Global Medical Plastics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product (Polyethylene, Polypropylene, Polycarbonate, Liquid Crystal Polymer, and Polyphenylsulfone), Application (Medical Device Packaging, Medical Components, Wound Care, BioPharm Devices, and Tooth Implants) and Region (North America, Europe, Asia Pacific, Latin America Middle East and Africa (LAMEA))

Market Overview

Plastics made specifically for use in medical products are referred to as medical-grade plastics. Additionally, it is employed in the production of in vitro diagnostic devices and pharmaceutical packaging, which protects and contains medications to prevent tampering. Medical plastics are steadily replacing other materials used in the healthcare industry such as glass, ceramics, and metals. It becomes extremely essential for the manufacturers to meet the required standards and regulations along with maintaining the varying characteristics and properties of the medical-grade polymers.

According to Ken Research Analysis, the Global Medical Plastics Market is expected to record a positive CAGR of ~7% during the forecast period (2022-2028) and is expected to reach approximately US$ 60 billion by 2028.

Rising awareness regarding personal hygiene, technological advancement, and high investment by the players in the development of medical plastics is positively impacting the market     

• Technologies including device downsizing, multipurpose drug packaging, and point-of-care (POC) diagnostic tools have all contributed significantly to the rapid expansion of the medical plastics market. As an illustration, bespoke blow forming is a technical approach developed to produce thinner prescription bottles, enhance performance in terms of moisture transmission rate, and strengthen the twist caps. A simple biocompatibility test is made possible by the design of Unique Device Identification (UDI) and other device identification barcodes.
• Concerns about improper medical waste management as well as environmental concerns limit the market growth
• The demand for medical plastics has grown as a result of the continually rising human population. Due to the constant rise in plastic production and waste creation caused by these items, environmental pollution levels are rising and the development of the medical plastics industry is being hampered. These are typically non-recyclable materials that receive separate treatments to prevent the spread of infection. The lack of medical waste management services is causing a variety of contamination, including land and water pollution.

The COVID-19 pandemic has had a positive effect on some medical equipment markets. Polyethylene, polypropylene, and engineering plastics are just a few of the polymers that were highly demanded and are still in demand due to medical uses as well as due to the increased production of medical supplies and equipment during the pandemic, such as thermal scanners, ventilators, respirators, masks, and gloves. Additionally, increasing consumer awareness of good hygiene is promoting product consumption and fosters market expansion after COVID-19.

Scope of the Report

The Medical Plastics Market is segmented by product and application. In addition, the report also covers market size and forecasts for the four major regions’ Medical Plastics Market. The revenue used to size and forecast the market for each segment is US$ billion.

Key Trends by Market Segment

By Product: The polyphenylsulfone product segment held the largest market share in the Global Medical Plastics Market in 2021.

• Polyphenylsulfone resists heat and chemicals well, it is preferable for replacing metals in medical applications. The manufacturing of single- and multiple-use surgical instruments is made possible by these plastics' strong flexural strength, impact resistance, and longevity.
• Medical devices that must be frequently steam sterilized adopt polyphenylsulfone because of its resilience to high temperatures. These plastics are increasingly being employed in the production of biopharmaceutical products and surgical robots.

By Application: The medical components application segment held the largest share of the Global Medical Plastics Market in 2021.

• The demand is anticipated to be driven by the expanding range of applications for polypropylene in the production of diagnostic pans, tools, trays, implant trials, containers, syringes, and medical cover sheets.
• Polypropylene is anticipated to experience significant expansion in the application for medical components owing to its high level of microbiological and chemical resistance, low weight, and low price, and can be used in the production of a variety of medical disposables. It also has a high demand in the syringe manufacturing industry since it is simple to mold into the required dimensions.

By Geography: North America accounted for the largest market share in 2021 within the total Global Medical Plastics Market.

• North America dominated the regional market and contributed a significant share of total sales in 2021. The growing older population in the USA and the rising need for home healthcare services are the main factors driving the market for medical plastics in North America.
• The regional market is also anticipated to be driven by increasing product demand for pharmaceutical packaging applications and the swift expansion of the pharmaceutical industries in Mexico and Canada.

Competitive Landscape

The Global Medical Plastics Market is highly competitive with ~300 players, including globally diversified players, regional players, and many country-niche players.

Large global players constitute ~5% while regional players constitute ~45% of the competition. Some of the major players in the market include Evonik Industries AG, Solvay S.A., Dow, Eastman Chemical Company, Röchling Group, DuPont de Nemours Inc., BASF SE, Celanese Corporation, Mitsubishi Chemical Corporation, Nolato AB, Saint-Gobain Performance Plastics, and others.

Recent Developments Related to Major and Emerging Companies

• In January 2021, Custom plastic injection molder PTA Plastics reported investing more than US$2 million in property and capital equipment to accommodate demand from current and potential clients in the medical industry.
• In June 2021, Pawling Engineered Products, a New York-based manufacturer of specialized elastomeric inflated seals and extruded solutions, has been acquired by Minnesota Rubber and Plastics, a producer of highly engineered elastomer and thermoplastic solutions for the Medical, Water, and Industrial end industries.
• In December 2020, PeelMaster Medical Packaging Corporation was acquired by Spectrum Plastics Group, a market leader in specialized medical packaging, components, and contract manufacturing. PeelMaster will strengthen the business's position as a flexible and specialized packaging provider for the medical device industry.

Conclusion

The Global Medical Plastics Market is forecasted to continue a gradual growth. Key trends driving market expansion include the aging population's demand for improved medical gadgets, rising healthcare spending in developing nations like China and India, and an increase in demand for inexpensive and effective healthcare systems. The market is highly competitive with ~300 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Key Topics Covered in the Report

• Snapshot of the Global Medical Plastics Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of the Global Medical Plastics Market
• Historic Growth of the Overall Global Medical Plastics Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter’s 5 Forces Analysis of the Global Medical Plastics Market
• Overview, Product Offerings, and SWOT Analysis of Key Competitors
• COVID-19 Impact on the Overall Global Medical Plastics Market
• Future Market Forecast and Growth Rates of the Total Global Medical Plastics Market and by Segments
• Market Size of Product / Application Segments with Historical CAGR and Future Forecasts
• Analysis of the Medical Plastics Market in Major Regions
• Major Production / Consumption Hubs in the Major Regions
• Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within Each Major Country

Major Players Mentioned in the report

• Evonik Industries AG
• Solvay S.A.
• Dow
• Eastman Chemical Company
• Röchling Group
• DuPont de Nemours Inc.
• BASF SE
• Celanese Corporation
• Mitsubishi Chemical Corporation
• Nolato AB
• Saint-Gobain Performance Plastics

Notable Emerging Companies Mentioned in the Report

• Minnesota Rubber & Plastics
• Advantech Plastics, LLC
• Industrial Plastic Supply, Inc.
• Somerset Plastics Co., Inc.
• Total Plastics, Inc.

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

• Medical Machine and Equipment Manufacturers
• Plastics Manufacturers
• Laboratory Equipment Dealers
• Healthcare Products Manufacturers
• Medical Device Packaging Manufacturers
• Plastics Chemical Manufacturers
• Organic Polymers Manufacturers
• Implant Packaging Manufacturers
• Medical Soft Goods Manufacturers
• BioPharm Devices Manufacturers
• Government Healthcare Departments
• Environmental Protection Regulators
• Chemical Products Suppliers

Time Period Captured in the Report

• Historical Period: 2017-2021
• Forecast Period: 2022E-2028F

Frequently Asked Questions

• What is the Study Period of this Market Report?

The Global Medical Plastics Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022E-2028F.

• What is the Future Growth Rate of the Global Medical Plastics Market?

The Global Medical Plastics Market is expected to witness a CAGR of about 7% over the next six years.

• What are the Key Factors Driving the Global Medical Plastics Market?

Key trends driving market expansion include the aging population's demand for improved medical gadgets, rising healthcare spending in developing nations like China and India, and an increase in demand for inexpensive and effective healthcare systems.

• Which is the Largest Product Segment within the Global Medical Plastics Market?

The polyphenylsulfone product segment held the largest share of the Global Medical Plastics Market in 2021.

• Who are the Key Players in Global Medical Plastics Market?

Evonik Industries AG, Solvay S.A., Dow, Eastman Chemical Company, Röchling Group, DuPont de Nemours Inc., BASF SE, Celanese Corporation, Mitsubishi Chemical Corporation, Nolato AB, Saint-Gobain Performance Plastics, among others are the major companies operating in Global Medical Plastics Market.