Medical Plastics Market Key Companies and SWOT Analysis by 2027

The medical plastics market was valued at US$ 24,671.82 million in 2019 and is projected to reach US$ 44,669.63 million by 2027; it is expected to grow at a CAGR of 7.7% from 2020 to 2027.

Medical plastics are made from a huge number of macromolecules. These plastics are utilized to produce consistent and safe instruments in the healthcare industry. They are remarkably long-lasting, supple, and economical. The performance, sterility, and quality of the medical devices are a major factor for market expansion. Medical plastics find a broad range of applications in diagnostic instruments, implants, disposables, drug delivery devices, surgical instruments, syringes, and catheters. The global population is projected to increase in the coming years. With the increasing population, diseases and infections are rampantly overspreading through several mediums. The rising geriatric population further enhances the development of the healthcare sector.

The global medical plastics market in Asia Pacific is expected to grow at the highest CAGR of 8.4% during 2020–2027. The rapid growth of the market in this region is primarily attributed to growing demand for medical plastics due to its applications in medical disposables, prosthetics, medical instruments and tools, and drug delivery.

The recent COVID-19 outbreak, which began in Wuhan, China, in December 2019, has spread around the globe at a fast pace. As of June 2020, the US, Russia, India, China, Italy, France, and Germany, are among the worst-affected countries in terms of positive cases and reported deaths. According to the WHO figures updated in June 2020, ~7,482,952 confirmed cases and ~419,497 deaths have been reported globally. The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns called in several countries. Chemicals and materials is one the world’s major industries. It is suffering from serious disruptions, such as supply chain breaks, technology events cancellations, and office shutdowns, as a result of this outbreak. China is the global manufacturing hub and largest raw material supplier for various industries. The suspension of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various chemicals and materials. The overall market collapse due to the COVID-19 pandemic is also affecting the global medical plastics market growth.

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Medical Plastics Market: Strategic Insights

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Market Insights

Numerous Advantages Offered by Plastics in Medical Devices Favor Market Growth Globally

Disposable plastics syringes, new heart valves, blood bags, and several medical devices are made of plastics material. To compete with the rising concerns in regard to methicillin-resistant staphylococcus aureus and alike high-tech polymers, hospital-borne staph infections, and antimicrobial plastics have been developed. These plastics repel and kill most of the bacteria, even on high-touch surfaces, and prevent infections. In addition, antimicrobial plastics have a very high efficiency of killing bacteria even when surfaces are not regularly cleaned. This way, use of high-tech polymers and antimicrobial plastics in medical devices helps reduce the risk of disease to patients. Owing to high impact resistance and thermal stability, engineering plastics are widely replacing wood or any other material used as a handle for surgical instruments. Furthermore, plastics need less maintenance and less frequent sterilization. Manufacturers are shifting from wood and metal to engineering plastics such as POM owing to its superior performance, low price, non-hygroscopic property, and good machinability.

Application Insights

Based on application, the medical plastics market is segmented into medical disposables, prosthetics, medical instruments and tools, drug delivery, and others. The medical instruments and tools segment accounted for the largest share of the global market in 2019. Plastics have been used extensively to create medical tools and medical instruments, such as syringes, surgical gloves, insulin pens, catheters, IV tubes, and inflatable splits. Such products are manufactured for one-time use and help avoid the spread of dangerous diseases by eliminating the need to re-use or sterilize a device. Plastics are also being used to create superior antimicrobial touch surfaces which can repel microbes and other bacteria, thus decreasing the spread of dangerous diseases.

Medical Plastics Market Regional Insights

The regional trends and factors influencing the Medical Plastics Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Medical Plastics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Medical Plastics Market Report Scope

Medical Plastics Market Players Density: Understanding Its Impact on Business Dynamics

The Medical Plastics Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Medical Plastics Market, by Type

• Standard Plastics
• Engineering Plastics
• High Performance Plastics (HPP)
• Silicone
• Others

Medical Plastics Market, by Application

• Medical Disposables
• Prosthetics
• Medical Instruments and Tools
• Drug Delivery
• Others

Company Profiles

• Celanese Corporation
• Eastman Chemical Company
• GW Plastics
• Orthoplastics Ltd
• ARAN BIOMEDICAL TEORANTA
• Rochling
• SABIC
• Saint-Gobain
• Solvay
• Dow