USD 46.5 billion
Global Medical Plastics Market Size, Share, Growth Analysis, By Type(Engineering Plastic, HPP), By Application(Medical Disposable, Prosthetics) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2132 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
68 |
Figures:
75
Global Medical Plastics Market Insights
Medical Plastics Market size was valued at USD 46.5 billion in 2019 and is poised to grow from USD 50.13 billion in 2023 to USD 98.55 billion by 2031, growing at a CAGR of 7.8% in the forecast period (2024-2031).
Medical plastics are a type of polymer that can be molded into almost any shape. Thermoplastic compounds are commonly used in medical plastics. Thermoplastics can be easily molded once they have been heated. Medical-grade polymers are resistant to heat and chemicals. Polycarbonate, polypropylene, and polyethylene are some of the most commonly used medical plastics. Medical devices and equipment, including medical and surgical tubing, can be made with it.
The global medical plastics market growth is predicted to rise due to increased investment in the healthcare industry and rising consumer health concerns. Furthermore, an increase in disposable income and a shift in consumer lifestyle will fuel market expansion in the forecasted timeframe.
The COVID-19 pandemic has had no substantial influence on the medical plastics market; due to the surge in demand for test gowns, face masks, and gloves. The market demand was mostly influenced by the shift in preference for using disposable masks and gloves as part of a safety process. During the first and second quarters of 2022, however, the market experienced a minor downturn. During the first and second quarters, sales of new medical devices and equipment were down due to societal distancing norms and global lockdown measures. Nevertheless, the market is slowly on its track to growth.
US Medical Plastics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Engineering Plastic
Fastest Growth
Engineering Plastic
Growth Rate
7.8% CAGR
Global Medical Plastics Market ($ Bn)
Country Share for North America Region (%)
Global Medical Plastics Market By Type ($ Bn)
Global Medical Plastics Market By Type (%)
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Global Medical Plastics Market Segmental Analysis
The global medical plastics industry is segmented on the basis of type, application, and region. Based on the type, the market is segmented as an engineering plastic, hpp, standard plastics, silicone, and others. Based on application, the market is segmented as medical disposable, prosthetics, medical instruments & tools, drug delivery, and others. Based on region, the market segmentation spans North America, Europe, Asia-Pacific, South America, and MEA.
Medical Plastics Market Analysis by Type
In 2022, the engineering plastics segment of the market is projected to hold the most lucrative share of more than 39% of the market. The segmental growth of the market is attributed to the variety of advantages provided by engineering plastics. Engineering plastics have a number of advantages over conventional plastics, including good malleability, quick production times, low weight, strong impact, flame, shock, and chemical resistance, and greater friction reduction.
The increasing market size of the segment is due to improving standards and laws mandating the high quality of plastics used in medical applications. Furthermore, engineering plastics are being used more frequently in robotic assistance, AI-driven operations, 3D printing of implants and prosthetics, and other applications.
Medical Plastics Market Analysis by Application
In 2022, the medical disposables segment of the market is projected to hold the most lucrative share of more than 29% of the market. The segmental growth of the market is attributed to the versatility of medical disposables. Medical disposables are single-use medical devices that are used in surgical and procedural procedures. The use of these medical items in procedural and general check-up applications is on the rise. Furthermore, the use of these disposables as directed by various authorities such as the USFDA and the European FDA is driving global demand for medical plastics. The market is being driven by an increase in the incidence of chronic diseases, a change in the lifestyle of the middle-income group, demand for better healthcare facilities, and growth in the aging population.
Global Medical Plastics Market By Type, 2023 (%)
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Global Medical Plastics Market Regional Insights
The Global Medical Plastics Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, North America is projected to hold the most substantial share of more than 35% in the market. The demand for medical equipment is predicted to rise dramatically in the future years as per capita health expenditures in the United States rise. This will very certainly increase product demand in the region. In addition, the presence of significant manufacturers in the area, such as Dow Inc., DuPont, Celanese Corp., and Eastman Chemical Co., is likely to boost overall market growth over the projection period.
