Global Medical Plastics Market by Application (Wound Care, Tooth Implants, Medical Components) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global medical plastics market was valued at USD 25.3 million in 2020. It is projected to grow at a compound annual rate (CAGR of 7.5%) between 2021 and 2028. Market growth is expected to be driven by the increasing number of outpatient, surgical and hospital procedures. Volatilities in prices for Polyvinyl Chloride, Polyethylene (PE), Polypropylene(PP), Polypropylene [PP] have been a key factor in volatility in polyvinyl chloride (PVC), Polyethylene/PE, Polypropylene/PP and Polystyrene (“PS”) prices. Price volatility has also been caused by the market's capacity expansion and contraction. The raw material price will also be affected by rising production in China.

As a key ingredient in medical equipment and packaging, there is an increasing demand for plastic. The market has seen a lot of growth in recent years. The key drivers of market growth in the future are expected to be the growing demand for medical devices, the aging population, and the expanding home care sector in North America, Europe, and North America.

The industry's growth is expected to be positive due to the increasing number of insured Americans in the U.S. and the consequent demand for medical devices. The market is also characterized by a large number companies that produce high-quality plastics. Integration is a hallmark of the industry at all stages of its value chain. HELM AG integrates across all four stages of the value chain, from raw material production through plastic production and the production of end-use products used by hospitals and other healthcare institutions.

Many agencies regulate medical plastics around the world. The EU Council Directive (93/42/EEC) covers medical devices in Europe. This directive provides guidelines for their use. The industry's growth will be affected by the restructuring of European regulations. Multiple technological advances have been made in the industry to produce advanced plastics that can be used in healthcare. Market leaders resort to product development as a key strategy to grow their market share. Key market players also invest heavily in R&D to create advanced products.

A high level of competition in the sector is also likely to boost consumer buying power. Buyer power decisions are influenced by factors such as product quality, cost competitiveness, and other factors. The U.S. states' governing bodies have shown an increase in their support for recycling plastics. Global COVID-19 is driving the market for respirators, masks, gloves and testing equipment. This is a positive factor in the market's growth.

Application Insights

In 2020, the medical components segment was responsible for 39% of the total revenue. Demand is expected to rise due to the expanding use of PP in manufacturing diagnostic devices, trays and pans, containers, syringes and implant trials. Because of its low weight and high chemical and bacterial resistance, polypropylene will see significant growth in medical component applications. Polypropylene is widely used in medical disposable manufacturing. It can also be easily molded in exact dimensions, which makes it highly sought-after in the production and distribution of syringes.

PVC is used primarily in Europe to make blood storage bags. Because of its ability to store blood in a safe manner for a longer period, the European Pharmacopoeia approved the use PVC. The segment will grow because of the increasing incidences of COVID-19 in the world. There is a high demand for medical trays, testing equipment, ventilators and ventilators. The segment is also benefiting from the increased production capacity of several companies like Medtronic Plc and 3M.

Regional Insights

The North America region dominated the global market in 2020, accounting for more than 33% of the total revenue. It is expected to maintain its dominance during the forecast period. The rising per capita U.S. health expenditures will drive the demand for medical equipment to continue growing in the future. This will likely boost product demand in the region. The presence of major manufacturers such as Dow Inc. and Celanese Corp. in the region will positively impact market growth over the forecast period.

The market is expected to grow due to rising product demand for pharmaceutical packaging applications, and the rapid growth of Canadian and Mexican pharmaceutical industries. The Mexican government has removed stringent regulations that had previously restricted the setting up of new manufacturing units. This has led to the construction of new facilities for major pharmaceutical companies such as Takeda or Astellas. This strategy has been a key driver of the country's pharmaceutical sector. It is expected to continue to drive product demand over the next few years. The region's rising incidence of COVID-19 is expected to lead to a higher demand for generic drugs, and thus positively impact the overall market growth.

Market Share Insights & Key Companies

The major manufacturers viewed new product development as their main growth strategy. Companies also resort to capacity expansion in order to increase their market share or revenue. To run their businesses, major companies depend heavily on their vast distribution network. Continuous technological advances are making it possible to create refined products in the market. Dow Inc. and Celanese Corp. have introduced enhanced PE resins that are marketed as ELITE. The following are some of the major players in the global market for medical plastics:

• Rochling Group

• Nolato AB

• GW Plastics, Inc.

• Saint-Gobain Performance Plastics

• SABIC

• Eastman Chemical Company

• Celanese Corporation

• Dow Inc.

• Solvay S.A.

• Trelleborg Sealing Solutions

• Trinseo S.A.

Up Market Research published a new report titled “Medical Plastics Market research report which is segmented by Application (Wound Care, Tooth Implants, Medical Components), By Players/Companies Solvay SA, Saint-Gobain Performance Plastics, Rochling Group, Nolato AB, Trinseo SA, Celanese Corporation, Trelleborg Sealing Solutions, Dow Inc, SABIC, Eastman Chemical Company, GW Plastics Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Medical Plastics Market Report Segments:

The market is segmented by Application (Wound Care, Tooth Implants, Medical Components).

Medical Plastics Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Medical Plastics Market

Overview of the regional outlook of the Medical Plastics Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Medical Plastics Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Medical Plastics Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Wound Care

                2. Tooth Implants

                3. Medical Components

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Medical Plastics Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Medical Plastics Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.