Medical Plastics Market Outlook - 2027
The global medical plastics market was valued at $24.1 billion in 2019, and is projected to reach $37.2 billion by 2027, growing at a CAGR of 5.6% from 2020 to 2027.
Plastics are polymeric material that can be molded into any shape. Medical plastics are generally made from thermoplastic materials. After thermoplastics are heated, it can be easily molded. Medical grade plastics are temperature and chemical resistant. Some of the majorly used medical plastics include polycarbonate, polypropylene, and polyethylene. It can be used to manufacture medical devices and equipment, such as medical and surgical tubing.
Growing investment in healthcare sector, coupled with aging population is expected to drive the market growth. For instance, in January 2021, PTA plastics invested over $2 million in capital equipment and buildings. This injection molding machines and finishing equipment will be used for medical plastics products. Additionally, rise in disposable income and change in consumer lifestyle will further propel the demand for medical plastics. As the demand for medical devices is gradually increasing in developed countries like U.S. and Canada from insured individuals, the medical plastics market is expected to witness steady growth. Furthermore, the fluctuation in global fuel price is another major factor influencing the market growth. However, toxic elements such as bisphenol A found in medical plastics have adverse effect on infants, which can negatively impact the medical plastics market growth.
The global Medical Plastics market is segmented on the basis of type, application, and region. On the basis of type, it is divided into polyvinyl chloride (PVC), polypropylene (PP), engineering plastics, polyethylene (PE), polystyrene (PS), silicones, and other. Based on application, it is categorized into disposables, drug delivery devices, diagnostic instruments, catheters, surgical instruments, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players have adopted acquisition, agreements and partnership to sustain the intense market competition. Some of the key players profiled in the report include Arkema S.A., Basf SE, Celanese Corporation, Solvay SA, Covestro AG, and Sabic.
Global Medical Plastics Market, By Region
Asia-Pacific accounted for highest medical plastics market share. This is attributed to growing application of medical plastics in in emerging economies such as China, India, and South Korea. The market in Asia-pacific is largely driven by robust investment in R&D, coupled with digitization in healthcare ecosystem.
Asia-Pacific exhibits CAGR of 6.0% during 2020-2027
Global Medical Plastics Market, By Type
Polyvinyl Chloride (PVC) accounted for highest revenue share. This is attributed to growth in demand for various transparent and cost effective medical plastics. Engineering plastics are expected to witness steady market growth. Rise in demand of engineering plastics in 3D printing of implants and prosthetic surgeries will positively impact the market growth.
Polypropylene (PP) is projected as the most lucrative segment
Global Medical Plastics Market, By Application
The disposable segment accounted for highest revenue share, owing to increase in demand for single use products in general checkups and procedural applications. Furthermore, regulatory bodies such as USFDA and Europe FDA are promoting the application of medical plastics in disposables; thus, propelling the market demand for medical plastics.
Surgical Instruments is projected as the most lucrative segment
COVID-19 scenario analysis
- The medical plastics market has no significant impact of COVID-19 pandemic. This is attributed to the increase in demand for exam gowns, face masks, gloves.
- The shifting preference towards the application of disposable mask and gloves as a part of safety protocol largely impacted the market demand.
- However, social distancing norms and global lockdown measures during first and second quarter of 2020 led to decrease in sales of new medical device and equipment.
- Moreover, the extended lockdown slowed down the production of medical plastics as well as cross border export and import. From beginning of May, 2020, over 70 countries including India, US, EU, and Switzerland had taken drastic measures to restrict export and import activities.
- Due to restrictions on export and import, large number of countries mobilized their production process. These countries are focusing to strengthen domestic supply chain to meet the excess demand.
- Automotive companies and manufacturing plants which are temporarily closed have started producing disposable plastics products for medical equipment. This will slowly improve the market scenario.
Key benefits for stakeholders
- The global medical plastics market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides in-depth analysis of the global medical plastics market forecast for the period 2020–2027.
- The report outlines the current global medical plastics market trends and future estimations of the market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, & market opportunity and their detailed impact analysis are explained in the study.
Medical Plastics Market Report Highlights
According to the CXOs of leading companies, the global medical plastics market is in an expansion phase. This is mainly attributed to a significant surge in demand for medical disposable and medical device such as gloves, mask, and handheld surgical instruments. Moreover, the rapid spread of the pandemic coupled with growing investment in healthcare sector will lead to rise in demand for medical equipment and devices. For instance, in May 2020, $134 million contract was given to Federal Resources Supply Company from Defense Logistics Agency to distribute medical equipment such as protective eyewear, gloves, and gowns for 15,000 nursing homes.