Medical Plastics Market by Automated Production System and Geography - Forecast and Analysis 2022-2026

The medical plastics market share is expected to increase to USD 9.37 billion from 2021 to 2026, at a CAGR of 6.07%.

This medical plastics market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the medical plastics market segmentation by automated production system (medical components, mobility aids, medical device packaging, and others) and geography (North America, Europe, APAC, and Rest of World (ROW)). The medical plastics market report also offers information on several market vendors, including Avantor Inc., Celanese Corp., Compagnie de Saint Gobain SA, Eastman Chemical Co., Evonik Industries AG, HMC Polymers Co Ltd., Nolato AB, Orthoplastics Ltd., SABIC, Solvay SA, Tekni Plex Inc., The Dow Chemical Co., Trelleborg AB, Trinseo PLC, BASF SE, Covestro AG, Koninklijke DSM NV, and Rochling SE and Co. KG among others.

What will the Medical Plastics Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Medical Plastics Market Size for the Forecast Period and Other Important Statistics

 

Medical Plastics Market: Key Drivers, Trends, and Challenges

The growth in the geriatric population is notably driving the medical plastics market growth, although factors such as the concerns related to the use of medical plastics may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the medical plastics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Medical Plastics Market Driver

• One of the key factors driving the global medical plastics market growth is the growth in the geriatric population.
• According to The World Bank Group, the population aged 65 years and above (% of the total population) worldwide increased from 9.09% in 2019 to 9.32% in 2020.
• According to the US Census Bureau, in the US, by 2035, there will be 78.0 million people aged 65 years and above when compared with 76.7 million people under the age of 18 years.
• The elderly population is more prone to balance problems and falls. Low back pain and balance disorders are the major musculoskeletal conditions in the elderly, which occur due to the impact of falls.
• The occurrence of orthopedic disorders is high among elderly people as they are highly susceptible to spinal and other orthopedic disorders.
• Some most common orthopedic disorders are arthritis, osteoarthritis, bursitis, rheumatoid arthritis, elbow pain, elbow problems, knee pain, hip fracture, and neck problems.
• The increase in demand for medical products such as medical implants and medical components will drive market growth during the forecast period. 

Key Medical Plastics Market Trend

• Growing recycling techniques is one of the key medical plastics market trends that is expected to impact the industry positively in the forecast period.
• According to the World Economic Forum, at least 8 million tons of plastic leak into the ocean every year. This is expected to increase to two per minute by 2030 and four per minute by 2050.
• Medical plastic recycling is limited mainly due to difficulties involved in sorting or cleaning.
• In February 2021, Eastman Chemical Co. announced its plan to build a $250 million polyethylene terephthalate (PET) depolymerization plant at its Kingsport complex, Tennessee, by the end of 2022.
• Eastman has been ramping up its recycling initiatives for the past couple of years and is aimed to recycle more than 200,000 tons of plastic annually by the end of this decade. In 2020, it opened a smaller plant that uses glycolysis to break down PET.
• In October 2021, The Healthcare Plastics Recycling Council (HPRC) became a supporter of RecyClass.
• The increasing initiatives taken by vendors in the global medical plastics market for recycling their plastic-based products will propel the market growth during the forecast period.

Key Medical Plastics Market Challenge

• One of the key challenges to the global medical plastics market growth is the concerns related to the use of medical plastics.
• As of July 2021, according to the WHO, 89 million masks, 30 million gowns, 1.59 million goggles, and 76 million gloves were utilized every month due to the pandemic condition.
• The mismanagement of medical plastics can cause serious health issues and can be a reason for long-term pollution.
• There are concerns related to the biodegradability and recycling of medical plastics. Some medical plastics degrade in the presence of oxygen and ultraviolet radiation, and the litter left out will not degrade.
• The toxicity of the chemical additives used in medical plastic production has created health concerns among consumers.
• The concern related to medical plastics will negatively impact the market focus during the forecast period.

This medical plastics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global medical plastics market as a part of the global commodity chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the medical plastics market during the forecast period.

