San Francisco, 11 September 2018 - According to a report by Grand View Research, Inc., global medical plastics market is estimated to value USD 33.6 billion by 2025. Growing need for less infectious and cost-effective raw material to manufacture medical devices and components is anticipated to propel demand for medical plastics. Such plastics are likely to offer durability, impact resistance, and moisture resistance in medical devices to reduce treatment costs and prevent infections.
Up-gradation and enforcement of several infection prevention standards coupled with increasing number of surgical procedures is expected to stimulate growth of the market. Growing volume of surgical procedures attributed to increasing number of geriatric population can fuel growth of market in the forthcoming years. High demand for quality raw materials which can act as a substitute for metal for manufacture of medical devices owing to stringent infection prevention standards can boost market growth. Continuous technological advancements to develop advanced materials with improved performance and strength can influence growth of the market during the forecast period (2014 to 2025).
Browse In-depth Insights: www.grandviewresearch.com/industry-analysis/medical-plastics-market
Volatility in prices of oils used to manufacture different types of plastics such as polyethylene, polypropylene, and polystyrene can hinder market growth. In addition, increasing adoption of product in alternative applications can further obstruct market growth during the forecast period.
The medical plastics market can be segregated on the basis of application and region. Based on application, the market can be classified into medical components, orthopedic soft goods, orthopedic implant packaging, medical device packaging, cleanroom supplies, wound care, biopharma devices, mobility aids, sterilization and infection prevention, tooth implants, denture base material, other implants, and others. The medical device packaging segment is anticipated to witness maximum growth with CAGR of 6.3% from 2017 to 2025 owing to effective properties exhibited by plastics such as moisture and oxygen resistance. In addition, high strength and impact resistance offered by polypropylene can influence its demand for packaging medical devices.
Increasing use of polypropylene in orthopedic soft goods credited to its useful properties such as impact resistance and superior strength can spur growth of the segment in the forthcoming years. Orthopedic soft goods such as ankle-foot orthosis (AFO) can control motion and position of ankle and correct minor deformities in the foot.
Regional segmentation incudes Europe, Asia Pacific, North America, Central & South America, and the Middle East & Africa. In North America, the market is expected to grow in the coming years owing to increased healthcare spending among local patients owing to increasing cases of lifestyle disorders and diseases. The market is anticipated to grow at a CAGR of 5.9% from 2017 to 2025 attributed to high demand for generic drugs, devices, and healthcare services. In addition, growth of the pharmaceutical industry in countries such as Canada and Mexico can fuel market growth owing to rising demand for product in pharmaceutical packaging. Moreover, growing need for disposables attributed to high prevalence of diseases can drive demand for medical plastics in the region.
In Europe, the market is likely to grow well in the forthcoming years attributed to high demand for dental services and body contouring implants. In addition, growing adoption of cosmetic dentistry and increasing disposable income can spur demand during the forecast period. Moreover, restructuring of European regulations regarding consumption of medical devices can further drive growth of the market in the forthcoming years.
In Middle East & Africa, the market is anticipated to display significant growth owing to rising demand for medical components such as syringes, catheters, and gloves. In addition, rising preference for high-end medical facilities among consumers from lower and middle-income groups can fuel market growth.
In Asia Pacific, the China market is predicted to witness substantial growth attributed to increase in the geriatric population in the region. In addition, increasing public and private healthcare expenditure, rising cases of disorders, and high healthcare costs can influence growth of market in the forthcoming years.
Some of the leading companies offering medical plastics are Celanese Corporation, Dow Chemical Company, Eastman Chemical Corporation, GW Plastics, and Rochling Group. Most companies are likely to involve themselves in development of new products to achieve market growth. In addition, companies can also invest in R&D activities to innovate products offering advanced properties.
Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-medical-plastics-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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