India Medical Plastics Market Growth & Trends
The India medical plastics market size is anticipated to reach USD 712.0 million by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.2% from 2020 to 2030. Expanding healthcare expenditure in the country owing to the rising income level, increased prevalence of lifestyle diseases, growing health awareness, and improved access to insurance is expected to drive the medical devices and components market, thereby leading to an increase in the demand for medical plastics in the country.
India’s medical device industry is highly import-driven and has posed various challenges during the COVID-19 outbreak. This is attributed to the disruption caused by the COVID-19 outbreak in the international supply chains, leading to a shortage of critical medical devices. Thus, the Government of India, through its ’Make in India’ initiative, has increased reliance on domestic producers to meet the increasing demand for essential healthcare equipment, thereby encouraging the Indian medical devices industry to become self-reliant. Moreover, in May 2020, the government announced the ’Atma Nirbhar Bharat’ campaign-a self-reliant India in order to boost the country’s economy impacted by COVID-19. This, in turn, is expected to provide further fillip to the indigenous manufacturers of medical devices.
The growth of the medical plastics market in India is challenged by the growing concerns over waste management. The lack of healthcare waste management, especially hazardous waste, and the high risk of environmental pollution have turned into concerns for healthy living. The medical industry produces a broad range of wastes, such as pathological waste, infectious waste, chemical waste, and radioactive waste. These types of waste are generated from hospitals, laboratories, research centers, and autopsy centers, among others. These hazardous medical wastes are challenging the growth of the medical device industry, which, in turn, is expected to hamper the growth of the medical plastics market over the forecast period.
India Medical Plastics Market Report Highlights
- The rigid plastics product segment held the largest revenue share of over 72.0% in 2019
- The soft plastics product segment is expected to exhibit the highest CAGR of 16.2% over the forecast period in terms of revenue. The significant CAGR is attributed to the rising demand for catheters, drug delivery systems, seals and gaskets, and pipe and tubing in various medical devices
- The medical and monitoring equipment housings application segment accounted for over 34.0% of the overall revenue in 2019. This is attributed to the rising demand for medical device housing for ventilators, oximeters, nasal dilators, and various other medical devices