Global Medical Plastics Market Size, Share, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Medical Plastics Market


The global Medical Plastics market size is projected to reach US$ 35.75 billion by 2026, from US$ 25.06 billion in 2020, at a CAGR of 6.1% during 2021-2026. Enforcement and upgrading of various infection prevention standards coupled with a growing volume of surgical, hospital, and outpatient procedures are anticipated to drive the growth. Fluctuation in oil prices has been a major factor responsible for volatile prices of Polyvinyl Chloride (PVC), Polyethylene (PE), Polypropylene (PP), and polystyrene. Capacity expansion and contraction have also contributed to the price volatility. In addition, rising overproduction in the Chinese market is expected to impact the raw material prices.
Growing number of insured individuals in U.S., coupled with the resultant demand for medical devices, is expected to have a positive impact on the growth over the forecast years. The market is characterized by the presence of a large number of companies involved in the production of advanced grade plastics for use in the industry.

The market is characterized by extensive integration through various stages of the value chain. HELM AG is integrated across all four stages in the value chain from raw material production to plastic production and the manufacturing of end-use products used by the hospitals and healthcare institutions including private clinics.
Such polymers are regulated by numerous agencies across the globe. In Europe, medical devices fall under the EU Council Directive (93/42/EEC), which provides guidance for their consumption. Restructuring of the European regulations for such devices is anticipated to emerge as one of the key factors affecting the regional growth.
The medical plastic market is subject to multiple technological advancements pertaining to the production of advanced plastics for healthcare application. The companies resort to new product developments as one of the major strategies to achieve market growth. In addition, key market players invest significantly in R&D to develop advanced products.

High degree of competition is likely to bolster the consumer buying power. Product quality and cost competitiveness are the major factors impacting the buyer power decision. High production volumes coupled with the ease of availability of medical plastics is expected to be drive the buyer power in the next few years.

The governing agencies in different states of U.S. have exhibited an increased affinity towards plastic recycling. In addition, the federal agencies in the country invested a total of USD 35.9 billion in healthcare R&D in 2015, in a move expected to provide impetus to the growth of the medical industry translating into expansion of the medical plastics market.

Market Segmentation, Outlook & Viewpoint: Global Medical Plastics Market

Application Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  
Medical Device Packaging
  
Medical Components
  
Orthopaedic Implant Packaging
  
Orthopaedic Soft Goods
  
Wound Care
  
Cleanroom Supplies
  
BioPharm Devices
  
Mobility Aids
  
Sterilization and Infection Prevention
  
Tooth Implants
  
Denture Base Material
  
Other Implants
  
Others

Key Players, Recent Developments & Regional Insights: Global Medical Plastics Market

The use of thermoforming polypropylene leads provides the option of high strength packaging thereby imparting superior impact resistance to the packaged products. Furthermore, the packaging solutions made using polypropylene are found to be highly durable and sterile leading to a growth in demand.

PETG is a specialized plastic that provides properties such as superior moisture and oxygen barrier coupled with high degree of transparency thereby driving the product demand for packaging medical device components. This trend is expected to drive the demand for plastics used in medical device packaging. The segment is expected to expand at a CAGR of 6.7% from 2019 to 2025.

Increasing application of polyethylene to produce containers, films, packaging, medical bags, catheters, implants, and lid stocks is expected to have a positive impact on the market growth. In addition, rising technological advancements pertaining to the manufacture of polyethylene grades is expected to bolster the growth.
Polypropylene demand for orthopaedic soft goods is driven by the use of the product for Ankle-foot Orthosis (AFO), a support used to control the position and motion of the ankle and correction of minor foot deformities. Demand for polypropylene plastics is expected to grow due to the superior strength and impact resistance characteristics, which are a prerequisite for orthopaedic soft goods.

Demand for highly strong materials such as ABS for finger and toe splints, heel and finger protection, and leg splints is anticipated to propel growth over the forecast period. In addition, the use of ABS for the products is likely to be driven by easier product availability coupled with superior impact resistance.

Market for orthopaedic soft goods is driven by the recurring demand for engineering plastic primarily owing to the superior functional attributes of such plastics. In addition, rising development of advanced engineering plastics by manufacturers is expected to bode well for the market growth over the forecast period.

Polystyrene is used in the production of various devices including plastic boxes, cups, medical keyboards, and vaginal dilator speculum. The product is generally recommended for manufacturing diagnostic instruments, pipettes, flasks, and tissue culture components owing to its ease of sterilization and clarity.

Regional Insights

Increased healthcare spending by the population on account of increasing incidences of lifestyle disorders and diseases in North America is likely to drive the medical plastics market growth. The region is expected to register a CAGR of 6.3% from 2019 to 2025 due to rise in demand for such devices, generic drugs, and healthcare services.
Rapid growth of the pharmaceutical industry in countries such as Mexico and Canada is expected to impact the market growth positively mainly on account of the resultant demand in pharmaceutical packaging. Rising demand for disposables due to the rising prevalence of diseases is expected to drive the regional demand for medical plastics.
Rising adoption of dental and body contouring implants in Europe is expected to have a positive impact on market growth over the forecast period. Increasing disposable income and rising adoption of cosmetic dentistry are expected to propel the regional product demand over the forecast period.

Middle East and Africa is likely to be driven by the demand for medical components such as disposable gloves, syringes, and catheters. The market is expected to grow due to the rising preference for high-grade medical facilities by the population in middle and lower income group consumers.

The market in China is projected to witness substantial growth over the forecast period, attributed to high healthcare cost, increasing private and public expenditure on healthcare, and high disease prevalence. Increasing geriatric population in the country is also expected to be a major contributor to the growth.
Medical Plastics Market Share Insights

Between 2014 and 2018, new product development was observed as a major growth strategy adopted by the major manufacturers such as Celanese Corporation, Eastman Chemical Corporation, and Dow Chemical Corporation. In addition, companies such as GW Plastics also resorted to capacity expansion to increase their market shares and revenues.
Companies focus on strategic tie-ups with medical products and components manufacturing companies that results in an ensured demand for plastics. In addition, these companies are also integrated in terms of producing raw materials as well as medical grade plastics, leading to a decrease in the raw material procurement and overhead costs.

The market is characterized by the presence of several manufacturers catering to the local as well as international markets. These players are involved in the manufacture of differentiated products in terms of their performance characteristics. The presence of numerous companies in the market leads to an increase in the buying power of the consumers.

Key Insights Covered: Global Medical Plastics Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Medical Plastics industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Medical Plastics industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Medical Plastics industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Medical Plastics industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Medical Plastics industry.

Research Methodology: Global Medical Plastics Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other