SAN FRANCISCO, May 18, 2021 / PRNewswire / – The Global Medical Plastics Market Size Is Expected reach 48.3 billion USD by 2028, with a CAGR of 7.5% over the forecast period, According to a new report from Grand View Research, Inc. Robust growth in the medical industry coupled with increasing healthcare spending globally is expected to drive the global market over the forecast period. The market is expected to register significant growth due to the high adoption of plastics for implants due to their chemical inertness and superior fatigue resistance.
Main suggestions from the report:
- In terms of income, North America dominated the overall market in 2020 and is expected to maintain its dominance by growing at a stable CAGR during the forecast period
- Companies in this market are involved in the production of premium quality plastic composites used for specialized applications in order to achieve a high degree of product differentiation.
- Various strategic initiatives have been registered in recent years to boost the growth of the market
- For example, in April 2020, Exxon Mobil Corp. announced to increase the monthly production of specialized polypropylene (PP) by 1000 tons to meet the growing demand for masks and medical gowns due to the spread of the coronavirus
- This increase in PP production is expected to help medical mask and gown manufacturers produce an additional 20 million gowns or 200 million medical masks.
Read the 166-page research report with ToC on “Medical Plastics Market Size, Share and Trend Analysis Report by Application (Medical Components, Wound Care, Dental Implants), by Region (North America, APAC, MEA), and segment forecast, 2021 – 2028 “at: https://www.grandviewresearch.com/industry-analysis/medical-plastics-market
Asia Pacific The region is expected to grow at the fastest CAGR of 8.5% during the forecast period due to rising consumer spending on healthcare. In addition, the low cost of medical procedures in the region makes it a favorable destination for medical tourism, resulting in increased demand for medical devices. In addition, the recent outbreak of COVID-19 in countries such as China, India, Japan, Australia, and Indonesia, has created a huge demand for products from applications such as test equipment, medical bags, gloves, masks, ventilators, syringes, surgical drapes and personal protective equipment (PPE). Thus, the increase in COVID-19 cases in the region is expected to significantly boost the market growth.
The medical components applications segment accounted for the highest revenue share in 2020 due to the high consumption of premium plastics in the production of catheters, syringes, containers and surgical equipment. The requirement for easier sterilization coupled with the need for lightweight, high strength products is expected to propel the demand for products in the aforementioned applications. The medical device packaging segment is expected to experience significant growth during the forecast period. The increase in chronic disease cases due to the growth of the geriatric population is estimated to drive the demand for portable, lightweight and compact medical devices, thereby supporting the growth of the market. The improved mechanical and thermal properties offered by PVC compared to traditional materials, such as metals and glass, are expected to open new avenues for market growth.
Grand View Research has segmented the global medical plastics market on the basis of application and region:
- Medical Plastic Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016-2028)
- Medical device packaging
- Medical components
- Orthopedic implant packaging
- Non-orthopedic products
- Wound care
- Cleanroom supplies
- BioPharm devices
- Mobility aids
- Sterilization and infection prevention
- Dental implants
- Base material of the prosthesis
- Other implants
- Regional Medical Plastic Outlook (Volume, Kilotons; Revenue, USD Million, 2016-2028)
- North America
- Asia Pacific
- Central and South America
- Middle East & Africa
List of major players in the medical plastics market
- Rochling Group
- Nolato AB
- GW Plastics, Inc.
- Saint-Gobain Performance plastics
- Eastman Chemical Company
- Celanese Corporation
- Dow, Inc.
- Solvay SA
- Trelleborg sealing solutions
- Trinseo SA
Find more research reports on Plastics, polymers and resins industry, by Grand View Research:
- Medical Plastic Compounds Market – The global market size for medical plastic compounds has been estimated to be 53.32 billion USD in 2017. It is expected to increase at a CAGR of 5.2% during the forecast period.
- Medical plastic market in Europe– the Europe the size of the medical plastic market was 2.69 billion USD in 2015 and is expected to experience significant growth over the forecast period
- Indian medical plastics market – the India the size of the medical plastics market has been estimated to be $ 156.6 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 15.2% from 2020 to 2030.
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About Grand View Research
Grand View Research, a US-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. With the help of an interactive business intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess the opportunities that lie ahead.
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