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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.
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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
Key Medical Plastics Market Trend
Key Medical Plastics Market Challenge
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.
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.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
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.
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.
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.
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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.
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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.
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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Automated Production System
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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