According to Acumen Research and Consulting, the global Medical Plastics market is expected to grow at noteworthy CAGR around 7 % throughout the forecast period and reach around US$ 15 billion by 2026.
The healthcare industry is used for medical plastic as a kind of polymers. During the manufacturing process, these plastics are extremely flexible. It is lightweight and organic. Production costs are also low. As a substitute for titanium / stainless steel metals, medical plastics are thus used in medical equipment. The performance of a wide range of health tubes is boosted by increased materials, especially disposable plastics. The primary purpose of medical plastics is to be metal parts used in medical devices. Catheters and sprayers, dental tools, diagnostic devices, medicinal supplies, implants, medical bag and surgical instruments include the key apps in medical materials.
The report provides analysis of global Medical Plastics market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The global medical plastics market is expected to increase in demand for medical plastic products in the production of disposable medical devices such as bed cups, inhalation masks and IV tubes. Medical plastics make medical devices such as tools, surgical wraps, irrigation bottles and examination gloves ideal for use on an ongoing basis easier to sterilize. The manufacture of medical instruments is therefore ideal in medical plastic. Medical plastics recyclability is also a major driver of the global medical plastics market. These small plastics are used to produce orthopedic appliances, man-made cornea, hearing aids and thin tubes called catheters. They are lightweight. Governing bodies around the globe focus on regulating the use of plastics due to health concerns. The recyclability of medical plastics is high and poses little environmental threat. The medical plastics market is driven by these factors. The rise of 3D printing innovation for the patient-specific prosthentic limbs and orthotic braces, especially in developing countries, is projected to boost the medical plastic market. Furthermore, manufacturers around the world aim to reduce prosthetics production costs. Using 3D printing technology, medical implants for body parts like knees, hips, ankles, spinal cords and skull can be adapted. This technology can also be used to manufacture sterile instruments such as furceps, nostats, scalpel handles and clamps.
In addition to demand for medical devices, the rising number of insured persons in the US is expected to have a positive impact on the sector's growth over the forecasted years. Moreover, a large number of companies engaged in the manufacture of advanced grade plastics for use in the industry also characterize the market.
The industry is characterized in different stages of the value chain by comprehensive integration. All four stages of the value chain, from production of raw material to the production of plastics and production of final products used by hospitals and health care institutions, including private clinics, are integrated into HELM AG.
Many agencies around the world regulate such polymers. The European Directive 93/42/EEC providing guidance for the consumption of medical devices is the European Council Directive. One of the key factors affecting the industry growth in the region is the restructuring of European regulation for such devices.
In the field of healthcare, the sector is subject to several technological advances in the manufacture of advanced plastics. New product developments are one of the leading strategies for market growth for companies on the market. In the development of advanced products, key market players also invest considerably in R&D.
The high level of industry competition will likely boost consumer purchasing power. The buyer energy decision is influenced mainly by factors such as product quality and cost competitiveness. The increase in buyer power is expected in the next few years to increase the production volumes coupled with the easy availability of medical plastic.
The governing agencies in the USA showed a growing affinity for the recycling of plastics. The federal agencies in the United States have also invested a total of USD 35.9 billion in research and development in healthcare in 2015, an initiative that is expected to stimulate the growth of the medical industry that results in the growth of the industry.
On basis of type, PVC, PE, PP, PS, plastic engineering, silicone, etc. (including biopolymers and polyamides) have been classifying the global medical plastics sector. Medical equipment manufacturers choose various plastic types based on efficiency, availability of raw materials and applicability. The medical industry accounts for an important part of conventional plastics, including PVC, PP and PE. Medical equipment manufacturers use advanced plastics such as thermoplastics for example. The global market for medicinal plastics is divided into extrusion, injection moulding, blow mounting and other (including rotational and compression moulding) process technology. The medical plastics market is divided into devices, diagnostic tools, medical bags, medicinal supplies and others (including breathing masks and incubators and autoclaves) based on application processes.
North America dominated the global market for medical plastics in 2018 in terms of revenue and volume, with major consumption from the United States. The country's population is aging and chronic diseases are long recorded. The 2010 Patient Protection and Affordable Care Act also increased access to health services for previously uninsured segments of the population. Thus, cost-effective health equipment is needed to meet the population's growing demand. The demand for health plastics in the US is expected to increase with these factors. North America was followed by Europe in 2018 in terms of consumption. The key markets of medical plastics in Europe are Germany, France and Italy. In Asia Pacific, growth on the medical supply market, government initiatives and the low cost of labor are key drivers for the Asia Pacifical plastics market. In recent years, there has been a significant increase in the use of disposable medicines. In Asia Pacific, China is a major dominant country in the market for medical plastics. In recent years there has been moderate growth in demand for Medical Plastics in the Middle East and Africa and Latin America. In the near future, the trend is expected to continue.
Global Medical Plastics Market, By Type
Global Medical Plastics Market, By Process Technology
Global Medical Plastics Market, By Application
Global Medical Plastics Market, By Geography
The market research study on “Medical Plastics Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Medical Plastics market segments with market dynamics and their impact. The report also covers basic technology development policies.
The report provides an analysis of the latest industry trends from 2015 to 2026 in all sub-segment segments and forecasts revenue and volume growth on the global, the regional and country levels.
Key Players & Strategies
Capacity expansion and fusions are key players in the global market for medical plastics. In turn, this is likely to boost the world market during the forecast period. In the global medical plastics industry, the number of players, particularly small and medium-sized producers, operates substantially. The market is therefore highly divided. Dow DuPont, Exxon Mobil Corporation, BASF SE, Covestro AG, Evonik Industries AG, Arkema SA, Solvay, Celanese Corporation and Lubrizol corporation are the leading manufacturers operating on the global medical plastics market.
Market companies focus on strategic bindings with manufacturing medical products and components that lead to a guaranteed plastics demand. These companies are also integrated with raw materials and medical plastics manufacturing, which leads to a reduction in the purchase of raw materials and overhead costs.
The market is marked by the presence, in the local and international markets, of several manufacturers. These players are engaged in the production of differentiated products in terms of performance. The presence in the market of many companies leads to an increase in consumer purchasing power.
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