The global medical plastics market 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.
Medical plastics are made from thermoplastic materials such as polycarbonate, polypropylene, and polyethylene. These are chemical and corrosion resistant which makes them ideal for frequent sterilization cycles. These are widely used for medical equipment, device, and disposables such as surgical instruments, dental instruments, sterilization trays, anesthetic, diagnostic, and imaging equipment.
Growing investment in healthcare sector, coupled with growing concern regarding health issues is expected to drive the market growth. Consumers in developed countries are largely spending on healthcare service, owing to growing population of aging people across U.S., Canada. For instance, according to a report of Urban Institute, an economic and social policy research firm, the population of old people (over 65 years) will be more than double by 2040, reaching 80 million. Additionally, rise in disposable income and change in consumer lifestyle will further propel the demand for medical plastics. As the demand for medical devices is gradually increasing in developed countries like U.S. and Canada from insured individuals, the medical plastics market is expected to witness considerable growth. Moreover, the fluctuation in global fuel price is another major factor influencing the market growth. However, toxic elements such as bisphenol A found in medical plastics have adverse effect on infants, which can negatively impact the market growth.
Request for a FREE sample of this market research report@ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1571
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.
Major players have adopted acquisition, agreements and partnership to sustain the intense market competition. Some of the key players profiled in the report include Arkema S.A., Basf SE, Celanese Corporation, Solvay SA, Covestro AG, and Sabic.
COVID-19 scenario analysis
– The medical plastics market has no significant impact of COVID-19 pandemic. This is attributed to the increase in demand for exam gowns, face masks, gloves.
– The shifting preference towards the application of disposable mask and gloves as a part of safety protocol largely impacted the market demand.
– However, social distancing norms and global lockdown measures during first and second quarter of 2020 led to decrease in sales of new medical device and equipment.
– The extended lockdown slowed down the production of medical plastics as well as cross border export and import. From beginning of May, 2020, over 70 countries including India, US, EU, and Switzerland had taken drastic measures to restrict export and import activities.
– Due to restrictions on export and import, large number of countries mobilized their production process. These countries are focusing to strengthen domestic supply chain to meet the excess demand.
– Automotive companies and manufacturing plants which are temporarily closed have started producing disposable plastics products for medical equipment. This will slowly improve the market scenario.
Key benefits for stakeholders
– The global medical plastics market analysis covers in-depth information of major industry participants.
– Porters five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for 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.
Send a request to Report Ocean to understand the structure of the complete report @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1571
Key market segments
– Polyvinyl Chloride (PVC)
– Polypropylene (PP)
– Engineering Plastics
– Polyethylene (PE)
– Polystyrene (PS)
– By Application
– Drug Delivery Devices
– Diagnostic Instruments
– Surgical Instruments
– By Region
o North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA