During the forecast period ranging from 2022-2032, the medical plastics market is expected to grow at a value of 7.8%. In 2021, this market was predicted to have a global valuation of US$ 46.5 Billion, and is expected to reach a sum of US$ 106.23 Billion by 2032, according to a recent report published by Future Market Insights. The market is going to face increasing demand owing to the increase in growing geriatric population and various advancements in the field of medical science.
From 2017 to 2021, the Medical plastics industry grew at a CAGR of 6.3%. Since medical plastic does not permeate and is shatter-proof, it is an excellent choice for transporting biohazardous materials. Dangerous pathogens can be kept at bay by properly disposing of medical waste. Furthermore, these plastics have higher levels of safety and antimicrobial properties than other raw materials. Because medical plastics aid in decontaminating samples and securely containing them, the medical plastic market is gaining significant traction in the healthcare sector.
The growing elderly population in the United States, as well as the growing demand for home healthcare services, are driving medical plastics demand in North America. Furthermore, the pharmaceutical sector in Mexico and Canada is expected to expand rapidly, fueling product demand in the pharmaceutical packaging market. At the same time, APAC is estimated to be the leading market for medical plastics during the forecast period, owing to strong investments in R&D and digitization in the healthcare ecosystem.
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Key Takeaways from the Market Study
- In 2022, the global medical plastics market is estimated to have a global market size of US$ 50.13 Billion.
- Medical plastics market in North America acquired 34% of the global market share in 2021.
- Asia Pacific is expected to grow with a 5% CAGR during 2022-2032.
- By product, the Polyphenylsulfone segment took over 52% of the global Medical plastics market share in 2021.
- By application, the medical components segment acquired 42% of the global market share in 2021.
“The demand for medical plastics is expected to rise in the future due to the growing geriatric population and the increased need to find better alternatives to steel and glass medical instruments and equipment. Various technological advancements in this field, especially for prosthetics, will create new opportunities during the forecast period. ,” comments a Future Market Insights analyst.
Competitive Landscape
The global medical plastics market is fragmented due to strong distribution networks and a wide range of products offered by large and small companies in emerging and developing economies. The major growth strategies employed by market players to expand their regional presence and meet the growing demand for medical plastics in emerging economies between 2017 and 2022 were new product launches, agreements & collaborations, expansions & investments, and mergers & acquisitions. Establishment players are creating new medical products through research and development.
- In the first quarter of 2022, Evonik Industries AG introduced VESTAKEEP iC4800 3DF, a PEEK (polyether ether ketone) filament that would improve the fusion between implants and bones.
- In January 2021, PTA Plastics, for example, invested more than $2 million in capital equipment and buildings. These injection moulding and finishing machines and equipment will be used for medical plastics products.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Medical plastics market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (Polyethylene (PE), Polycarbonate (PC), Polypropylene (PP), Polyphenylsulfone (PPSU), Liquid Crystal Polymer (LCP), Polyethylenimine (PEI), Polyethersulfone (PES), Polymethyl Methacrylate (PMMA) others), by application size (Medical Device Packaging Orthopedic Implant Packaging, Medical Components, Orthopedic Soft Goods, Cleanroom Supplies, Wound Care and Others), and across five major regions (North America, South America, Europe, Asia Pacific and Middle East & Africa).
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About the Chemicals & Materials Division at Future Market Insights
The chemicals & materials team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the healthcare industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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