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The medical plastics market size is forecast to increase by USD 11.14 billion and is estimated to grow at a CAGR of 7.08% between 2023 and 2028. The aging population is a significant global trend, with the number of individuals over 60 years old projected to double by 2050. This demographic shift creates a growing demand for healthcare services, particularly in the areas of geriatric care and surgical procedures. In response, Medtech Innovations, a leading medical technology company, offers advanced solutions designed to address the unique needs of this population. Our portfolio includes minimally invasive surgical tools, telehealth monitoring systems, and assistive devices that improve patient outcomes, reduce recovery time, and enhance the quality of life for seniors. Furthermore, the increasing demand for these solutions in developing countries presents a substantial growth opportunity for Medtech Innovations, as these markets seek to improve their healthcare infrastructure and provide better care for their aging populations.
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The Market is witnessing significant growth due to the increasing adoption of advanced medical technologies in healthcare systems. Medical plastics play a crucial role in the production of customized devices such as 3D printed implants and surgical instruments. The market is segmented based on polymer types, including engineering plastics and standard plastics. Engineering plastics offer high malleability and advanced properties, making them ideal for medical components like catheters, surgical instrument handles, and syringes. Standard plastics, on the other hand, are used for medical device packaging and IV tubes. The use of medical grade plastics like Polyethylene, Polypropylene, and Polycarbonate in medical technology is increasing due to their superior properties and patient safety. Home healthcare and diagnostic devices are also driving the demand for medical plastics. The market is expected to grow further with the ongoing advancements in medical research and technology. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growth in geriatric population is notably driving market growth. The global market is witnessing significant growth due to the increasing aging population and the subsequent rise in demand for medical devices and equipment. Injection molding and medical blow molding are common manufacturing processes used in producing medical-grade plastics, including engineering grade plastics such as thermoplastic polyurethane, cross-linked polyethylene, and polyphenylsulfone resin.
Moreover, these plastics are utilized in various medical applications, including personal protective equipment like face masks, gloves, and gowns, as well as orthopedic implant packaging, IV tubes, surgical instruments, diagnostic devices, and medical technology. Thus, such factors are driving the growth of the market during the forecast period.
Growing recycling techniques is the key trend in the market. Medical plastics play a significant role in the healthcare industry, with applications ranging from personal protective equipment, such as face masks, gloves, and gowns, to orthopedic implant packaging, IV tubes, surgical instruments, diagnostic devices, and medical technology.
Moreover, engineering grade plastics, including thermoplastic polyurethane, cross-linked polyethylene, polyphenylsulfone resin, and polyvinyl chloride, are commonly used due to their durability and biocompatibility. The production of medical plastics, particularly through injection molding and medical blow molding, contributes to the generation of substantial plastic waste. Thus, such trends will shape the growth of the market during the forecast period.
Concerns related to use of medical plastics is the major challenge that affects the growth of the market. Medical plastics play a significant role in the healthcare industry, with applications ranging from personal protective equipment like face masks, gloves, and gowns to orthopedic implant packaging, IV tubes, surgical instruments, diagnostic devices, and medical waste bags.
Moreover, engineering grade plastics, such as thermoplastic polyurethane, cross-linked polyethylene, polyphenylsulfone resin, and polyvinyl chloride, are commonly used due to their biocompatibility, durability, and resistance to chemicals. The demand for medical plastics has surged due to the ongoing pandemic, with an estimated 89 million masks, 30 million gowns, 1.59 million goggles, and 76 million gloves being used monthly. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Celanese Corp: The company offers plastic materials that enhance performance in packaging, film and printing in medical industry.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The medical components segment is estimated to witness significant growth during the forecast period. Medical plastics play a pivotal role in the healthcare industry, particularly in the context of advanced medical technologies. These materials are essential for the production of customized devices such as 3D printed implants and prosthetics, medical disposables, and surgical applications.
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The medical components segment was the largest segment and valued at USD 9.23 billion in 2018. The polymer types used in medical plastics include engineering plastics and standard plastics, each offering unique properties like malleability, impact resistance, flame resistance, shock resistance, and chemical resistance. These attributes are crucial for various medical devices, from catheters and surgical instrument handles to syringes and medical device packaging. The aging population and the prevalence of chronic diseases have fueled the demand for medical plastics in healthcare systems. Hence, such factors are fuelling the growth of this segment during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Medical plastics play a pivotal role in the healthcare sector, particularly in the context of advanced medical technologies. These materials are essential for the production of customized devices such as 3D printed implants and prosthetics, medical disposables, and surgical applications. The polymer types used in medical plastics include engineering plastics and standard plastics, each offering unique properties like malleability, impact resistance, flame resistance, shock resistance, and chemical resistance. These attributes are crucial for various procedural applications, especially in chronic disease management and home healthcare. Hence, such factors are driving the market in North America during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
Medical plastics play a vital role in the healthcare industry, particularly in the development and production of advanced medical technologies. These plastics are utilized in various applications, including implants, customized devices, medical disposables, surgical instruments, and medical device packaging. The market for medical plastics is driven by several factors, such as the increasing prevalence of chronic diseases, an aging population, and the growing middle income group. Polymer types, including engineering plastics and standard plastics, are used based on their specific properties. Engineering plastics offer high malleability, impact resistance, flame resistance, shock resistance, and chemical resistance, making them suitable for use in implants, prosthetics, and robotic assistance.
Moreover, standard plastics, on the other hand, are used for friction reduction and IT integration in medical devices. Advanced medical technologies, such as 3D printed implants and AI-driven procedures, are revolutionizing healthcare systems. These technologies require advanced materials, such as plastic composites and medical components, to function effectively. Catheters, surgical instrument handles, syringes, and medical device packaging also rely on medical-grade plastics for their production. Local governments and healthcare reforms are emphasizing value-based care, which is driving the demand for cost-effective and efficient medical plastics. Home healthcare and hospital care, including intensive care, are major sectors that utilize medical plastics extensively. Polyethylene, polypropylene, and polycarbonate are commonly used polymer types in medical plastics due to their unique properties. Overall, themarket is expected to grow significantly in the coming years, driven by the increasing demand for advanced medical technologies and the aging population.
Market Scope |
|
Report Coverage |
Details |
Page number |
142 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.08% |
Market growth 2024-2028 |
USD 11.14 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.49 |
Regional analysis |
North America, Europe, APAC, and Rest of World (ROW) |
Performing market contribution |
North America at 36% |
Key countries |
US, UK, China, Canada, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Avantor Inc., BASF SE, Celanese Corp., Compagnie de Saint Gobain, Covestro AG, Dow Inc., Eastman Chemical Co., Evonik Industries AG, HMC Polymers Co Ltd., Koninklijke DSM NV, Nolato AB, Orthoplastics Ltd., Rochling SE and Co. KG, Saudi Basic Industries Corp., Solvay SA, Tekni Plex Inc., Trelleborg AB, and Trinseo PLC |
Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Automated Production System
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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