Medical Plastic Market Size is projected to reach USD 57 Billion by 2030, growing at a CAGR of 7.8%: Straits Research

The global medical plastic market was worth USD 28 billion in 2021. It is expected to reach USD 57 billion by 2030, growing at a CAGR of 7.8% during the forecast period (2022–2030). North America holds the largest share of medical plastic and is expected to grow at a CAGR of 7.7%.

| Source: Straits Research Straits Research

New York, United States, July 18, 2022 (GLOBE NEWSWIRE) -- The medical plastics industry is reshaping the healthcare sector. Previously made of steel, ceramic, or glass, this long-lasting, low-cost material is now used to manufacture equipment. Medical plastic is now used in a wide range of patient treatment procedures. Medical plastic is designed to withstand heat, chemicals, and corrosion. As a result, it can withstand multiple sterilization cycles and any other medical or bodily fluids that it comes into contact with. Medical-grade polypropylene and polycarbonate are two common polymers used in various applications ranging from MRI casings to surgical tools.


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Growing Utilization of Medical Devices Propels the Medical Plastic Market

The rise of the home healthcare sector has increased demand for medical devices, owing to the lower costs involved compared to hospital and intensive care. Hospitals' various medical tests to diagnose patients have also contributed to the rising demand for medical devices. The growing demand for better healthcare facilities and an increase in hospitals have also fueled the medical devices sector's growth. Hence, medical device availability, awareness, affordability, and adaptability are essential factors influencing demand.

Rise in Healthcare Expenditure to Create New Market Opportunities Worldwide

Healthcare expenditure is rising. The rising incidence of chronic diseases, combined with the expansion of insurance coverage in the United States, is expected to drive North American healthcare expenditure. Due to rising government investment in healthcare infrastructure, Mexico will likely emerge as a significant factor driving the market in North America.

Brazil's healthcare industry strengthening is expected to drive Central and South American healthcare expenditure. Furthermore, rising consumer wealth in economies like China and India is expected to fuel the Asian healthcare industry. The solid healthcare industry in India, coupled with the expansion of medical tourism, is expected to drive demand for medical plastics, resulting in market growth.


Report Scope

Report MetricDetails
Market SizeUSD 57 Billion by 2030
CAGR7.8% (2022-2030)
Historical Data2019-2020
Base Year2021
Forecast Period2022-2030
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredPlastic Type, Application, and Regions
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsRochling Group, Nolato AB, Nolato GW, SABIC, Saint-Gobain Performance Plastics, Eastman Chemical Company, Orthoplastics Ltd, Celanese Corporation, Tekni-Plex, Dow Inc, Solvay S.A., HMC Polymers, Proxy Biomedical Ltd, Trelleborg Sealing Solutions, DuPont de Nemours, Inc, NuSil Technology LLC, and Trinseo S.A.
Key Market OpportunitiesRising Expenditure in Healthcare Industry Worldwide
Key Market DriversGrowing Availability of Medical Devices

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Regional Insights

North America holds the largest share of medical plastic and is expected to grow at a CAGR of 7.7%. One of the major trends influencing the North American market is the rise in per capita healthcare spending on health insurance in the United States. This is expected to boost demand for generic drugs and medical devices in the coming years, propelling the North American medical plastics market over the forecast period. 

Asia-Pacific is the fastest-growing region. It is expected to reach USD 15,890 million at a CAGR of 8.7% by 2030. The region's medical plastics market is anticipated to increase substantially as plastics are growing in packaging, wound care, and mobility aids, among other applications. Likewise, surging hospital service and safety norms should drive the medical plastics market over the forecast period. 

Europe stands second in the global medical plastic market. Plastics are used in the medical industry to manufacture various products such as catheters, prosthetic legs, artificial corneas, hearing aids, and pill capsules. Plastics are used for manufacturing implants in different skin grafting surgeries such as reduction, augmentation, and corrective. The growing use of these implants in advanced medical facility infrastructure in Europe is expected to drive the product demand over the forecast period. 


Key Highlights

  • The global medical plastic market was worth USD 28 billion in 2021. It is expected to reach USD 57 billion by 2030, generating a CAGR of 7.8% during the forecast period (2022–2030).
  • Type-wise, the global medical plastic market is segmented into Commodity Plastics, Engineering Plastics, High-Performance Plastics, Silicones, and Others. Commodity Plastic accounts for the largest share and is expected to grow at a CAGR of 6.5% by 2030. Commodity plastics have numerous applications in the medical and healthcare industries. Various commodity plastics, such as polypropylene, PVC, polyethylene, and polystyrene, have a wide range of applications based on the function of the devices and equipment in which they are used. The rising demand for commodity plastics will propel the medical plastics market forward.
  • Application-wise, the global medical plastic market is segmented into Medical Device Packaging, Medical Components, Orthopedic implants, Packaging, Orthopedic Soft Goods, Wound Care, Cleanroom Supplies, BioPharm Devices, Mobility Aids, Sterilization and Infection Prevention, Tooth Implants, Denture Base Material, Other Implants, and Others. Medical Component holds the largest market share and is expected to grow at a CAGR of 8.7% by 2030. Polypropylene is expected to remain the most popular plastic in medical components due to its superior properties, such as sterilization and impact resistance. Furthermore, the growing population, combined with an increase in the prevalence of chronic diseases, is expected to drive demand for medical components.
  • Region-wise, the global medical plastic market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. Asia-Pacific is the fastest-growing region.


