The global medical plastics market is estimated to touch USD 33.6 billion by 2025, according to a report by Grand View Research, Inc. Medical plastic products encompass products or devices derived from synthetic or semi-synthetic materials. Products range from syringes to implant instruments. Plastic resins used to manufacture medical plastics improve their strength and flexibility. Moreover, the low cost of these raw materials has led to mass manufacture of medical products and devices.
The demand for new medical technologies and increasing geriatric populace are expected to drive market for medical plastics over the forecast period (2014 to 2025). Development of improved plastics and high demand from pharmaceutical sectors is predicted to further influence market growth. Surplus of raw materials needed for production of medical devices as well as high demand across Asia Pacific, North America, and Europe is expected to spur market till 2025. However, strict regulations pertaining to plastic material production can act as a market deterrent against market growth.
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Various medical plastic manufacturers are undertaking development of environment-friendly materials and biodegradable polymers to cater to consumer demand for organic materials. This is exemplified by the reusable and disposable insulin pens that are recently manufactured by DuPont. These pens can play an essential role in diabetes management. The products have excellent lubrication and are being used to prevent hospital-acquired infections (HAI).
Bioresorbable polymers have been used in the medical industry for over two decades with applications in drug-eluting stents, tissue regeneration, and bone augmentation. For instance, Tepha, Inc., a U.S. based manufacturer of medical implants, has introduced a new regenerative scaffold based on its proprietary P4HB technology in November 2017. The medical implant can be beneficial in urogynecology, orthopedics, and structural heart disease. Medical device manufacturers are also partnering up with raw material suppliers to produce new types of thermoplastics to minimize production expenses.
The worldwide medical plastics market is segmented by application and region. Major market application segments include BioPharma devices, cleanroom supplies, sterilization and infection prevention, medical components, medical device packaging, tooth implants, denture base material, orthopedic soft goods, orthopedic implant packaging, wound care, and other implants.
Regions covered in the market report include Central and South America (CSA), North America, Middle East and Africa (MEA), Asia Pacific (APAC) , and Europe. The CSA market is projected to expand at a 4.5% CAGR over the forecast period owing to consumption of denture base materials, disposable components, and wound care products. The strong economies of Argentina and Brazil supported by increased healthcare budgets of the countries and expendable income of residents are expected to augment regional market growth.
The APAC market is anticipated to exhibit a 6.6% CAGR from 2017 to 2025 due to applications in wound care and packaging. Rising demand from China, Singapore, and India are expected to drive regional medical plastics market over the forecast period. Strict regulations in India pertaining to plastic production and disposal can impact expansion of the APAC market in near future. The growing elderly populace in Japan and increasing cases of cardiovascular disorders can also contribute to regional revenue.
The Europe medical plastics market is expected to register immense growth in the forthcoming years owing to rising demand for disposables, implants, and diagnostic instruments. Demand for improved healthcare services and production of biocompatible medical devices are expected to spur regional demand. Germany had accounted for over 16% global market share in 2016. This percentage is expected to rise to 17.9% by 2025 due to high incidence of chronic diseases in the region. The use of medical implants derived from bioresorbable polymers to spur the recovery rate of patients is a key factor that can positively impact the Europe market.
Prominent players in the medical plastics market comprise Saint-Gobain Performance Plastics, Celanese Corporation, Trinseo S.A., E.I. du Pont de Nemours and Company, and Nolato AB. Most of these players engage in research and development leading to the formation of highly strengthened engineering plastics.
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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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