The global medical plastic market was valued at US$ 24,671.82 million in 2019 and is projected to reach US$ 44,669.63 million by 2027; it is expected to grow at a CAGR of 7.7% from 2020 to 2027.
Medical plastics are made from a huge number of macromolecules, which are utilized to produce consistent and safe instruments in the healthcare industry. They are remarkably long-lasting, supple, and economical. The performance, sterility, and quality of medical devices are a major factor for market expansion. Medical plastics find a broad range of applications in diagnostic instruments, implants, disposables, drug delivery devices, surgical instruments, syringes, and catheters. The global population is projected to increase in the coming years. With the increasing population, diseases and infections are rampantly overspreading through several mediums. The rising geriatric population further enhances the development of the healthcare sector.
Based on type, the medical plastic market is segmented into standard plastic, engineering plastic, High Performance Plastic (HPP), silicone, and others. The standard plastic segment held the largest share of the market in 2019. Further, the engineering plastic segment is estimated to register the highest CAGR during the forecast period. Polyvinyl chloride, polyolefin, polyethylene, polypropylene, polystyrene, and poly (methyl methacrylate) are some of the types considered under the standard plastic segment. These materials must be processed and manufactured under a physician’s license to pass validation requirements and verification of the regulatory agencies. From test equipment such as beakers and vials to catheters, surgical instruments and implants, plastics are used more and more for their lightweight, high performance, and lower costs.
Based on application, the global medical plastic market is segmented into medical disposables, prosthetics, medical instruments and tools, drug delivery, and others. Plastics have been used extensively to create medical tools and medical instruments, such as syringes, surgical gloves, insulin pens, catheters, IV tubes, and inflatable splits. Such products are manufactured for one-time use and help avoid the spread of dangerous diseases by eliminating the need to re-use or sterilize a device. Plastic is also being used to create superior antimicrobial touch surfaces which can repel microbes and other bacteria, thus decreasing the spread of dangerous diseases. Plastics are utilized in several products, including disposable plastic syringes, new heart valves, and blood bags.
The medical plastic market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America held the largest share of the global market in 2019, followed by Europe and Asia Pacific, respectively. The US is one of the major countries in the medical plastic market in North America, followed by Canada. The US is the primary hub of the medical plastic market in North America, followed by Canada. Medical plastic has gained importance in the healthcare industry owing to its rising applications in medical disposables, prosthetics, medical instruments and tools, and drug delivery.
Well-established players in the global medical plastic market include Celanese Corporation, Eastman Chemical Company, GW Plastics, Orthoplastics Ltd, ARAN BIOMEDICAL TEORANTA, Rochling, SABIC, Saint-Gobain, Solvay, and Dow.
The medical plastic market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the medical plastic market.