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Key players in the global medical plastic market 

  • Rochling Group
  • Nolato AB
  • Nolato GW
  • SABIC
  • Saint-Gobain Performance Plastics
  • Eastman Chemical Company
  • Orthoplastics Ltd
  • Celanese Corporation
  • Tekni-Plex
  • Dow Inc
  • Solvay S.A.
  • HMC Polymers
  • Proxy Biomedical Ltd
  • Trelleborg Sealing Solutions
  • DuPont de Nemours Inc
  • NuSil Technology LLC
  • Trinseo S.A.


Global Medical Plastic Market: Segmentation

By Plastic Type

  • Commodity Plastic
  • Engineering Plastic
  • High-Performance Plastic
  • Silicones
  • Others

By Application

  • Medical Device Packaging
  • Medical Components
  • Orthopedic Implant
  • Packaging
  • Orthopedic Soft Goods
  • Wound Care
  • Cleanroom Supplies
  • BioPharm Devices
  • Mobility Aids
  • Sterilization and Infection Prevention
  • Tooth Implants
  • Denture Base Material
  • Other Implants
  • Others

By Regions

  • North America
  • Europe
  • Latin America
  • Asia-Pacific 
  • The Middle East and Africa


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Medical Plastic Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Plastic Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Commodity Plastic
      1. Market Size & Forecast
    3. Engineering Plastic
      1. Market Size & Forecast
    4. High-Performance Plastic
      1. Market Size & Forecast
  5. Applications Overview
    1. Introduction
      1. Market Size & Forecast
    2. Medical Device Packaging
      1. Market Size & Forecast
    3. Medical Components
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Plastic Type
        2. By Applications
      3. Canada
        1. By Plastic Type
        2. By Applications
      4. Mexico
        1. By Plastic Type
        2. By Applications
      5. Latin America
        1. By Plastic Type
        2. By Applications
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Plastic Type
        2. By Applications
      3. France
        1. By Plastic Type
        2. By Applications
      4. U.K.
        1. By Plastic Type
        2. By Applications
      5. Italy
        1. By Plastic Type
        2. By Applications
      6. Spain
        1. By Plastic Type
        2. By Applications
      7. Rest of Europe
        1. By Plastic Type
        2. By Applications
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Plastic Type
        2. By Applications
      3. China
        1. By Plastic Type
        2. By Applications
      4. Australia
        1. By Plastic Type
        2. By Applications
      5. India
        1. By Plastic Type
        2. By Applications
      6. South Korea
        1. By Plastic Type
        2. By Applications
      7. Rest of Asia-Pacific
        1. By Plastic Type
        2. By Applications
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Plastic Type
        2. By Applications
      3. South Africa
        1. By Plastic Type
        2. By Applications
      4. Kuwait
        1. By Plastic Type
        2. By Applications
      5. Rest of Middle East & Africa
        1. By Plastic Type
        2. By Applications
  7. Company Profile
    1. Rochling Group
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. Nolato AB
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Nolato GW
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    4. SABIC
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio


Table of Content and Figure @ https://straitsresearch.com/report/medical-plastic-market/toc


Market News

  • In April 2022, Solvay, a leading global polymer supplier, unveiled a novel medical grade of Ixef PARA for single-use surgical tools and biopharma processing components with moving blades.
  • In December 2021, SABIC unveiled a novel portfolio of bio-based ULTEM resins that can provide environmental advantages while preserving superior efficiency and processability as original ULTEM materials.
  • In December 2021, Celanese Corporation announced the closing of its acquirement of Exxon Mobil Corporation's Santoprene TPV elastomers company.

News Media

Adoption of Bioplastics and Biopolymers Thrive Towards Sustainability Goals

Widescale Applications of Plastics to Ascend the Blow Molded Plastic Market


Have a Look at the Related Research Report

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IoT Medical Devices Market: Information by Product, Type (Wearable, Implantable, Stationary), Connectivity Technology (Bluetooth, Wi-Fi), End User and Regional Outlook - Forecast Till 2026


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Medical Plastic Market Medical Plastic Market Share medical engineered materials Engineering Plastic medical devices product

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