. These are typically non-recyclable materials that receive separate treatments to prevent the spread of infection. The lack of medical waste management services is causing a variety of contamination, including land and water pollution.

The COVID-19 pandemic has had a positive effect on some medical equipment markets. Polyethylene, polypropylene, and engineering plastics are just a few of the polymers that were highly demanded and are still in demand due to medical uses as well as due to the increased production of medical supplies and equipment during the pandemic, such as thermal scanners, ventilators, respirators, masks, and gloves.

Additionally, increasing consumer awareness of good hygiene is promoting product consumption and fosters market expansion after COVID-19.

Scope of the Report

The Medical Plastics Market is segmented by product and application. In addition, the report also covers market size and forecasts for the four major regions' Medical Plastics Market. The revenue used to size and forecast the market for each segment is US$ billion.

By Product

• Polyethylene
• Polypropylene
• Polycarbonate
• Liquid Crystal Polymer
• Polyphenylsulfone

By Application

• Medical Device Packaging
• Medical Components
• Wound Care
• BioPharm Devices
• Tooth Implants
• Other

By Geography

• North America (USA, Canada, and Mexico)
• Europe (Germany, UK, France, Spain, and Italy)
• Asia Pacific (China, Japan, South Korea, India, Indonesia, and Australia)
• LAMEA (Latin America, Middle East, and Africa)

Key Players

• Evonik Industries AG
• Solvay S.A
• Dow
• Eastman Chemical Company
• Rochling Group
• DuPont de Nemours Inc
• BASF SE
• Celanese Corporation
• Mitsubishi Chemical Corporation
• Nolato AB
• Saint-Gobain Performance Plastics

Key Trends by Market Segment

By Product: The polyphenylsulfone product segment held the largest market share in the Global Medical Plastics Market in 2021

Polyphenylsulfone resists heat and chemicals well, it is preferable for replacing metals in medical applications. The manufacturing of single- and multiple-use surgical instruments is made possible by these plastics' strong flexural strength, impact resistance, and longevity

Medical devices that must be frequently steam sterilized adopt polyphenylsulfone because of its resilience to high temperatures. These plastics are increasingly being employed in the production of biopharmaceutical products and surgical robots.

By Application: The medical components application segment held the largest share of the Global Medical Plastics Market in 2021.

The demand is anticipated to be driven by the expanding range of applications for polypropylene in the production of diagnostic pans, tools, trays, implant trials, containers, syringes, and medical cover sheets.

Polypropylene is anticipated to experience significant expansion in the application for medical components owing to its high level of microbiological and chemical resistance, low weight, and low price, and can be used in the production of a variety of medical disposables. It also has a high demand in the syringe manufacturing industry since it is simple to mold into the required dimensions.

By Geography: North America accounted for the largest market share in 2021 within the total Global Medical Plastics Market.

North America dominated the regional market and contributed a significant share of total sales in 2021. The growing older population in the USA and the rising need for home healthcare services are the main factors driving the market for medical plastics in North America.

The regional market is also anticipated to be driven by increasing product demand for pharmaceutical packaging applications and the swift expansion of the pharmaceutical industries in Mexico and Canada.

Frequently Asked Questions

What is the Study Period of this Market Report?

• The Global Medical Plastics Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022E-2028F

What is the Future Growth Rate of the Global Medical Plastics Market?

• The Global Medical Plastics Market is expected to witness a CAGR of about 7% over the next six years

What are the Key Factors Driving the Global Medical Plastics Market?

• Key trends driving market expansion include the aging population's demand for improved medical gadgets, rising healthcare spending in developing nations like China and India, and an increase in demand for inexpensive and effective healthcare systems

Which is the Largest Product Segment within the Global Medical Plastics Market?

• The polyphenylsulfone product segment held the largest share of the Global Medical Plastics Market in 2021

For more information about this report visit https://www.researchandmarkets.com/r/ab9gxh

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