Who are the Major Medical Plastics Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Avantor Inc.
• Celanese Corp.
• Compagnie de Saint Gobain SA
• Eastman Chemical Co.
• Evonik Industries AG
• HMC Polymers Co Ltd.
• Nolato AB
• Orthoplastics Ltd.
• SABIC
• Solvay SA
• Tekni Plex Inc.
• The Dow Chemical Co.
• Trelleborg AB
• Trinseo PLC
• BASF SE
• Covestro AG
• Koninklijke DSM NV
• Rochling SE and Co. KG

 

This statistical study of the medical plastics market encompasses successful business strategies deployed by the key vendors. The medical plastics market is fragmented and the vendors are deploying growth strategies such as M&A activities and R&D to compete in the market.

Product Insights and News

• HMC Polymers Co Ltd. - The company offers medical devices made of medical plastics such as Eastman Tritan copolyesters, Eastar copolyesters, DuraStar polymers, and Tenite cellulosic.
• Compagnie de Saint Gobain SA - The company offers plastic materials that enhance performance in packaging, film, and printing in the medical industry.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The medical plastics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Medical Plastics Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the medical plastics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Medical Plastics Market?

For more insights on the market share of various regions Request for a FREE sample now!

32% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for medical plastics in North America. Market growth in this region will be faster than the growth of the market in Europe.

The increasing expenditure on healthcare and the presence of well-equipped hospitals and healthcare centers will facilitate the medical plastics market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 led to significant growth in the global healthcare industry. Several market players have undergone developments to support essential healthcare businesses during the pandemic. For instance, in January 2020, Sonoco Products Co. (Sonoco) acquired Thermoform Engineered Quality LLC and Plastique Holdings Ltd. (together TEQ), a global manufacturer of thermoformed packaging serving healthcare, medical device, and consumer markets, from ESCO Technologies Inc. for $187 million in cash. Nolato GW completed a 3,000 sq ft expansion of Class 8 cleanroom space for its silicone molding division in the US. Owing to such developments and the growth of the healthcare industry during the pandemic, the market in focus is expected to grow substantially during the forecast period.

What are the Revenue-generating Automated Production System Segments in the Medical Plastics Market?

To gain further insights on the market contribution of various segments Request for a FREE sample

The medical plastics market share growth in the medical components segment will be significant during the forecast period. The adoption of medical plastics for manufacturing the aforementioned medical components is high. Polymers prepared from glycolic acid, polylactic acid (PLA), polydioxanone, and poly(trimethylene carbonate) are widely used in manufacturing medical components. The number of patients with health disorders is increasing worldwide due to the rise in the aging population. Furthermore, there is a growing interest in the use of medical plastics for site-specific drug delivery, such as coatings on medical components. Such applications are likely to fuel the growth of the global medical plastics market in the medical components segment during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the medical plastics market size and actionable market insights on the post-COVID-19 impact on each segment.

You may be interested in:

Biodegradable Medical Plastics market - The market share is expected to increase by USD 261.00 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 11.79%.

Medical Plastics Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Decelerate at a CAGR of 6.07%
Market growth 2022-2026	$9.37 billion
Market structure	Fragmented
YoY growth (%)	6.85
Regional analysis	North America, Europe, APAC, and Rest of World (ROW)
Performing market contribution	North America at 32%
Key consumer countries	US, Canada, China, India, and UK
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Avantor Inc., Celanese Corp., Compagnie de Saint Gobain SA, Eastman Chemical Co., Evonik Industries AG, HMC Polymers Co Ltd., Nolato AB, Orthoplastics Ltd., SABIC, Solvay SA, Tekni Plex Inc., The Dow Chemical Co., Trelleborg AB, Trinseo PLC, BASF SE, Covestro AG, Koninklijke DSM NV, and Rochling SE and Co. KG
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the 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.

Request for a FREE sample

What are the Key Data Covered in this Medical Plastics Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive medical plastics market growth during the next five years
• Precise estimation of the medical plastics market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the medical plastics industry across North America, Europe, APAC, and Rest of World (ROW)
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of medical plastics market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch