Global Medical Plastics Market Size & Share to Surpass USD 68.8 Bn by 2028 | Vantage Market Research

| Source: Vantage Market Research Vantage Market Research

WASHINGTON, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research analyses that the Medical Plastics Market which was USD 45.1 Billion in 2021, would rocket up to USD 68.8 Billion by 2028, and is expected to undergo a CAGR of 7.3% during the forecast period 2022 to 2028.

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Vantage team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework

Recent study report released by Vantage titled Medical Plastics Market (covering USA, Europe, China, Japan, India, South East Asia and etc) highlights opportunities, risk analysis, and leveraged with strategic and tactical decision-making support. When every business is competing to be the best, a market research analysis report is one of the key factors that will help them climb the ladder of success. The Medical Plastics market report gives details about market trends, future prospects, market restraints, leading market drivers, several market segments, key developments, key players in the market, and competitor strategies. Market research analysis is one of the best ways that answers business challenges more quickly and also saves a lot of time. The research work, market insights and analysis are carried out thoroughly in this report that brings the marketplace clearly into the centre of attention.  

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Top Leading Players in Medical Plastics Market:

  • SABIC (Saudi Arabia)
  • BASF (Germany)
  • Celanese (US)
  • Evonik (Germany)
  • Solvay (Belgium)
  • Covestro (Germany)

What is Medical Plastics? How Big is Medical Plastics Market Size?

Market Dynamics:

Driver

Better Healthcare Facilities & Rising Medical Infrastructure to Drive the Market

Medical Plastics Markets are proving to be recognized as cheap, durable, and especially important in a healthcare society. Medical professionals are using medical devices made from plastics and can dispose of easily. This helps plastic devices to be used efficiently and reduce plastic waste and achieve sustainability. For instance, according to World Health Organization (WHO) up to 5.7 to 8.4 million deaths are occurred owing to poor use of medical devices. This proportion can be reduced by using good quality Medical Plastics Market devices which help to achieve patient healthcare, thus promoting better healthcare facilities. Rising medical infrastructure is another factor promoting the Medical Plastics Market. Government organizations are continuously promoting Medical Plastics Markets and making it possible to reach every hospital around the region. It has been estimated that better healthcare facilities could prevent 2.5 million deaths from chronic disease, tuberculosis, new-born deaths, and half of all maternal deaths each year. The widespread application of the products in various industries like syringes, disposable, implants, catheters, surgical instruments, and many more are the factors that drive the market.

Increasing Advancement in Technology to Stimulate Market Growth

The Medical Plastics Market has seen a significant growth in technological advancements such as device miniaturization, multipurpose drug packaging, and diagnostic instruments. This is one of the factors which are responsible for the growth of the market. The custom blow forming is a technological solution specially designed to manufacture thin prescription bottles while also improving moisture transmission rates. Moreover, The Unique Device Identification (UDI) and other barcodes for device identification are developed so efficiently for easy biocompatibility testing. The technology is leading to high consumption of plastic for medical applications. Thus, helping and supporting the market growth. Companies and firms work jointly to create products to meet the necessary needs for medical applications in POC diagnostics, medical device miniaturization. Technology advancements play a vital role in increasing the efficiency of treatment for patients and thus, driving the growth of the global market.

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Key Highlights from Report:

  • The medical components sub-segment held a significant share in 2021. This is attributable to the increased use of PP in diagnostic instruments, trays, pans, containers, syringes, implant trials, and medical cover sheets, which in turn fuels market growth. Owing to its potential benefits such as low weight, strong microbiological & chemical resistance, and low cost, polypropylene is likely to see significant expansion in medical component applications. It has a wide range of applications in the medical disposables industry. It can also be easily molded into exact proportions as needed, which is why it is in high demand in the syringe industry.
  • The disposable sub-segment is projected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period because of the growing demand for single-use goods in general check-ups and procedural applications. In addition, regulatory authorities such as the USFDA and the European FDA are supporting the use of medical plastics in disposables, which is also boosting the growth of the Medical Plastics Market.
  • Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the rise in industrialization and urbanization in the region. In addition, the growing desire for a better healthcare system in APAC offers enormous growth potential. China, India, Indonesia, Malaysia, Vietnam, and Thailand are some of the largest and fastest-growing economies in APAC. To improve the efficiency of medical devices and related healthcare services, local governments are altering regulations in domains such as IT integration, innovative materials, and others in the healthcare business across these economies.

Segmentation of the Global Medical Plastics Market:

  • Type
    • Engineering Plastics
    • High Performance Plastics (HPP)
    • Standard Plastics
    • Silicone
    • Others
  • Application
    • Medical Disposables
    • Prosthetics
    • Medical Instruments & Tools
    • Drug Delivery
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

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The report on Medical Plastics Market highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates and Forecast
  • Company Profiles
  • Global and Regional Dynamics

Regional Analysis:

North America Dominated the Global Medical Plastics Market

North America dominated the Global Medical Plastics Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the growing elder population in US and the increasing demand for home healthcare services in the region. Rising product demand in pharmaceutical packaging applications and rapid growth of pharmaceutical industries in Mexico and Canada are further expected to drive the regional market.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Medical Plastics Market Forecast Report (2022-2028).

Some of The Key Questions from Our Customers Are:

  • Which are the top companies in the market?
  • How will the market change in the next years?
  • What are the drivers and restraints of the market?
  • Which regional market will show the highest growth?
  • What will be the CAGR and size of the market throughout the forecast period?
  • Which area offers the most significant benefit for the world market?
  • What are the threats to business and the impact of the current scenario on growth and market perception?
  • What are the likely advanced scenarios and maximum incentive to see movement by application, type, and region?

Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 45.1 Billion
Revenue Forecast by 2028   USD 68.8 Billion
CAGR7.3% from 2022 to 2028
Base Year2021
Forecast Year2022 to 2028
Key PlayersSABIC, BASF, Celanese, Evonik, Solvay, Covestro

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