The High Performance Medical Plastics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s High Performance Medical Plastics Global Market Report 2024, The high performance medical plastics market size has grown strongly in recent years. It will grow from $0.96 billion in 2023 to $1.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increased demand for minimally invasive procedures, regulatory compliance, growing aging population, advancements in healthcare infrastructure, increasing chronic diseases.
The high performance medical plastics market size is expected to see strong growth in the next few years. It will grow to $1.45 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to growth in emerging markets, increasing focus on sustainability, growing demand for biocompatible materials, shift towards home healthcare, advancements in material biocompatibility. Major trends in the forecast period include advancements in nanotechnology, focus on sustainability, customization and personalization, precision medicine trends.
Growing healthcare expenditure in emerging economies is expected to propel the growth of the high-performance medical plastics market going forward. Emerging economies such as India and China are increasing their spending on healthcare due to the need to improve healthcare infrastructure, improve public health and the recent COVID-19 pandemic. Increased spending allows the population to go for implants and prosthetic procedures which are made from high-performance medical plastics. This in turn increases the use of medical plastics which drives the high-performance medical plastics market forward. For instance, according to a survey of global medical insurers conducted by Willis Towers Watson Public Limited Company, a British-American company providing insurance services, the healthcare benefit cost increased from 8.2% in 2021, to 8.8% in 2022, and is expected to grow again in 2023 to a high global average of 10%. Therefore, the growing health expenditure in emerging economies is driving the growth of the High-performance medical plastics market.
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The high performance medical plastics market covered in this report is segmented –
1) By Type: Fluoropolymers (FP), High Performance Polyamides (HPPA), Polyaryletherketones (PAEK), Polyphenylene Sulfides (PPS), Polyetherimide (PEI), Other Types
2) By Raw Material: Polycarbonate, Polypropylene, Polysulfone, Polytetrafluoroethylene, Polyphenylene sulfide, Other Raw Materials
3) By Application: Medical Equipment and Tools, Medical Supplies, Drug Delivery, Prosthesis and Implants, Therapeutic System, Other Apllications
Product innovations are a key trend gaining popularity in the high-performance medical plastics market. Major companies operating in the high-performance medical plastics market are constantly focused on developing technologically advanced products to strengthen their market position. For instance, in October 2021, Avient, a US-based supplier of specialized and sustainable material solutions and services, announced the launch of two new products as part of its MEVOPUR line of medical-grade materials. These products were introduced to support manufacturers of pharmaceutical packaging and medical devices in achieving their sustainability goals more easily.
The high performance medical plastics market report table of contents includes:
1. Executive Summary
2. High Performance Medical Plastics Market Characteristics
3. High Performance Medical Plastics Market Trends And Strategies
4. High Performance Medical Plastics Market – Macro Economic Scenario
5. Global High Performance Medical Plastics Market Size and Growth
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26. South America High Performance Medical Plastics Market
27. Brazil High Performance Medical Plastics Market
28. Middle East High Performance Medical Plastics Market
29. Africa High Performance Medical Plastics Market
30. High Performance Medical Plastics Market Competitive Landscape And Company Profiles
Top Major Players:
- Atlas Copco Group
- Ingersoll Rand Inc
- Hitachi Ltd
- Kaeser Compressors Inc
- Elgi Equipments Ltd
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