The global medical plastics market size is expected to reach USD 33.51 billion by 2025
NEW YORK, Oct. 7, 2019 /PRNewswire/ -- Medical Plastics Market Size, Share & Trend Analysis Report By Application (Medical Device Packaging, Medical Components, Orthopedic Implant Packaging, Orthopedic Soft Goods), By Region, And Segment Forecasts, 2019 - 2025
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The global medical plastics market size is expected to reach USD 33.51 billion by 2025. It is projected to expand at a CAGR of 6.1% during the forecast period. Robust growth of medical industry coupled with rising healthcare expenditure across the world are expected to drive the market.
The market is expected to register growth due to the high adoption of plastics for implants on account of their chemical inertness and superior fatigue resistance. Demand for medical device packaging is likely to be driven by the rising adoption of in-house and advanced medical devices.
Asia Pacific medical plastic market is expected to progress at a CAGR of 6.9% over the forecast period, by revenue, on account of rising consumer expenditure on healthcare. In addition, the low cost of medical procedures makes it a favorable destination for medical tourism, thereby leading to high demand for medical devices.
Medical components application segment accounted for a majority of the market share in 2018, driven by the high consumption of superior grade plastics in the production of catheters, syringes, containers, medical bags, and surgical equipment. Requirement for easier sterilization coupled with the need for lightweight and high-strength products is expected to propel the product demand in the aforementioned application.
Further key findings from the repot suggest:
• In terms of revenue, Asia Pacific led the overall market and is projected to expand at a CAGR of 6.9% over the forecast period. Increasing demand from various medical application segments in the region, particularly in China and India is likely to drive the growth
• Medical components was the largest application segment in 2018 and is anticipated to continue leading the overall market during the forecast period
• The companies in the medical plastic market are involved in the production premium quality plastic composites used for specialized applications to achieve a high degree of product differentiation
• The market witnesses a large number of R&D investments for the production of advanced plastics. The development of premium engineered plastics is expected to drive the growth
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