Overview and Scope
Medical plastics refer to plastic products specifically used in the healthcare industry. Medical plastics are resistant to temperature, corrosion, and chemicals making them the right fit for use in medical applications. Medical plastics are used for manufacturing and packaging applications in medical products.
Sizing and Forecast
The medical plastics market size has grown strongly in recent years. It will grow from <b>$32.58 billion in 2023 to $35.75 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. </b> The growth in the historic period can be attributed to biocompatibility and sterilization, aging population, minimally invasive procedures, global health preparedness, customized implants.
The medical plastics market size is expected to see rapid growth in the next few years. It will grow to <b>$52.36 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. </b> The growth in the forecast period can be attributed to patient-centric care, lightweight and durable materials, single-use devices, cost-efficiency, sustainable and eco-friendly plastics. Major trends in the forecast period include 3d printing advancements, nanotechnology integration, smart and connected devices, advanced materials, medical device innovation.
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Segmentation & Regional Insights
The medical plastics market covered in this report is segmented –
1) By Type: Polyvinyl Chloride (PVC), Polypropylene (PP), Engineering Plastics, Polyethylene (PE), Polystyrene (PS), Silicones, Other Types
2) By Process Technology: Extrusion, Injection Molding, Blow Molding, Other Process Technologies
3) By Application: Medical Disposables, Medical Instruments, Prosthetics & Implants, Drugs Packaging, Other Applications
<b>Asia-Pacific</b> was the largest region in the medical plastics market in 2023. The regions covered in the medical plastics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The advancing medical plastic technology is significantly contributing to the growth of the medical plastics market. In the past few years, advancements in medical plastics technology such as injection molding, insert molding, and others along with ideas and new materials have gained popularity in the healthcare sector. Medical plastics are neutral and do not react with the physical or chemical properties of products packed or when they are implanted in the human body. Also, technique such as 3D printing has gained the popularity in the medical plastics technology. As medical plastic technology advances, there will be a significant increase in the production of medical plastics because of the advantages these advancements provide to manufacturers. For instance, according to the American Hospital Association, employing 3D anatomic models as surgical guides decreased surgery time by 62 minutes, saving $3,720 per case. Also, using 3D-generated anatomical models as guidance decreased the length of complicated surgeries by 1.5 to 2.5 hours. Therefore, the advancing medical plastic technology will propel the growth of the medical plastics market.
Key Industry Players
Major companies operating in the medical plastics market include <b> BASF SE, Celanese Corporation, Solvay S.A., Arkema SA, Eastman Chemical Company, Dow Inc., Saudi Arabia’s Basic Industries Corporation, Evonik Industries AG, Röchling SE & Co. KG, Nolato AB, Saint-Gobain Performance Plastics, Orthoplastics Ltd., Tekni-Plex Inc., HMC Polymers Co. Ltd., ARAN BIOMEDICAL TEORANTA, Trelleborg AB, Raumedic AG, Ensinger GmbH, RTP Company Inc., Foster Corporation, PolyOne Corporation, DSM Engineering Plastics Pvt. Ltd., Covestro AG, DuPont de Nemours Inc., Exxon Mobil Corporation, Lubrizol Corporation, Trinseo LLC, Mitsubishi Chemical Corporation, Sumitomo Chemical Co. Ltd., Kuraray Co. Ltd. </b>
The medical plastics market report table of contents includes:
1. Executive Summary
2. Medical Plastics Market Characteristics
3. Medical Plastics Market Trends And Strategies
4. Medical Plastics Market – Macro Economic Scenario
5. Global Medical Plastics Market Size and Growth
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26. South America Medical Plastics Market
27. Brazil Medical Plastics Market
28. Middle East Medical Plastics Market
29. Africa Medical Plastics Market
30. Medical Plastics Market Competitive Landscape And Company Profiles
Top Major Players:
- BASF SE
- Celanese Corporation
- Solvay S.A
- Arkema SA
- Eastman Chemical Company
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