The global medical plastics market was valued at US$ 9.1 Bn in 2018 and is anticipated to expand at a CAGR of 7.2% from 2019 to 2027, according to a new research report titled ‘Medical Plastics Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’’ published by Transparency Market Research (TMR).
Rise in demand for medical plastics for manufacturing medical devices fuels the global medical plastics market. North America accounts for a major share of the global medical plastics market due to the increase in usage of medical plastics in disposable medical devices
Increasing Demand for Plastics in Medical Industry
Increase in demand for plastics to manufacture medical devices such as disposables, diagnostic instruments, catheters, tubes, masks, and medical bags is anticipated to boost the global medical plastics market. Lightweight and cost-effectiveness of medical plastics attract large number of medical device manufacturers to invest in medical plastics.
Rising demand for disposable medical devices such as bed pens, inhalation masks, and intravenous (IV) tubes is likely to propel the medical plastics market during the forecast period. Low density of medical plastics make them ideal for the use in applications such as orthopedic devices, artificial cornea, and hearing aids. Implementation of stringent regulations by governing bodies across the globe is expected to reduce the consumption of medical plastics owing to health concerns. Long shelf life of medical plastics is a major factor driving the demand for these plastics.
Advancements in 3D Printing Technologies for Manufacturing Medical Devices
Adoption of advanced technologies such as 3D printing is a key factor fuelling the global medical plastics market. 3D printing is used to create tissues & organoids, surgical tools, patient-specific surgical models, and customized prosthetics. The usage of 3D printing technology can help customize medical implants for body parts such as knees, hips, ankles, parts of spine, and skull. Sterile instruments such as forceps, hemostats, scalpel handles, and clamps can be manufactured using 3D printing technology. 3D printing enables rapid production of dental implants, hearing aids, prescription eyeglasses, and headgear.
High Focus on Extrusion Process Technology
Extrusion is a process of making different parts, which have continuous length and cross section. Plastic in the form of solid plastic mass, pellet, or powder and foaming agents are extensively mixed, melted, and pushed through a die to form a shape during the extrusion process. The obtained shape is moved through secondary operations where it is cooled and cut into required shapes. Extrusion is preferred to other molding technologies for the manufacturing of structures with varying geometries.
North America Dominates Global Medical Plastics Market
In terms of demand, North America is expected to hold dominant share of the global medical plastics market during the forecast period. Increase in geriatric population and penetration of lifestyle diseases are the major factors fuelling the medical plastics market in the region. Major manufacturers such as BASF SE, Dow DuPont, and Evonik Industries AG have operational units in the region.
Substantial investments in research and development and supportive government initiatives are further driving the medical plastics market in North America. According to the survey conducted by Research America, the investment in medical and health care development in the U.S. rose by 20.6% between 2013 and 2016. Rise in investments in R&D activities in the health care sector is likely to propel the demand for medical plastics in North America.
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High Degree of Competition among Established Players
The global medical plastics market is highly fragmented. Therefore, intense competition exists in the market. Major players operating in the global medical plastics market adopt various strategies such as mergers, acquisitions, partnerships, and product launches in order to strengthen their position. Suppliers of medical plastics focus on forward integration in order to achieve product differentiation.
Key players profiled in the report on the global medical plastics include Exxon Mobil Corporation, BASF SE, Dow DuPOnt, Evonik Industries AG, Arkema S.A, Covestro AG, Royal DSM, Solvay, The Lubrizol Corporation, HMC Polymers, and Eastman Chemical Company.