Gurugram, India, May 16, 2023 (GLOBE NEWSWIRE) -- Key trends driving market expansion include the aging population's demand for improved medical gadgets and rising healthcare spending in developing nations like China and India along with an increase in demand for inexpensive and effective healthcare systems, the Global Medical Plastics Market is Forecasted to Reach US$ 60 Bn by 2028 says Ken Research Study.
Plastics made specifically to be used in the production of medical products are known as medical-grade plastics. Additionally, it's employed in producing primary pharmaceutical packaging and in vitro diagnostic items, which protect and contain medications to prevent tampering.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
1. Growing Adoption of Medical Devices to Propel the Growth Rate of the Market
According to Research estimates, the Global Medical Plastics Market – which was valued US$ 40 Bn by 2022 – is expected to grow further to more than US$ 60 Bn opportunity by 2028.
Due to the lower costs incurred compared to hospitals and intensive care, the need for medical devices has expanded as the home healthcare industry has grown. The rise in demand for the devices is also a result of the different diagnostic procedures hospitals use to diagnose patients. The desire for better healthcare facilities and the expansion of hospitals has both contributed to the growth of the medical equipment industry. As a result, key factors affecting demand for medical devices are their awareness, accessibility, affordability, and flexibility.
2. Growing Awareness of Personal Hygiene in the Face of the Global Pandemic to Drive the Market Growth
In the wake of the pandemic, the market is anticipated to develop as a result of rising consumer awareness of personal hygiene and strong demand for home care goods. With the pandemic driving up demand for medical supplies like gloves, masks, sanitizers, and PPE kits, businesses are producing or creating new goods to fulfill the demand. Personal hygiene upkeep has become more important in the years to decrease the likelihood of infection which over the course of the forecast period will benefit the global market. The healthcare industry has made hand washing and surface cleaning a requirement in the ongoing fight against coronavirus.
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3. Improper Medical Waste Disposal to Stagnate the Market Growth
The enormous volume of non-biodegradable garbage dumped in the surroundings is the biggest problem for the medical plastics sector. These medical wastes contain infectious bacteria and viruses that were used for dressing, surgery, and diagnostic purposes before being disposed of. These microorganisms combine with land, water, and air mediators in open landfills to infect healthy communities. The generation and disposal of medical waste are crucial, particularly in nations with a high population and inadequate sanitation. Medical facilities, such as hospitals, clinics, and locations used for diagnosis and treatment, produce extremely dangerous wastes and increase the risk of deadly infections.
Market Taxonomy
By Product
- Polyethylene
- Polypropylene
- Polycarbonate
- Liquid Crystal Polymer
- Polyphenylsulfone
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By Application
- Medical Device Packaging
- Medical Components
- Wound Care
- BioPharm Devices
- Tooth Implants
- Other
By Geography
- North America (USA, Canada, and Mexico)
- Europe (Germany, UK, France, Spain, and Italy)
- Asia Pacific (China, Japan, South Korea, India, Indonesia, and Australia)
- LAMEA (Latin America, Middle East, and Africa)
Key Players
- Evonik Industries AG
- Solvay S.A.
- Dow
- Eastman Chemical Company
- Röchling Group
- DuPont de Nemours Inc.
- BASF SE
- Celanese Corporation
- Mitsubishi Chemical Corporation
- Nolato AB
- Saint-Gobain Performance Plastics
For more insights on the market intelligence, refer to below link:-
Global Medical Plastics Market
According to Ken Research Analysis, the Global Oleochemicals Market is expected to record a positive CAGR of ~9% during the forecast period (2022-2028) and is expected to reach approximately US$ 50 billion by 2028. The opportunity to replace conventional petroleum-based products in various sectors along with the easy availability of raw materials required for the production of oleochemicals is positively impacting the market. The Oleochemical Market witnessed disruption in the value chain owing to COVID-19 and the lockdown in major countries. The outbreak of COVID-19 further increased the demand for oleochemicals as they are used in soaps and disinfectants. During the pandemic, the fatty acids market came under pressure due to sluggish demand owing to weak downstream sectors such as industrial lubricants and tires but the fatty alcohols fared better in because the majority of these go into the making of household and personal care products. Due to COVID-19, the demand for oleochemicals was shifted mostly to personal hygiene and the pharmaceutical sector.
According to Ken Research Analysis, the Global Composites Market is expected to record a positive CAGR of ~8% during the forecast period (2022-2028) and is expected to reach approximately US$ 120 billion by 2028. The COVID-19 outbreak had a huge impact on supply chains since key economies had to halt commerce. Additionally, the demand for composites had decreased across a range of end-use industries, including aerospace, automotive, and construction. However, the situation improved in 2021 due to the removal of trade barriers, which restored the market's growth trajectory.
Over the next five years, the Biocomposites market in North America is forecasted to grow at least 12% CAGR, owing to the stable long-term usage among end-user industries and government efforts for use of more eco-friendly products, especially in developed countries such as the USA. Consumer products such as music instruments, casings and cases, furniture, tables, toys, combs, and trays are made from wood and natural fiber plastic granulates. Customer preferences for these products due to their distinct appearance and feel, great quality, and value will help the Biocomposites market to grow.
The India adhesive market shall witness negative growth in FY’2021, due to lockdown measures, restriction on various businesses and ban on transportation in the initial phase. India adhesives market is anticipated to get back to normal by first quarter of 2021. Over the forecast period FY’2020-FY’2026F, the India adhesives market is further anticipated to showcase a CAGR of 7.6%. India industrial adhesives market is anticipated to grow at a CAGR of 7.8% during the forecast period FY’20 to FY’26. Growth in the end user industries such as packaging, automotive and other is anticipated to lead to the growth of the industrial adhesives market. With high potential in the industrial adhesive market and ease of manufacturing, the country shall witness the entry of global players in this segment. India consumer adhesives market is anticipated to grow at a CAGR of 7.4% during the forecast period FY’20 to FY’26. The consumer adhesive companies in India will continue to expand their dealer and distribution network to reach to a larger target market which would help them increase their market share.
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