Medical Plastic Market Growth, Share, Opportunities and Forecast by 2025
By: Rajesh Varma
Tags: Medical, Healthcare, Business

Industry Insights

Growing number of insured individuals in U.S., coupled with the resultant demand for medical devices, is expected to have a positive impact on the growth over the forecast years. The market is characterized by the presence of a large number of companies involved in the production of advanced grade plastics for use in the industry.

The market is characterized by extensive integration through various stages of the value chain. HELM AG is integrated across all four stages in the value chain from raw material production to plastic production and the manufacturing of end-use products used by the hospitals and healthcare institutions including private clinics.

Such polymers are regulated by numerous agencies across the globe. In Europe, medical devices fall under the EU Council Directive (93/42/EEC), which provides guidance for their consumption. Restructuring of the European regulations for such devices is anticipated to emerge as one of the key factors affecting the regional growth.

The medical plastic market is subject to multiple technological advancements pertaining to the production of advanced plastics for healthcare application. The companies resort to new product developments as one of the major strategies to achieve market growth. In addition, key market players invest significantly in R&D to develop advanced products.

High degree of competition is likely to bolster the consumer buying power. Product quality and cost competitiveness are the major factors impacting the buyer power decision. High production volumes coupled with the ease of availability of medical plastics is expected to be drive the buyer power in the next few years.

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Application Insights

PETG is a specialized plastic that provides properties such as superior moisture and oxygen barrier coupled with high degree of transparency thereby driving the product demand for packaging medical device components. This trend is expected to drive the demand for plastics used in medical device packaging. The segment is expected to expand at a CAGR of 6.7% from 2019 to 2025.

Market for orthopaedic soft goods is driven by the recurring demand for engineering plastic primarily owing to the superior functional attributes of such plastics. In addition, rising development of advanced engineering plastics by manufacturers is expected to bode well for the market growth over the forecast period.

Polystyrene is used in the production of various devices including plastic boxes, cups, medical keyboards, and vaginal dilator speculum. The product is generally recommended for manufacturing diagnostic instruments, pipettes, flasks, and tissue culture components owing to its ease of sterilization and clarity.

Regional Insights

Middle East and Africa is likely to be driven by the demand for medical components such as disposable gloves, syringes, and catheters. The market is expected to grow due to the rising preference for high-grade medical facilities by the population in middle and lower income group consumers.

The market in China is projected to witness substantial growth over the forecast period, attributed to high healthcare cost, increasing private and public expenditure on healthcare, and high disease prevalence. Increasing geriatric population in the country is also expected to be a major contributor to the growth.

Download Medical Plastic Market Report, click the link below:

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Report Scope

Attribute & Details

Base year for estimation

2018

Actual estimates/Historical data

2014–2017

Forecast period

2019–2025

Market representation

Volume in Kilotons and Revenue in USD Million & CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Report coverage

Volume forecast, revenue forecast, competitive landscape, growth factors and trends

Country Scope

U.S., Canada, Mexico, Germany, U.K., Italy, France, China, India, Japan, Brazil, Saudi Arabia

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization