Portland, OR, March 03, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global medical plastics market generated $24.1 billion in 2019, and is estimated to garner $37.2 billion by 2027, witnessing a CAGR of 5.6% from 2020 to 2027. The report provides a detailed analysis of changing market trends, key winning strategies, top investment pockets, major segments, value chain, and competitive scenario.
Increase in investments in healthcare and rise in disposable income drive the growth of the global medical plastics market. However, the presence of toxic elements in medical plastics restrains the market growth. On the other hand, surge in demand for bioplastics in the medical sector would offer new opportunities in the next few years.
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Covid-19 scenario-
- There hasn’t been a significant impact on the market during COVID-19 pandemic, as the demand for medical kits and products such as exam gowns, face masks, gloves has increased enormously during the period.
- However, social distancing norms and global lockdown measures during the first and second quarter of 2020 affected the sales of new medical device and equipment.
- Restrictions on import and export, however, have created an opportunity for local suppliers to strengthen domestic supply chain to meet the excess demand.
The report offers the segmentation of the global medical plastics market on the basis of type, application, and region.
Based on type, the Polyvinyl Chloride (PVC) segment accounted for around one-third of the total market share in 2019, and is estimated to maintain its leadership status by 2027. However, the polypropylene (PP) segment is expected to exhibit the fastest CAGR of 7.6% during the forecast period.
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Based on application, the disposables segment held the highest market share in 2019 with more than one-fourth of the total market share. At the same time, the surgical instruments segment would manifest the fastest CAGR of 7.30% from 2020 to 2027.
Based on region, Asia-Pacific contributed to the highest market share in terms of revenue in 2019, accounting for nearly half of the global medical plastics market, and will maintain its lead status during the forecast period. Furthermore, the region would portray the fastest CAGR of 6.0% from 2020 to 2027.
Leading players of the global medical plastics market analyzed in the research include Arkema S.A., Basf SE, Celanese Corporation, Solvay SA, Covestro AG, and Sabic.
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