Medical Plastics Market worth USD 45.0 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Medical Plastics Market by Application (Medical Components, Orthopedic Soft Goods, Wound Care, Orthopedic Implant Packaging, Medical Device Packaging, Cleanroom Supplies, BioPharmaDevices, Mobility Aids, Sterilization and Infection Prevention, Tooth Implants, Denture Base Material, Other Implants, and Others), by Type (Disposables, Drug Delivery Devices, Diagnostic Instruments, Catheters, Surgical Instruments, and Others), by Region – Global Share and Forecast to 2027". The global medical plastics market is expected to grow from USD 29.2 billion in 2020 to USD 45.0 billion by 2027, at a CAGR of 7.5% during the forecast period. Medical plastics dominate the medical device manufacturing industry due to their low cost, superior flexibility, easy replacement, and ability to prevent infection compared to metals. The growing demand for plastic materials in medical innovations such as plastic surgery, body implants, and orthopedic surgery is expected to open new avenues for industry growth. The orthopedic implants packaging market exhibited a high affinity towards using high-strength plastics for packaging sharp and delicate implants for bone support or hip and knee replacement. This is expected to open new avenues for plastics such as PEEK, polycarbonate, and other engineering plastics, with the application segment expected to register high growth over the forecast period.

Global Medical Plastics Market Segmentation

The medical plastics market has been segmented into application, type, and region.

• By Application (Medical Components, Orthopedic Implant Packaging, Medical Device Packaging, Orthopedic Soft Goods, Wound Care, Cleanroom Supplies, BioPharmaDevices, Mobility Aids, Sterilization and Infection Prevention, Tooth Implants, Denture Base Material, Other Implants, and Others)
• By Type (Disposables, Drug Delivery Devices, Diagnostic Instruments, Catheters, Surgical Instruments, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Disposables, by type, is estimated to hold the largest market share during the forecast period

Based on type, the global medical plastics market is segmented into disposables, drug delivery devices, diagnostic instruments, catheters, surgical instruments, and others. The disposable segment was the largest market contributor in the global market of medical plastic. The rising number of surgical operations, rising frequency of Hospital Acquired Infections (HAIs), rising prevalence of chronic illnesses resulting in longer hospital stays, and the effect of COVID-19 outbreaks worldwide contribute to the market's growth.

The increasing incidence of chronic illnesses such as diabetes and cardiovascular disease boosts the medical disposables industry. According to the International Diabetes Federation, global diabetes prevalence is anticipated to rise from 366.0 million in 2011 to 552.0 million by 2030. Diabetic foot ulcers are caused by long-term diabetes, which lengthens hospital stays, favorably affecting market growth throughout the predicted period. Furthermore, the growing elderly population worldwide is expected to boost the medical disposables market.

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North America accounts for the largest market share in the medical plastics market 2020

Based on the regions, the global medical plastics market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 33.9% in the global medical plastics market and was anticipated to maintain its dominance throughout the forecast period. The rapid growth of the pharmaceutical industries in Mexico and Canada is expected to impact the growth of the medical plastics industry in the region, mainly because of the resultant demand for the product in pharmaceutical packaging. For example, the elimination of stringent regulations by the Government of Mexico, which had earlier restricted the launch of new manufacturing units, has resulted in developing new pharmaceutical manufacturing facilities of large-scale companies such as Takeda and Astellas in Mexico. This governmental strategy has played an important role in driving the domestic pharmaceutical industry's growth, likely to fuel the demand for medical plastic packaging products over the coming years.

Rising health costs have been one of the biggest challenges the U.S. healthcare industry faces in recent times. Several urgent care clinics have been established to provide cost-effective healthcare services to the country's population over the past few years.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the medical plastics market. It also consists of leading companies such as SABIC, Saint-Gobain Performance Plastics, Celanese Corporation, Eastman Chemical Company, Rochling Group, Nolato AB, GW Plastics, Inc., The Dow Chemical Company, Orthoplastics Ltd., and Tekni-Plex.

Browse complete report: https://www.marketstatsville.com/medical-plastics-market

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