Thanks to the increasing usage of medical plastics, the medical & healthcare industry would not be like what it is nowadays. Advances in medical technology coupled with huge demand for stronger, lighter, cost-effective, and durable medical devices have fueled the demand for medical plastics as well. Medical plastics are used widely in manufacturing of medical devices and products, thus forming a huge market.
Market Drivers and Restraints
The growth of the global medical plastics market can be primarily attributed to the following factors:
• Rising aging population that is increasing the demand for more medical technologies
• Increasing number of manufacturing industries and application sectors under this market
• Different strategies like mergers & acquisitions and expansion are being adopted by companies
• More number of patents are being filed for medical devices & applications by market players
Although the market for medical plastics foresees good growth ahead, there are a few factors that may act as hurdles. Time-consuming product development and control of the government over healthcare costs and investment may hamper the growth of this market.
Market Scenario
The size of the global medical plastics market is estimated to reach USD 6,978.03 Million by 2020 from USD 4,644.46 Million in 2014, maintaining a CAGR of 7.12% during the forecast period. Asia-Pacific is expected to grow at a high CAGR of 10.22%.
Among its types, although PVC is the largest market for medical plastics, the engineering plastics is expected to be the fastest-growing segment, followed by polypropylene, mainly because of its better mechanical and thermal characteristics as compared to the more commonly used commodity plastics. Based on application, disposable medical devices segment is the largest market; however, the implants segment is the fastest-growing segment in this market, owing to the new developments and innovations in technology.
Phillips-Medisize Corporation (U.S.), Freudenberg Medical (U.S.), Nolato AB (Sweden), Röchling Engineering Plastics (Germany), and West Pharmaceutical Services, Inc. (U.S.) are the prominent market players in the global market for medical plastics.
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Research Scope
The global market for medical plastics has been studied and predicted on the basis of the following break-down of market:
• Type: Polyvinyl Chloride, Polypropylene, Polystyrene, Polyethylene, Silicones, Engineering Plastics, Others
• Application: Implants, Disposables, Drug Delivery Devices, Syringes, Diagnostic Instruments, Surgical Instruments, Catheters, Dental Tools, Others
• Geography: North America, Europe, Asia-Pacific, RoW
