According to a new research report by Precedence Research, The medical plastic compounds market size is forecast to exceed US$ 79.56 billion by 2027 from USD 52.24 billion in 2019 and is expected to grow at the highest CAGR of 5.4% from 2020-2027. The report offers an up-to-date analysis regarding the current market scenario, latest trends, key drivers, potential challenges, profitability graph and the overall market environment.
Medical plastic compounds refer to those polymers that are largely used in the manufacturing of medical devices because of their low cost and weight as compared to their counterparts. Disposable syringes, heart valves, and intravenous blood bags are manufactured using plastic compounds. Major application of medical plastics is in the production of personal protection equipment (PPE) kits that are registering prominent demand in recent times.
Previously, glass, metals, and ceramics were used in the production of medical devices and implants. On the other hand, presently, plastic compounds are the largely preferred material by the manufacturers of medical devices because it is lighter in weight and offers superior biocompatibility as well as lower cost.
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Growth Factors
Medical devices that can be implanted in a human body are prominently used by the ageing population having lower immunity. Italy, Japan, Germany, Portugal, and other developed countries such as the U.S. have significant population base of geriatric people. As per the World Health Organization (WHO) report, around 2 Billion people across the globe are predicted to be above 60 year of age by the end of year 2050, three times of the geriatric population in 2000. Medical advancements and high-end treatment facilities in the developed regions are the major factors behind the prominent growth of geriatric population in these regions. This in turn has also increases the healthcare budget of the country coupled with the demand for the implantable medical devices. Hence, the aforementioned factors are likely to augment the market size for medical plastic compounds in these countries.
Besides this, the outbreak of coronavirus has prompted governments of several regions to increase their investment in the healthcare sector along with developed medical infrastructure in order to protect their citizens from the upcoming uncertainties in the near future. Further, this outbreak of COVID-19has significantly surged the demand for PPE kits that further expected to boost the market growth for medical plastic compounds in the near future. Polypropylene plastics are largely utilized for the manufacturing of face shields, goggles, gloves, masks, head covers, coveralls or gowns, and shoe covers in accordance to minimize the risk of contamination. In addition to this, the shortage of these PPE kits across the globe has drastically uplifted the demand for medical grade plastics.
Report Highlights
- North America expected to dominate the global market accounting for a revenue share of over 35% in 2019 because of rising incidence of lifestyle oriented diseases
- The Asia Pacific is the most lucrative region owing to the rapid growth of healthcare industry that generates significant demand for the new and advanced medical devices
- PVC dominated the product segment with more than 30% market share in the year 2019 owing to its wide application in single-use pre-sterilized medical devices
- PC estimated to grow at a steady pace of nearly 6% during the forecast period due to its superior properties that include optical clarity, better inherent strength, and many more
- The disposables emerged as the largest application segment accounting for a value of over USD 10 billion in the year 2019 because of rising usage of disposable and sterilized gloves and syringes
- The catheters application segment estimated to witness a steady growth rate of nearly 5.5% during the forecast years due to its increasing application in the healthcare industry
Regional Snapshots
North America is the front-runner in the medical plastic compounds industry owing to significant base of geriatric population along with high prevalence of lifestyle-oriented diseases such as diabetes, high blood pressure, and cancer. Apart from this, the region is highly impacted by the outbreak of COVID-19 that has significantly boosted the demand for PPE kits in the region and thus prospering the demand for the medical grade plastics in the region.
However, the Asia Pacific seeks lucrative growth over the upcoming years due to notable investment policies by the government in the healthcare sector in order to improvise their facilities and reduce the cost of hospital stay. This has also increased the consumer focus towards home healthcare kits and devices.
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Key Players & Strategies
The global industry for medical plastic compounds is highly lucrative because of enormous opportunities offered by the advanced bio-based and environment-friendly medical grade plastic compounds. The market players are significantly grabbing this opportunity and focusing towards the expansion of their production capacity to capture major market share and customers. For instance, Baxter International Inc. announced to expand its production capacity of components for disposable medical devices in Mountain Home, Arkansas.
Some of the key players operating in the market are Nolato AB, Freudenberg Medical LLC, Rochling Group, GW Plastics Inc., MedPlast Inc., Phillips Medisisze Corporation, C&J Industries Inc., Tekni-Plex, Inc., Pexco LLC, and Medical Plastic Devices Inc. among others.
Market Segmentation
By Product
- Polyethylene
- Polyvinylchloride
- Polypropylene
- Polyester
- Polystyrene
- Polycarbonate
- Acrylics
- Polyurethane
- Others
By Application
- Catheters
- Disposables
- Drug Delivery System
- Surgical Instruments
- Implants
- Medical Bags
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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