WASHINGTON, June 20, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Medical Plastics Market finds that the increasing healthcare facilities & rising medical infrastructure is expediting the market growth. The growing technological advancement and increasing government initiatives are also anticipated to augment the growth of the Global Medical Plastics Market during the forecast period.
The Global Medical Plastics Market revenue is expected to reach a value USD 68.8 Billion in the year 2028.
The Global Market revenue stood at a value USD 45.1 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period; states Vantage Market Research, in a report, titled “Medical Plastics Market Size, Share & Trends Analysis Report by Type (Engineering Plastics, High Performance Plastics (HPP), Standard Plastics, Silicone), by Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Better Healthcare Facilities & Rising Medical Infrastructure to Drive the Market
Medical Plastics Markets are proving to be recognized as cheap, durable, and especially important in a healthcare society. Medical professionals are using medical devices made from plastics and can dispose of easily. This helps plastic devices to be used efficiently and reduce plastic waste and achieve sustainability. For instance, according to World Health Organization (WHO) up to 5.7 to 8.4 million deaths are occurred owing to poor use of medical devices. This proportion can be reduced by using good quality Medical Plastics Market devices which help to achieve patient healthcare, thus promoting better healthcare facilities. Rising medical infrastructure is another factor promoting the Medical Plastics Market. Government organizations are continuously promoting Medical Plastics Markets and making it possible to reach every hospital around the region. It has been estimated that better healthcare facilities could prevent 2.5 million deaths from chronic disease, tuberculosis, new-born deaths, and half of all maternal deaths each year. The widespread application of the products in various industries like syringes, disposable, implants, catheters, surgical instruments, and many more are the factors that drive the market.
Increasing Advancement in Technology to Stimulate Market Growth
The Medical Plastics Market has seen a significant growth in technological advancements such as device miniaturization, multipurpose drug packaging, and diagnostic instruments. This is one of the factors which are responsible for the growth of the market. The custom blow forming is a technological solution specially designed to manufacture thin prescription bottles while also improving moisture transmission rates. Moreover, The Unique Device Identification (UDI) and other barcodes for device identification are developed so efficiently for easy biocompatibility testing. The technology is leading to high consumption of plastic for medical applications. Thus, helping and supporting the market growth. Companies and firms work jointly to create products to meet the necessary needs for medical applications in POC diagnostics, medical device miniaturization. Technology advancements play a vital role in increasing the efficiency of treatment for patients and thus, driving the growth of the global market.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Medical Plastics market is predicted to grow at a CAGR of roughly 7.3% during the forecast period.
The Medical Plastics market was estimated to be worth roughly USD 45.1 Billion in 2021 and is expected to reach USD 68.8 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Medical Plastics market.
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Segmentation of the Global Medical Plastics Market:
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
The report on Medical Plastics Market highlights:
Historic Data, Estimates and Forecast
North America Dominated the Global Medical Plastics Market
North America dominated the Global Medical Plastics Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the growing elder population in US and the increasing demand for home healthcare services in the region. Rising product demand in pharmaceutical packaging applications and rapid growth of pharmaceutical industries in Mexico and Canada are further expected to drive the regional market.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Medical Plastics Market Size, Share & Trends Analysis Report by Type (Engineering Plastics, High Performance Plastics (HPP), Standard Plastics, Silicone), by Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
List of Prominent Players in Medical Plastics Market:
October 2019: Evonik launched a commercial line of bio-resorbable PLA-PEG copolymers for medical devices under the brand name, RESOMER PLA-PEG. Through this product development, the company expanded its portfolio for functional biomaterials.
June 2019: BASF signed a Memorandum of Cooperation with SIBUR (Moscow, Russia) to develop innovative polymer solutions at Poly Lab Research & Development Center located in Russia. This collaboration is targeted to develop an innovative range of high-performance solutions, particularly for long-term durable goods.
August 2018: SABIC collaborated with a consulting and product designing firm, Nottingham Spirk (Cleveland, US). This collaboration helped both the companies to commercialize multiple specialty plastics suitable for a broad array of industry verticals, such as medical, automotive, and aircraft.
April 2018: Celanese expanded by starting a new GUR ultra-high molecular weight polyethylene facility at Nanjing, China. This facility helped the company meet the demand for specialty materials in the medical, automotive, consumer goods and other industries.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Medical Plastics Market?
How will the Medical Plastics Market change in the upcoming six years?
Which application and product will take a lion’s share of the Medical Plastics Market?
What is the Medical Plastics market drivers and restrictions?
What will be the CAGR and size of the Medical Plastics Market throughout the forecast period?
This market titled “Medical Plastics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
• Type ° Engineering Plastics ° High Performance Plastics (HPP) ° Standard Plastics ° Silicone ° Others • Application ° Medical Disposables ° Prosthetics ° Medical Instruments & Tools ° Drug Delivery ° Others • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa
• North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa
• SABIC (Saudi Arabia) • BASF (Germany) • Celanese (US) • Evonik (Germany) • Solvay (Belgium) • Covestro (Germany)
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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