The medical plastics market is projected to register a CAGR of 6.8%, in terms of value, between 2019 and 2024
NEW YORK, Dec. 18, 2019 /PRNewswire/ --
The medical plastics market is projected to register a CAGR of 6.8%, in terms of value, between 2019 and 2024.
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The medical plastics market size is projected to grow from USD 22.8 billion in 2019 to USD 31.7 billion by 2024, at a CAGR of 6.8% during the forecast period. The increasing demand for healthcare solutions owing to an increase in disposable income, changing lifestyles, and growing population in emerging economies are the major drivers for the medical plastics market. Other driving factors include the increasing healthcare investments and use of advanced medical technology such as customized prosthetics, AI-driven surgeries, and the use of micro devices for procedural applications. However, the fluctuations in the regulations across different countries and time-taking regulatory approval process can hinder the growth of the market.
The medical instruments & tools segment is estimated to be the largest application of medical plastics during the forecast period.
The medical instruments & tools segment accounts for the largest market share, in terms of value, in the medical plastics market.Suitability and biocompatibility of medical plastics for the manufacturing of various medical devices, such as surgical and procedural instruments, diagnostic instruments, and dental tools, are driving the demand.
Plastic materials are being increasingly used in the manufacturing of these equipment owing to their properties, such as toughness, rigidity, easy workability, and availability. Plastics can be machined, molded, or formed into almost any shape as per requirements.
The engineering plastics segment is expected to be the fastest-growing type of medical plastics during the forecast period.
The engineering plastics segment is projected to lead the market during the forecast period.These plastics are used in diagnostic instruments, drug delivery systems, orthopedic devices, and dental tools.
Engineering plastics provide many advantages over standard plastics, such as good malleability, faster production time, low weight, resistance to high impact, flame, shock, and chemical, and better friction reduction.
APAC is expected to be the fastest-growing medical plastics market during the forecast period.
APAC is projected to be the largest, as well as the fastest-growing medical plastics market during the forecast period owing to the continuously increasing population, rising disposable income, rise in lifestyle diseases, and the increasing aging population. In addition, rapid alterations in the competitive landscape of the healthcare industry and advent of new and innovative medical technologies, such as 3D printing, polymer blended materials, bio-based materials, and others in the region are propelling the demand for medical plastics.
The market sizes estimated in this study were validated through primary interviews conducted with various industry experts globally. These primary sources are divided into three categories:
• By Company Type: Tier I – 25%, Tier II – 50%, and Tier III – 25%
• By Designation: C Level – 20%, Director Level – 30%, and Others – 50%
• By Region: North America – 20%, Europe – 30%, APAC – 25%, South America – 25%, Middle East & Africa – 10%
The report profiles several leading players of the medical plastics market that include SABIC (Saudi Arabia), BASF (Germany), Celanese (US), Evonik (Germany), Solvay (Belgium) and Covestro (Germany) The report also includes detailed information about various growth strategies adopted by these key players to strengthen their position in the market.
RESEARCH COVERAGE
The objective of this study is to define, describe, and forecast the medical plastics market based on various segmentations and strategically analyze these market segments with respect to individual growth trends, growth prospects, and contribution to the overall growth. In this report, the medical plastics market has been segmented based on application, type, and region.
KEY BENEFITS OF BUYING THE REPORT
The report is expected to help market leaders/new entrants in the medical plastics market in the following ways:
1. This report comprehensively segments the medical plastics market and provides the closest approximations for the sizes of different segments and sub-segments of the market across different verticals and regions.
2. This report is expected to help stakeholders in obtaining an improved understanding of their competitors and gain insights about their businesses. The competitive landscape section includes detailed information about strategies, such as new product development, merger & acquisition, agreement & collaboration, and investment & expansion, which were undertaken by various key players to enhance their position in the medical plastics market.
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