Medical Plastics Market to Reach Value of US$ 76.7 Bn by 2031, TMR Study

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Jul 13, 2022, 11:30 ET

Material suppliers growing R&D for unveiling specialty polymers with advanced properties for next-gen devices, thereby expanding avenue in medical plastics market; enormous demand in panoply of surgical devices and equipment propelling revenue expansion
Asia Pacific and North America markets to witness lucrative opportunities; widespread application of polyethylene as medical-grade plastics steering abundant profitable prospects

WILMINGTON, Del., July 13, 2022 /PRNewswire/ -- Applications of medical plastics are proliferating on the back of abundant demand for medical equipment and surgical devices in the healthcare industry. Polyethylene, polypropylene, polystyrene, and engineering plastics are some of the popular types in medical plastics that have undergone continuous improvements in performance characteristics such as in blood/tissue biocompatibility, chemical resistance, physical strength, and flexibility. A TMR report on the medical plastics market projects the value to reach US$ 76.7 Bn by the end of the forecast period of 2022–2031.

Suppliers of raw materials to medical devices manufacturers have witnessed new avenues from the use of improved processing technologies in engineering polymers. They are expanding R&D funding on improving the processability of polymeric materials to cater to the next-gen biomedical applications. The incorporation of such materials is enriching streams of revenue of medical plastics market.

A granular medical plastics market demand analysis has found widespread demand for polyethylene medical plastics. The introduction of new commodity plastics for a wide spectrum of implants, surgical instruments, medical bags, and drug delivery devices has catalyzed the growth prospects of the medical plastics market. The need for specialty medical-grade polymers for meeting the performance characteristics of the materials for implants will enrich the scope for medical plastics market.

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Key Findings of Medical Plastics Market Study

Demand for Attractive Characteristics of Medical-Grade Plastics Bolstering Revenue Growth: Rise in demand for polymers with multiple favorable performance characteristics is expanding the avenues in the medical plastics market. Of note, abundant demand for low cost and durable medical-grade plastics has generated massive revenue potential for suppliers who cater to equipment and device manufacturers. They are keen on offering advanced and versatile thermoplastics to capture value from rapidly growing applications of medical plastics.
Need for Next-gen Medical Equipment and Devices in Healthcare Industry Underpins Vast Opportunities: Specialty plastic manufacturers are witnessing substantial value-grab opportunities in next-gen medical devices. Stridently, the adoption of these polymers for implants has opened up new frontiers for players in the medical plastics market.
Advancements in Processing Technologies Expanding Avenues: Use of advanced fabrication techniques has created promising opportunities in the medical plastics market. A case in point is use of extrusion material techniques in medical plastics. The increasing trend of use of 3D manufacturing technologies has unlocked an incredible avenue for various industry players in the medical plastics market. Furthermore, 3D printed patient specific models from medical imaging will pave the way to new possibilities for medical device manufacturers.

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Medical Plastics Market: Key Drivers

The past few decades have witnessed rapidly rising demand for medical equipment and devices in the healthcare industry. Plastics, among others, have been extensively developed to meet the regulatory standards such as EU Regulation 2017/745 (MDR) and ISO 10993-18:2020, thus engendering revenue streams in the medical plastics market.
Rise in demand for catheters and syringes is likely to accelerate prospects of the medical plastics market.

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Medical Plastics Market: Regional Growth Dynamics

Asia Pacific held a market share of 45% globally in 2021. The regional market has witnessed considerable revenue generation on the back of enormous production of medical plastics.
Europe is another lucrative region in the global medical plastics market. Presence of numerous globally prominent medical device manufacturers particularly in Germany and France has spurred sizable profitable opportunities over the past few years.

Medical Plastics Market: Key Players

Prominent companies in the market include Tekni-Plex, Inc., Saint-Gobain S.A., The Lubrizol Corporation, Trelleborg AB, Trinseo S.A., Exxon Mobil Corporation, Solvay SA, DowDuPont Inc., Royal DSM, Covestro AG, Celanese Corporation, BASF SE, and Arkema S.A.

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Medical Plastics Market Segmentation

Type

Poly Vinyl Chloride
Polyethylene
Polypropylene
Polystyrene
Engineering plastics
Silicone
Others (including Acrylate and Polysulfone)

Process Technology

Extrusion
Injection Molding
Blow Molding
Others (including Rotational Molding)

Application

Disposables
Diagnostic Instruments
Catheters & Syringes
Implants
Dental Tools
Surgical Instruments
Medical bags
Drug Delivery Devices
Others (including Saline Bottles)

Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Countries

U.S.
Canada
Germany
U.K.
France
Spain
Italy
Russia & CIS
Japan
China
India
ASEAN
Brazil
Mexico
GCC
South Africa

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