Medical plastics are widely used in medical devices, equipment, and packaging applications due to advantages such as lightweight, high tensile strength, flexibility, transparency, chemical resistance and ease of sterilization. Medical plastics are used to manufacture medical device components, diagnostics, implantable devices and for medical packaging.
The global Medical Plastics Market is estimated to be valued at US$ 16,458.83 Mn or Bn in 2023 and is expected to exhibit a CAGR of 6.6% 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 in the medical plastics market is the rising demand for high-performance plastics. Engineered plastics such as polycarbonate, polyphenylsulfone, and liquid crystal polymers are increasingly being used in applications such as surgical and medical instruments, diagnostic devices, wearable and implantable medical devices due to their superior heat and chemical resistance, durability and sterilization capabilities. These plastics are replacing commodity plastics in applications where safety, reliability and product life are critical factors. The demand for high-performance plastics is expected to increase significantly during the forecast period driven by stringent regulations, advancements in medical technology and the increasing complexities of medical devices.
Strength: Medical plastics products have applications across various healthcare facilities and devices due to properties like durability, sterility, lightweight and flexibility. This is driving the high demand for medical plastics.
Weakness: Strict regulatory framework for approval of medical plastics before used in healthcare facilities and devices limit quick commercialization of newly developed materials. High R&D cost associated with development of medical grade plastics is also a weakness.
Opportunity: Growing healthcare expenditure in developing countries provide opportunity to manufacturers to expand market reach. Also, continuous development of advanced healthcare facilities and devices will support the demand of advanced medical plastics.
Threats: Fluctuating raw material prices impact the overall production cost of medical plastics. Also, presence of local players offering low cost substitutes poses threat to established brands.
The global medical plastics market is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing demand for lightweight and durable medical devices and equipment.
North America dominates the global medical plastics market and is expected to continue its dominance over the forecast period. This is attributed to presence of major players and developed healthcare sector in the region. Asia Pacific is expected to be the fastest growing market for medical plastics owing to rising healthcare expenditure, growing geriatric population and increasing focus on quality healthcare in the region.
Key players operating in the medical plastics market are Arkema S.A., BASF SE, Celanese Corporation, Covestro AG, Royal DSM, DowDuPont Inc., Solvay SA, Exxon Mobil Corporation, Trinseo S.A., Trelleborg AB, The Lubrizol Corporation, Saint-Gobain S.A., Tekni-Plex, Inc., and Röchling SE & Co. KG.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it