Global Medical Plastics Market to Reach $28.2 Billion by 2026
SAN FRANCISCO, March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Medical Plastics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 17; Released: February 2022
Executive Pool: 7768
Companies: 77 - Players covered include BASF SE; Celanese Corporation; Covestro AG; DuPont de Nemours, Inc.; Eastman Chemical Company; Ensinger; Evonik Industries AG; GW Plastics, Inc.; HMC Polymers Co., Ltd.; NOLATO AB; Avantor, Inc; Orthoplastics Ltd.; SABIC; Saint-Gobain Performance Plastics; Solvay; TekniPlex Corporation; The Lubrizol Corporation; Trelleborg Sealing Solutions; Trinseo and Others.
Coverage: All major geographies and key segments
Segments: Type (Engineering Plastics, High Performance Plastics (HPP), Standard Plastics, Silicone, Other Types); Application (Medical Disposables, Drug Delivery, Medical Instruments & Tools, Prosthetics, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Medical Plastics Market to Reach $28.2 Billion by 2026
Plastics that are used in healthcare are typically medical-grade polymer materials that follow the regulatory standards precisely engineered for medical use or plastics that are used in consumer packaging. Medical plastics are expected to continue exhibiting encouraging growth due to increased use of medical devices, improvement in medical packaging, enhanced biocompatibility of high-end polymers, and growing importance of portable and compact devices. The growing use of implants, rising aging population, and a shift towards disposable devices would additionally contribute to market growth. Furthermore, the increase in number of plastic-intensive complex procedures such as cosmetic surgeries, and advanced prosthetics and joint replacements are likely to fuel demand for medical plastics. Technologies such as transplant medicine, tissue engineering, and specialized polymer coatings that enable the creation of complex design and drug coated devices for targeted drug delivery are expected to boost demand for medical plastics.
Amid the COVID-19 crisis, the global market for Medical Plastics estimated at US$22.4 Billion in the year 2022, is projected to reach a revised size of US$28.2 Billion by 2026, growing at a CAGR of 5.3% over the analysis period. Engineering Plastics, one of the segments analyzed in the report, is projected to record a 5.9% CAGR and reach US$7.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the High Performance Plastics (HPP) segment is readjusted to a revised 5% CAGR for the next 7-year period. A large portion of medical plastics market is represented by commodity plastics, while engineering plastics are slowly penetrating into the medical segment with their advanced attributes. In the near term, engineering plastics, irrespective of higher costs, would see a faster growth in the medical vertical compared to commodity plastics. Costs of engineering plastics are high and the demand growth would essentially be in areas that require high performance such as preventative and self-treatment medicines, geriatric care applications, surgical and diagnostic testing fields, and systems for delivering drugs. Surgical medical instruments such as scalpels and syringes, diagnostic equipment casings and research application tools represent some of the high growth areas for engineering plastics.
The U.S. Market is Estimated at $6 Billion in 2022, While China is Forecast to Reach $4 Billion by 2026
The Medical Plastics market in the U.S. is estimated at US$6 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$4 Billion by the year 2026 trailing a CAGR of 6.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.7% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR.
Standard Plastics Segment to Reach $10.9 Billion by 2026
Standard plastics such as Polyvinyl chloride and Polyolefin find application in medical disposables, containers, films, packaging, medical bags, catheters, implants, and lid stocks; blood bags and blood tubing among others. In the global Standard Plastics segment, USA, Canada, Japan, China and Europe will drive the 5.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.8 Billion will reach a projected size of US$8.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1 Billion by the year 2026, while Latin America will expand at a 5.9% CAGR through the analysis period. More
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