Antimicrobial plastics are widely used in the healthcare industry for various medical devices and equipment owing to their antimicrobial properties that help prevent the growth and spread of microorganisms. Some key applications of antimicrobial plastics include medical devices such as catheters, wound care materials, surgical instruments, and implants. The incorporation of antimicrobial additives into plastics provides long-lasting protection against bacteria, viruses, and other microbes. This reduces the risk of hospital-acquired infections and improves patient outcomes.
The global Antimicrobial Plastics Market is estimated to be valued at US$ 32.42 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the growth of the antimicrobial plastics market is the growing demand from the healthcare industry. With rising healthcare costs due to hospital-acquired infections, healthcare providers are increasingly adopting antimicrobial plastics in medical devices and equipment to enhance safety and reduce infections. The self-sanitizing property of these plastics helps kill microorganisms on contact and maintain hygiene. They also extend the shelf life of medical products. As a result, antimicrobial plastics are increasingly replacing conventional plastics across various healthcare applications including medical devices, equipment, and hospital surfaces. This is expected to drive the demand over the forecast period.
SWOT Analysis
Strength: Antimicrobial plastics have excellent biocidal properties that inhibit the growth of microorganisms. These plastics provide long-lasting protection against bacteria, viruses, algae and fungi.
Weakness: The production cost of antimicrobial plastics is higher compared to conventional plastics. These plastics also have shorter shelf life than regular plastics.
Opportunity: The COVID-19 pandemic has increased awareness about hygiene and bacterial protection. This drives the demand for antimicrobial surfaces in various industries like healthcare, food processing and packaging. Growing construction of hospitals also offers opportunities.
Threats: Stringent regulations pertaining to the usage of antimicrobial additives can hamper the market growth. Biodegradability is also a concern with plastic waste disposal.
Key Takeaways
The Global Antimicrobial Plastics Market Size is expected to witness high growth. The market size is projected to reach US$ 32.42 billion by 2023 from US$ 30.6 billion in 2022, registering a CAGR of 5.6% during the forecast period.
Regional analysis: North America dominates the global market currently due to strong healthcare infrastructure and high awareness about hygiene. However, Asia Pacific is expected to grow at the fastest pace owing to increasing healthcare expenditures, growing population and infrastructure development in countries like India and China.
Key players analysis: Key players operating in the antimicrobial plastics market are Pfizer Inc., Abbott Laboratories, AstraZeneca Plc., Novartis AG, Merck & Co. Inc., Teva Pharmaceutical Industries Ltd., Amgen Inc., Bristol-Myers Squibb Company, Eli Lilly and Company, GlaxoSmithKline plc, Johnson & Johnson Services, Inc., Sanofi S.A., Stryker Corporation, Zimmer Biomet Holdings, Inc., Medtronic plc.
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