March 07, 2024
Boston: “According to the latest BCC Research study, the demand for Medical Plastics: Global Markets is estimated to increase from $25.6 billion in 2023 to reach $41.2 billion by 2028, at a compound annual growth rate (CAGR) of 10.0% from 2023 through 2028.”
The global medical plastics market is comprehensively analyzed based on application and resin type, offering insights into its diverse segments both at a global and regional level. The analysis, spanning from 2023 to 2028 with 2022 as the base year, provides market estimates and forecasts in terms of volume (kilotons) and revenue (U.S. dollars, million). The market's scope encompasses a wide range of applications, including disposables such as medical bags, syringes, tubing, surgical textiles, utensils, face and body protection, catheters/IV, gloves, and other miscellaneous items like trays. Additionally, non-disposables like surgical instruments, testing/diagnostic equipment, prostheses/implants, and dental/ophthalmic products are examined. Resin types further segment the market into commodity thermoplastics, styrenics, engineering resins, thermosets, TPEs (Thermoplastic Elastomers), and miscellaneous materials, reflecting the diverse materials used in medical device manufacturing.
In response to growing environmental concerns and the increasing demand for sustainable solutions, companies like Avient Corporation are making significant investments in the expansion of bio-based medical plastic production. One notable example is Avient's declaration in 2022 regarding the expansion of its Mevopur medical-grade bio-based polymer solutions range. This initiative underscores Avient's commitment to providing innovative and eco-friendly alternatives within the medical plastics sector. By utilizing polymers such as ABS, styrenic, or bio-based polycarbonate, Avient is able to create customized ready-to-use formulations with new color and additive concentrations, catering to the diverse needs of the medical industry. This expansion follows Avient's introduction of bio-based polyolefin materials in 2021, showcasing the company's ongoing dedication to advancing sustainable practices and meeting the evolving requirements of the medical market. With these investments and developments, Avient Corporation is positioned as a leader in driving the adoption of bio-based medical plastics, contributing to a greener and more sustainable future for the healthcare industry.
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Key Drivers of Medical Plastics: Global Markets
Growing Medical Device Industry: The medical device industry is experiencing remarkable growth propelled by various factors including the escalating prevalence of chronic diseases, a rapidly aging population, and continuous technological advancements. These factors collectively contribute to an increased demand for medical devices across the globe. Medical plastics play a crucial role in the manufacturing of an extensive range of medical devices, encompassing catheters, surgical instrument handles, syringes, implants, and prosthetics. As the healthcare landscape evolves, the reliance on medical plastics continues to grow, owing to their versatility, durability, and biocompatibility. With advancements in materials science and manufacturing techniques, medical plastics are increasingly being tailored to meet the specific requirements of diverse medical applications, driving further innovation and expansion within the medical device industry.
Increasing Investment in the Healthcare Sector: Amidst burgeoning healthcare demands and evolving patient needs, the healthcare sector is witnessing a notable surge in investment from both public and private entities, particularly in emerging economies such as China and India. This influx of investment is primarily motivated by the pressing need to enhance the accessibility, affordability, and quality of healthcare services on a global scale. Medical plastics emerge as indispensable components in this endeavor, playing a pivotal role in the development of safe, efficient, and cost-effective medical devices, pharmaceuticals, and surgical equipment. The continual advancements in medical plastics technology enable the creation of innovative solutions that address healthcare challenges and drive improvements in patient outcomes. This influx of investment underscores the pivotal role of medical plastics in shaping the future of healthcare delivery and underscores their significance as a cornerstone of modern medical innovation and advancement.
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Report Synopsis
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Report Metrics |
Details |
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Base year considered |
2022 |
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Forecast Period considered |
2023-2028 |
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Base year market size |
$24.0 billion |
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Market Size Forecast |
$41.2 billion |
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Growth Rate |
CAGR of 10.0% for the forecast period of 2023-2028 |
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Segment Covered |
Type, Application, Resin, and Geographic Region |
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Regions covered |
North America, Europe, Asia-Pacific, and Rest of the World |
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Key Market Drivers |
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Segmentation of Medical Plastics: Global Markets:
The segmentation within the realm of medical plastics is crucial for a comprehensive understanding of the industry's dynamics, offering insights into market trends, opportunities, challenges, and competitive landscapes. Divided into three key categories – application, resin, and region – this segmentation delves into the multifaceted aspects shaping the medical plastics sector.
Application Segmentation
Application segmentation delineates the varied uses of medical plastics within the healthcare domain, encompassing a diverse array of products tailored to meet specific needs. From disposables like medical bags, syringes, and tubing, necessitating sterility, biocompatibility, and chemical resistance, to non-disposables such as surgical instruments and prostheses, requiring durability, high performance, and ease of sterilization, each application demands specialized materials and manufacturing processes.
Resin Segementation
Resin segmentation highlights the diverse polymers utilized in medical plastics production, each imbued with unique properties catering to distinct application requirements. Commodity thermoplastics, including polyethylene and polypropylene, find application in medical devices, while styrenics like polystyrene and ABS are favored for packaging solutions. Engineering resins, thermosets, TPEs, and miscellaneous polymers further diversify the palette of materials available for crafting medical components, adhesives, coatings, and more.
Region Segmentation
Geographical segmentation delves into the regional nuances shaping the global medical plastics market, recognizing varying factors influencing demand and supply dynamics. From North America, the largest market driven by advanced medical device demands and favorable regulations, to the burgeoning Asia-Pacific region, propelled by investments in healthcare infrastructure, rising chronic disease prevalence, and heightened awareness of hygiene standards, each locale presents distinct opportunities and challenges within the medical plastics landscape.
This report on Medical Plastics: Global Markets provides comprehensive insights and analysis, addressing the following key questions:
1. What is the projected market size and growth rate of the market?
2. What are the key factors driving the growth of the market?
3. What segments are covered in the market?
4. By application, which segment will dominate the market by the end of 2028?
5. Which region has the highest market share in the market?
Some of the Key Market Players Are:
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Medical Plastics: Global Markets( PLS009L )
Publish Date: Jan 2024
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