The global medical plastics market was valued at USD 22.2 billion in 2017 and is anticipated to grow at a CAGR of 6.1% during the forecast period.
Medical plastics used in the healthcare sector include polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), polystyrene (PS) as well as nylon, polyethylene terephthalate (PET), polyimide (PA), polycarbonate (PC), acrylonitrile butadiene (ABS), polyetheretherketone (PEEK) and polyurethane (PU) among others. Use of medical plastics have resulted in reduced medical costs, decline in infectious disease and pain management. Medical plastics are increasingly being used in development of new and improved artificial limbs, and plastic disposable delivery devices for reducing the risk of infections to patients. Medical plastics are also used in sterile plastic packaging and plastic medical disposables. These plastics also find applications in the production of frames, lenses, and contact lenses to reduce their weight and increase overall safety. Other applications of medical plastics include disposable syringes, intravenous blood bags, heart valves.
North America Medical Plastics Market Share By Type, 2017 - 2026
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The increasing demand for advanced medical technology from the geriatric consumers, and global growth in healthcare industry drive the growth of the Medical Plastics Market. The increasing trend of minimally invasive medical procedures coupled with growing consumer awareness is expected to supplement the growth of the market. Other factors driving the market include increasing home healthcare services and self-medication, rising government initiatives to offer improved healthcare services, and growing investments in the healthcare industry. However, stringent government regulations and lack of standardized healthcare regulations across the world hamper the growth of the Medical Plastics Market. Growing demand from emerging economies, technological advancements and innovation, and growing use of plastics as compared to metals in healthcare devices are factors expected to provide numerous growth opportunities during the forecast period.
The global medical plastics market is segmented on the basis of type, application, and region. Based on type, the market is segmented into standard plastics, engineering plastics, and others. The application segment is categorized into medical device packaging, medical components, BioPharma devices, mobility aids, sterilization and infection prevention, and others. The medical components segment dominated the global market in 2017 owing to increasing demand for containers, films, diagnostic instruments, packaging, medical bags, catheters, and implants among others.
The medical plastics market report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. North America accounted for the largest share in the Medical Plastics market in 2017 owing to increasing geriatric population, technological advancements, and significant investments in the healthcare sector.
The leading players in the medical plastics market include E.I. du Pont de Nemours and Company, HMC Polymers, Specialty Silicone Fabricators, Inc., Trinseo S.A., GW Plastics Inc., Eastman Chemical Company, The Dow Chemical Company, Tekni-Plex Inc., Orthoplastics Ltd., and Saint Gobain Performance Plastics among others. The leading players in the market are introducing new innovative products in the market to cater to the growing consumer demands. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.