The global Medical Plastics market is projected to grow at a modest CAGR of 6.5% during the forecast period (2021-2027). The major aspect that drives the growth of the market includes the increasing demand for the plastics in the medical field, such as, the increased demand for medical plastics in the manufacture of disposable medical products such as bed pans, inhalation masks, and IV tubes among many others. Manufacturing medical devices and components with plastics possess various benefits such as superior flexibility, light-weighted, bio-compatible, and low production cost among many others. Medical plastics are used in areas where metal parts are to be used in medical devices. Key applications of medical plastics include catheters and syringes, dental tools, diagnostic instruments, drug delivery devices, implants, medical bags, and surgical instruments.

The advent of novel, cost-effective, and disposable medical plastics by the key players is one of the major aspects that creates ample opportunities for market growth. As an alternative to conventional raw materials, disposable plastics provide more safety and antimicrobial functioning. Hence, these disposable medical plastics are in the trends and are widely accepted by the market players and acquires huge demand from the healthcare sector owing to decontamination and secured containment of diagnostic samples. Hence, this further drives the growth of the global medical plastics market over the forecast period. 

Segmental Outlook

The global medical plastic market is segmented on the basis of plastic types and applications. Based on the plastic type, the market is segmented as traditional plastics and engineered plastics. The traditional plastics include Polyvinylchloride (PVC), Polyethylene (PE), Polystyrene (PS), Polypropylene (PP), and Silicone. Whereas, the engineered plastics segment includes Nylon, Polycarbonate (PC), Polyoxymethylene (POM), Acrylonitrile butadiene styrene (ABS), Polymethylmethacrylate (PMMA), Polyphenylene Oxide (PPO), and others. Based on the applications, the market is segmented as disposables, diagnostic instruments, catheters and syringes, implants, dental tools, surgical instruments, medical bags, drug delivery devices, and others. 

Surgical Instruments Segment to Hold a Substantial Market Share

Amongst the applications segment of the market, the surgical instruments segment is likely to hold the most substantial share in the market over the forecast period. The segmental growth of the market is accredited to a wide demand for surgical instruments across the healthcare sector across the globe. Owing to the wide range of properties of plastics such as high impact resistance, thermal stability, which requires less maintenance and less frequent sterilization, there is a wide acceptance of plastics in the medical field. Owing to this, the key manufacturers are switching from metal and wood to engineering plastics like POM, owing to its superior performance, low price, good machinability, and non-hygroscopic properties. Hence, these factors altogether contribute to the segmental growth of the global medical plastics market over the forecast period.

Global Medical Plastics Market, by Structure Type 2020 (%)

Regional Outlook

The global Medical Plastics market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is projected to hold a significant market share. China, India, Japan, and the Rest of the Asia-Pacific are the major economies primarily contributing to the growth of the Medical Plastics market in the region. The regional growth of the market is accredited to the increased medical device manufacturing in the key economies of the region such as China, India, and Japan. Improving economic growth in these economies, rising healthcare expenditure by the people as well as government, various healthcare schemes launched by the government of these economies are some of the key aspects that enhance the regional growth of the market. Rising medical tourism in the key economies of the region also drives the growth of the market over the forecast period. 

Further, the North American region is also estimated to witness a significant value for the market, attributing to the presence of key players across the region. Besides, the well-established healthcare sector in the countries of the region, increased prevalence of various diseases along with the increased healthcare spending by the government are some of the factors that drive the regional growth of the market over the forecast period.

Global Medical Plastics Market, by Region 2020 (%)

Market Players Outlook

The prominent players functioning in the global Medical Plastics market include BASF SE, Celanese Corp., Dow DuPont Inc., Eastman Chemical Co., Evonik Industries AG, Exxon Mobil Corp., Royal DSM NV, SABIC, Saint-Gobain S.A, Solvay SA, and Trinseo S.A among others. These key manufacturers are adopting various strategies such as new product launches and approvals, mergers and acquisitions, partnerships and collaborations, and many others in order to thrive in a competitive environment. For instance, Eastman Chemical Co., an America-based chemical company that is engaged in manufacturing innovative products that range from fibers, plastics, advanced materials, to various other substances. The company provides a wide range of product portfolios in the medical plastics market. 

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Medical Plastics market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.