The Europe medical plastic market was valued at US$ 6,434.3 million in 2019 and is projected to reach US$ 11,792.8 million by 2027; it is expected to grow at a CAGR of 7.9% during the forecast period of 2020-2027.
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 these tools is 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. Moreover, medical plastics are also exploited in prosthetics, and it offers a life-changing solution for physically disabled people.
Based on type, the medical plastic market is segmented into standard plastics, engineering, plastics, high performance plastic (HPP), silicone, and others. In 2019, the standard plastic segment dominated the Europe medical plastic market. Based on application, the Europe medical plastic market is segmented into medical disposables, prosthetics, medical instruments and tools, drug delivery, and others. In 2019, the medical instruments and tools segment accounted for the largest share in the Europe medical plastic market.
Geographically, the Europe medical plastic market is segmented into Germany, Italy, Russia, France, the UK, and Rest of Europe. Germany accounted for the largest share of the Europe medical plastic market. Germany is heavily contributing to this market since it is known as the manufacturing hub. The production and innovation of medical plastic applications have consistently risen for a decade. A recent study showed that innovation in drug delivery has been accelerating across Europe, especially in Germany. The research has successfully proved that there has been an average innovation increase of 4% in Germany. Increasing demand from drug delivery applications coupled with other applications?such as medical disposables, prosthetics, and medical instruments and tools?has further fuelled the growth of the market.
Celanese Corporation, Eastman chemical company, GW Plastics, Orthoplastics Limited, Aran Biomedical, Rochling, SABIC, Saint-Gobain, Solvay, and Dow are among major players present in the Europe medical plastic market.
Overall size of the Europe medical plastic market has been derived in accordance to 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 take part in such a 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 Europe medical plastic market.
Impact of COVID-19 Pandemic on Medical Plastic Market
In Europe, Italy is the hardest-hit country by the COVID-19 outbreak. It is expected to suffer an economic hit due to a lack of revenue from various industries, as Italy recorded the highest number of COVID-19 cases. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact the market growth in Europe.