Global Medical Plastics Market By Region, 2024-2031
- Largest
- Fastest
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Global Medical Plastics Market Dynamics
Medical Plastics Market Driver
Demand for Recyclable Medical Plastics to Account for a Significant Market Growth
- One of the primary aspects driving the market's favorable outlook is significant growth in the medical businesses around the globe. As the COVID-19 continues to spread around the world, the demand for single-use medical plastics and consumables in healthcare facilities has increased significantly.
- Thermal scanners, ventilators, gloves, respirators, and masks are commonly used in hospitals, diagnostic centers, and clinics to treat patients. Other growth-inducing variables include numerous product developments, such as the creation of medical polymers with improved biocompatibility.
- These new versions are more cost-effective and are employed in targeted drug delivery systems for the regulated release of medicines in complicated brain areas and to treat a variety of degenerative diseases. Some other factors contributing to the industry growth, including extensive improvements in the healthcare infrastructure, especially in the developing economies, along with the rising geriatric population are anticipated to drive the market further.
Medical Plastics Market Restraint
Growing Concerns to Maintain Environmental Balance to Create Market Challenges
- Environmental pollution and increased waste are the factors that limit the industry growth. The human population is steadily expanding, resulting in greater need for plastic products. These products are responsible for continuous rise in plastic production and waste generation both of which are contributing to increased pollution and limiting industry progress.
- These are typically non-recyclable materials that are treated individually to prevent the spread of infection. Limited medical waste management results in a variety of pollution, including water and soil degradation. The COVID-19 epidemic has resulted in increased use of plastics, which has a negative impact on the global environment. As a result, environmental restrictions on the use of these items may harm the demand for medical equipment.
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Global Medical Plastics Market Competitive Landscape
The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Medical Plastics Market Top Player's Company Profiles
- Dow Chemical Company
- BASF SE
- Eastman Chemical Company
- DuPont de Nemours, Inc.
- Arkema S.A.
- Evonik Industries AG
- Solvay S.A.
- Sabic
- Celanese Corporation
- Tekni-Plex
- Exxon Mobil Corporation
- Lubrizol Corporation
- DSM N.V.
- RTP Company
- Ensinger GmbH
- Porex Corporation
- The Chemours Company
- Raumedic AG
- Trinseo LLC
- Plastikon Healthcare
Medical Plastics Market Recent Developments
- In May 2022, SABIC released LNP ELCRIN WF0061BiQ resin, which employs ocean-bound PET bottles as a feed stream for chemical upcycling into PBT resin.
- In May 2022, Milliken & Company will start production at its new clarifier plant in Blacksburg, S.C. This major increase in capacity will help meet the high demand for cleared plastic products around the world.
- In March 2022, Evonik is increasing its medical technology portfolio of 3D-printable biomaterials. VESTAKEEP® iC4800 3DF, a novel osteoconductive PEEK filament created by the specialty chemicals firm, promotes fusion between bone and implants.
Global Medical Plastics Key Market Trends
- Market Stability vs Price Volatility: Oil price fluctuations have been a major factor in the price volatility of Polyvinyl Chloride (PVC), Polyethylene (PE), Polypropylene (PP), and Polystyrene (PS) (PS). The market's price volatility has also been influenced by capacity expansion and decrease. Furthermore, rising Chinese market overproduction is projected to have an impact on raw material prices.
- Adoption for its Versatility: Over the projected period, the market is expected to rise due to enforcement and upgrading of various infection prevention regulations, and an increase in the number of surgical, hospital, and outpatient procedures.
Global Medical Plastics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global medical plastics market report analysis, among the type, the engineering plastics segment is projected to hold a significant share. While, among the application analysis, the medical disposables segment is expected to account for a significant share.
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| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 46.5 billion |
| Market size value in 2031 | USD 98.55 billion |
| Growth Rate | 7.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Medical Plastics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Medical Plastics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Medical Plastics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medical Plastics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medical Plastics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Medical Plastics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Medical Plastics Market Report Snapshots
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