As per the research published by Allied Market Research, The global medical plastics market size was valued at $24.1 billion in 2019, and is projected to reach $37.2 billion by 2027, growing at a CAGR of 5.6% from 2020 to 2027. Robust investment in healthcare, increase in the aging population, and change in consumer lifestyle drive the growth of the global medical plastics market. Medical Plastics Market growth is driven by increase in investments in healthcare and rise in disposable income. However, toxic elements in medical plastics restrain the market growth. Moreover, based on region, the market across Asia-Pacific dominated the market in 2019 with highest revenue share and is expected to lead the trail throughout the forecast period.
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Based on application, the disposables segment held the highest market share in 2019 with more than one-fourth of the total market share. At the same time, the surgical instruments segment would manifest the fastest CAGR of 7.30% from 2020 to 2027.
Based on type, the Polyvinyl Chloride (PVC) segment accounted for around one-third of the total market share in 2019, and is estimated to maintain its leadership status by 2027. However, the polypropylene (PP) segment is expected to exhibit the fastest CAGR of 7.6% during the forecast period.
The global Medical Plastics market is segmented on the basis of type, application, and region. On the basis of type, it is divided into polyvinyl chloride (PVC), polypropylene (PP), engineering plastics, polyethylene (PE), polystyrene (PS), silicones, and other. Based on application, it is categorized into disposables, drug delivery devices, diagnostic instruments, catheters, surgical instruments, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on region, Asia-Pacific contributed to the highest market share in terms of revenue in 2019, accounting for nearly half of the global medical plastics market, and will maintain its lead status during the forecast period. Furthermore, the region would portray the fastest CAGR of 6.0% from 2020 to 2027.
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Leading Market Players:
• Arkema S.A.
• BASF SE
• Celanese Corporation
• Solvay SA
• Covestro AG
• Sabic
• Evonik Industries AG
• Ensinger
• DSM
• Lubrizol Corporation
Key benefits for stakeholders
- The global medical plastics market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the medical plastics marketfor strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides in-depth analysis of the global medical plastics market forecast for the period 2020–2027.
- The report outlines the current global medical plastics market trends and future estimations of the market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, & market opportunity and their detailed impact analysis are explained in the study.
Analyst Review
According to the CXOs of leading companies, the global medical plastics market is in an expansion phase. This is mainly attributed to a significant surge in demand for medical disposable and medical device such as gloves, mask, and handheld surgical instruments. Moreover, the rapid spread of the pandemic coupled with growing investment in healthcare sector will lead to rise in demand for medical equipment and devices. For instance, in May 2020, $134 million contract was given to Federal Resources Supply Company from Defense Logistics Agency to distribute medical equipment such as protective eyewear, gloves, and gowns for 15,000 nursing homes.
By Type
Polyvinyl Chloride (PVC)
Polypropylene (PP)
Engineering Plastics
Polyethylene (PE)
Polystyrene (PS)
Silicones
Other
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By Application
Disposables
Drug Delivery Devices
Diagnostic Instruments
Catheters
Surgical Instruments
Others
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
