Posted By Uma Rajagopal
Posted on November 3, 2021
Mounting investments in healthcare, medical, and pharmaceutical industries remain the key driver for medical plastics market growth. While rapid technology intervention in the world of medicine and healthcare has cleared way for a number of innovations, aggravating health concerns worldwide are constantly pushing the demand for more advanced, and more effective medical procedures, tools, and equipment. The global COVID-19 pandemic that has redefined the infection prevention standards, thereby giving rise to an all-new set of hospital, clinical, surgical, and outpatient procedures, which are expected to fuel the market for medical plastics.
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Fairfield Market Research in its new upcoming research discusses the historic, current, and expected performance of the global medical plastics market between 2021 and 2025. An expanding elderly patient population, soaring chronic disease prevalence, surging rate of hospitalisations, an increasing number of surgical procedures, rising preference for home health monitoring, and an exploding growth of medical devices industry collectively underpin the progress of medical plastics market on a global level. An unprecedented growth in demand for medical, healthcare, and pharmaceutical packaging is also likely to significantly support market growth over the forecast period.
PP, PE, and PVC Remain Sought-after
The strength, and versatility of plastics in addition to their superior strength-to-weight ratio when compared to other material alternatives are likely to remain the major boosters driving the market value of medical plastics. High durability also accounts for consistently growing preference for plastic variants among medical and healthcare application areas. This is expected to remain a significant factor shaping up the performance of market in the near future. Among polyethylene (PE), polyvinyl chloride (PVC), polypropylene (PP), and polystyrene (PS), PE, PP, and PVC collectively account for over 30% share in the medical industry.
Advanced Polymers Picking up
While interest around advanced polymers is building up rapidly, growing stringency of regulatory framework regarding medical devices and equipment is compelling raw polymer suppliers to develop greater awareness about the desired material requisites of medical and healthcare industries. In a bid to comply with regulatory guidelines with efficient risk management, polymer manufacturers have been investing in frequent product innovations that are recently involving biocompatible products. The most commonly preferred advanced polymers like polycarbonate, polyphenylsulfone, polymethyl methacrylate, acetal copolymer, and polyether ether ketone have been solidifying their market space across a number of application areas in the industry.
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An Expanding Application Base Boost Market Growth
Efficiently substituting conventional material choices such as stainless steel, or titanium, or other metals, medical plastics predominantly find greater application in medical tubing, catheters, handheld surgical instruments, pacemakers, coronary stents, prosthetic limbs, and artificial knees and hips. Imaging equipment like X-ray machines, and magnetic resonance imaging (MRI) machines also consume considerable volumes of medical plastics. Remarkable prospects of implantable medical devices is also a remunerative opportunistic segment for manufacturers of medical plastics.
The COVID-19 Impact
The global COVID-19 has given a push to plastics consumption by the medical and healthcare industry, and the contribution of plastics has been considerably significant within the public safety segment. Rocketing sales of hand sanitizers, and personal protective equipment (PPE) have stimulated adoption rate of plastics, especially single-use plastics, over the recent past. Research highlights a remarkable surge in the usage of single-use face masks and protective shields, single-use medical tools, and packaging of a large number of medical devices and pharmaceutical products, which play out as an important factor generating noteworthy demand for medical plastics in global market. These will remain among the strongest push factors for the medical plastics market throughout the period of forecast.
Key Companies in Medical Plastics Market
DOW Chemical Company, Saint-Gobain Performance Plastics, GW Plastics, Celanese Corporation, SOLVAY, Orthoplastics Ltd, Eastman Chemical Company, Aran Biomedical Teoranta, SABIC, and Rochling are some of the market leaders that have been profiled in the medical plastics market report.
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