Global Medical Plastics Market was valued at US$ 23.7 billion in 2019 and is expected to grow exponentially experiencing a CAGR of 8.7% from 2020 to 2027. Medical plastics are the polymers made from polypropylene (PP), polyvinyl chloride (PVC), polyethylene (PE), etc., and these plastics are resistant to corrosion, chemicals, and temperature. These plastics have the applications largely in healthcare industry due to their properties such as greater safety, versatility, easy sterilization, and durability. Further, the other properties associated with these plastics such as cost efficiency and environment friendly would further enhance their demand in the coming years. Due to its different beneficial properties, these plastics are used to produce drug delivery devices, disposables products, and diagnostic instruments.
Growth Factors of the Global Medical Plastics Market
Growth in the number of hospitals, surgical and outpatient procedures and enforcement of several infection prevention standards are some of the major factors driving the growth of the medical plastics market globally. The prices of polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), and polystyrene have been volatile and the primary reason has been the fluctuating oil prices. Further, the raw material prices have been highly due to the overproduction in the Chinese market.
Medical Plastics Market – Market Scope and Segmentation
Global medical plastics market has been segmented into by application and by geography type. By application the market has been segmented into Orthopedic Soft Goods, Wound Care, Medical Device Packaging, Medical Components, Orthopedic Implant Packaging, Sterilization and Infection Prevention, Tooth Implants, Denture Base Material, Cleanroom Supplies, BioPharm Devices, Mobility Aids, Other Implants, and Others. Geography covers all the major four regional market of the world namely North America, Europe, Asia Pacific (APAC) and rest of the World (RoW). Again, these four geographies have been further bi-furcated into their respective countries. For instance, North America includes the U.S., Mexico and Canada. Similarly, European region covered in the scope of the study are the UK, Italy, Germany, France, Russia, Belgium, Switzerland, Netherlands and Spain among others; whereas the major countries covered under APAC are China, Japan, India, South Korea, Australia, Taiwan, Singapore and China. Other than North America, Europe and Asia Pacific, the remaining part of the world, i.e., RoW covers Central & South America, Middle East and Africa.
Key Players of the Market – Competitive Landscape
Some of the prominent players in the global medical plastics market are Celanese Corporation, Dow Inc., GW Plastics, Inc., Saint-Gobain Performance Plastics, Rochling Group, Nolato AB, SABIC, Eastman Chemical Company, Solvay S.A., Trelleborg Sealing Solutions, and Trinseo S.A. among others.
Market Segmentation by Application (Revenue, USD Billion, 2019 - 2027)
Market Segmentation by Region/ Geography (Revenue, USD Billion, 2019 - 2027)
Frequently Asked Questions (FAQ):
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