Global Medical Plastics Market: Overview
The medical industry world over has been benefitting from the wide range of devices, equipment, and implants made with high performance plastics. Sellers and manufacturers in the global medical plastics market are reaping revenue gains by leveraging the versatility, safety, and cost-effectiveness of medical-grade plastics in these applications. In addition, the freedom that medical grade plastics offer to fabricators has helped bolster their application, underpinning the evolution of the medical grade plastics market, notes Transparency Market Research (TMR).
Manufacturers over the recent decade have been increasingly adopting high technology polymers in making devices that will be used for various stages in disease management and surgeries. Unique set of characteristics of plastics have enabled manufacturers in medical plastics market replace titanium/stainless steel metals with plastics, such as in medical tubing.
The global medical plastics market is projected to clock a CAGR of 7.2% from 2019 to 2027 and reach valuation of US$15.4 bn by the end of the period.
The competitive landscape in the global medical plastics market is characterized by the presence of several small- and medium-scale players. Further, the shares are fairly distributed among numerous players. Well-entrenched manufacturers in the medical plastics market are forking out money for constant capacity expansion and are engaging in mergers to consolidate their position globally. Some of them are The Lubrizol Corporation, Solvay, Covestro AG, Arkema S.A., and Evonik Industries AG.
The range of medical-grade plastics available for application are vast. Major of them are PVC, PE, PP, PS, engineering plastics, and silicone. Though the use of conventional plastics still rules the roost, engineered thermoplastics are gathering steam among manufacturers in the medical plastics market.
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Application of 3D Printing Underpin Abundant Opportunities for Manufacturers
The environmentally friendliness of medical grade plastics along with their cost-effectiveness is one of the compelling propositions for the demands in the medical plastics market. Advent of 3D printing and their rising applications in polymer manufacturing have expanded the prospects in the medical plastics market. Among all medical devices, braces and prosthetics made with medical plastics are witnessing huge demands in the healthcare industries in various developing and developed nations. The application of 3D printing has also helped spur the use of medical plastics in making personalized implants, broadening the scope of therapeutics possible with plastic materials. A case in point is patient-specific prosthetic arms. Thus, the potential of medical plastics in making customized implants has catalyzed revenue generation in the medical plastics market market.
Rising Use in Making in Disposable Medical Devices Underscore Vast Potential
One of the most prominent applications of medical plastics has been disposable medical devices, mainly due to the fact that plastics is cost-effective and light. Further, the medical plastics market is seeing new demands in the use of medical-grade plastic containers and boxes for disposing of surgical sharps and biohazards.
Growing role of devices made with medical plastics in chronic disease management has catalyzed prospects in the medical plastics market. Favorable insurance regulations in some regions are offering large momentum to the global market. North America and Europe have been at the forefront, and the growth in the markets are driven by widespread uptake of medical-grade plastics.