Medical Plastics Market to Register 5% CAGR as Sales of Engineering Plastics Surge by 6% through 2026
North America and Europe to Remain at the Top of the Ladder in Medical Plastic Market
Fact.MR's latest report on the medical plastics market investigates key growth variables influencing sales. The report continues by describing key market aspects such as growth drivers, challenges, and opportunities. To present the information in a vivid way, the report is segmented into type, application, and region.
NEW YORK, Sept. 7, 2022 /PRNewswire/ -- The global medical plastics market is expected to reach US$ 22 billion in 2022 and expand at a CAGR of 5% between 2022 and 2026. Demand for high performance plastics and engineering plastics is predicted to surge for medical device packaging, boosting the market.
Further, increased use of plastics in medical equipment such as catheters, syringes, surgical instruments, and disposables will also propel the sales. As medical plastics are considered as affordable and reliable, adoption in healthcare sector is expected to burgeon over the forecast period.
Hence, medical practitioners are using plastic-made, easily-disposed-of medical equipment to ensure the safety and reduce the risk of contamination. Also, with growing sustainability concerns, healthcare professionals are using high performance and engineering plastics. This is propelling the sales of engineering plastics in the medical plastics market.
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Additionally, adoption of medical plastics in Europe among leading international organizations is the key factor favoring the growth in the market. However, with growing presence of manufacturers in the U.S., sales of medical plastics are expected to reach US$ 6 billion in 2022.
Fact.MR opines, due to stringent regulations pertaining to the use of plastics coupled with rising awareness towards plastic waste, the demand in the market is likely to be hampered over the upcoming decade. However, as engineering plastics are considered as cost-effective and are safe to use, it is increasingly used in the production of medical equipment.
Key Takeaways:
- With rising demand of medical equipment, the U.S. medical plastics market is likely to exhibit at US$ 6 billion by the end of 2022.
- Middle East and Africa is anticipated to hold a small amount of market share during the forecast period.
- Latin America is poised to grow at a stupendous CAGR during the forecast period (2022-2026).
- Asia Pacific is expected to dominate the market, with China and India leading the growth through 2022 & beyond.
- In terms of type, the engineering plastics segment is predicted to grow at a CAGR of 6% between 2022 to 2026.
Growth Drivers:
- Demand in medical plastics is predicted to rise amid growing use of single-use syringes and catheters
- Sales of medical plastics products are being driven by favourable government policies and improvements in healthcare facilities.
Restraints:
- Fluctuation in the prices of polymer used in medical plastics might restrain the growth.
- Plastic medical equipment manufacturers might witness decline in sales on the back of rising environmental pollution and plastic waste.
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Competitive Landscape:
The medical plastics industry is expected to be fragmented and competitive. Key players in the market are focusing on collaboration with end users and product launches to gain competitive edge.
For instance,
- In October 2021, In order to improve sustainability in the healthcare industry throughout Europe, VinylPlus Med developed its first medical PVC recycling programme in Belgium.
- In October 2021, Avient, a provider of specialized and environmentally friendly material solutions and services, recently introduced two new items to its MEVOPUR range of medical-grade materials to help producers of pharmaceutical packaging and medical devices more easily achieve sustainability goals.
Key Companies Profiled by Fact.MR
- Röchling SE & Co. KG
- Nolato AB
- Saint-Gobain Performance Plastics
- SABIC
- Orthoplastics Ltd.
- Eastman Chemical Company
- Celanese Corporation
- Dow Inc
- Tekni-Plex
- Solvay S.A.
- HMC Polymers Thailand
- ARAN BIOMEDICAL TEORANTA
- Trelleborg AB
- Avantor Inc
- Trinseo
- Evonik Industries AG
More Valuable Insights on Medical Plastics Market
In the latest study, Fact.MR offers a detailed study on the global medical plastics market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of medical plastics through detailed segmentation as follows:
By Type:
- Standard Plastics
- Engineering Plastics
- High Performance Plastics (HPP)
- Silicone
- Others
By Application:
- Medical Device Packaging
- Medical Components
- Orthopedic Implant Packaging
- Orthopedic Soft Goods
- Wound Care
- Cleanroom Supplies
- BioPharm Devices
- Mobility Aids
- Sterilization & Infection Prevention
- Tooth Implants
- Denture Base Materials
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Medical Plastics Market Report
- What is the projected value of the medical plastics market in 2022?
- At what rate will the global medical plastics market grow until 2026?
- Which are the factors hampering the growth in the medical plastics market?
- Which region is expected to lead in the global medical plastics market during 2022-2026?
- Which are the factors driving the medical plastics market during the forecast period?
- What is the expected market value of the medical plastics market during the forecast period?
Explore Fact.MR's Coverage on the Healthcare Domain
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Medical Flexible Packaging Market: The global medical plastic market is set to be worth US$ 25.7 billion by the end of 2022 and is expected to reach at a valuation of US$ 440.9 billion by 2032. The expansion of the market is being driven by the widespread usage of flexible packaging solutions in the pharmaceutical and medical industries.
Medical Beds Market: The global medical bed market is valued at a CAGR of 3.7% and is likely to exhibit to grow at a CAGR of 3.7% billion by the end 2031. The demand for medical beds in home care settings is anticipated to be a significant trend in the market for medical beds globally.
Check it Out More Reports by Fact.MR on Medical Industry
https://www.factmr.com/industry/healthcare
About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
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