December 12, 2022 9:00 AM ET |Source: GreyViews GreyViews
Pune India, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below-mentioned segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Medical Plastic market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Medical Plastic treatment market are present across various countries in the regions mentioned above. Wood And Stone Epoxy
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The report provides a detailed understanding of the market segments formed by combining different prospects such as product, application, and others. The key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the paragraphs below.
The significant players operating in the global Medical Plastic market are Röchling SE & Co. KG, Eastman Chemical Company, Saint-Gobain Performance Plastics, Nolato AB, SABIC, Dow, Orthoplastics Ltd, Celanese Corporation, Tekni-Plex, Trelleborg AB, Solvay S.A., HMC Polymers, Trinseo, ARAN BIOMEDICAL TEORANTA, Avantor Inc, Evonik Industries AG., and among others. To achieve a substantial market share in the worldwide Medical Plastic market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Plastics made specifically for use in medical products are referred to as medical plastics. Additionally, it is employed in the production of in vitro diagnostic devices and main pharmaceutical packaging, which protects and contains medications to prevent tampering. As the global market for high-quality medical devices continues to grow, medical plastic goods have evolved. Such devices are now an essential part of the contemporary healthcare system. Medical plastic does not exactly have a regulatory definition. The specifications for materials that can be used in medical devices are laid out in ISO 10993. So long as the overall gadget complies with those specifications, producers theoretically have the freedom to utilize any plastic when creating medical devices. Devices made of medical plastic come in a huge variety. Plastics are employed more and more because of their superior performance, lightweight, and low cost in everything from test equipment like vials and beakers to surgical instruments, catheters, and implants. As medical plastic is shatterproof and impermeable, it is safe to transport biohazardous chemicals in it. This promotes the safe clearance of medical waste, which stops the transmission of harmful illnesses. Tamper-proof caps are used even in medications to guarantee that the contents are clean and pathogen-free. Patients who would often object to the use of traditional materials like latex in medical devices have shown little difficulty accepting plastic medical devices like implants. With hypoallergenic plastic, patients are less likely to experience pain, discomfort, immune system aggravation, and skin irritation.
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Scope of Medical Plastic Market Report
The polypropylene segment is expected to be the fastest-growing segment in 2021.
The product includes polyethylene, polypropylene, polyphenylsulfone, liquid crystal polymer, and others. During the forecast period, the polypropylene segment is anticipated to grow at the fastest rate. Due to its exceptional resilience, polypropylene is utilized to make protective packaging and medical equipment. Additionally, due to its strong chemical bonding, it can be used to manufacture a variety of medical products, including test tubes, connectors, reusable plastic containers, pharmacy prescription bottles, disposable syringes, and non-absorbable sutures. Additionally, polypropylene is employed as transvaginal mesh, as well as in surgeries to correct hernias and pelvic organ prolapse.
Mobility aids is expected to be the fastest-growing segment in 2021.
The application includes medical components, medical device packaging, orthopedic soft goods, mobility aids, and others. The mobility aids segment is expected to witness the highest CAGR during the forecast period. As the global geriatric population rises, plastics will increasingly be used in the development of mobility aids. The market is anticipated to be further driven by technological developments and increased healthcare spending. This is anticipated to raise demand for plastics like acrylonitrile butadiene styrene (ABS), PEEK, and polycarbonate on a global scale (PC). Due to its lightweight nature, plastics are predicted to replace metal in a variety of medical applications in addition to contributing to the spike in product demand for mobility aids including wheelchairs, drinking aids, and bath seats.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the Medical Plastic include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Germany's Medical Plastic market size was valued at USD 4.23 billion in 2021 and is expected to reach USD 7.37 billion by 2029, at a CAGR of 7.2% from 2022 to 2029. One of the key elements fueling the expansion of medical plastics in the region is the rising need for home healthcare in Germany due to the country's aging geriatric population. Additionally, it is predicted that the market would rise during the forecast period due to the enforcement and upgrading of various infection prevention standards along with an increase in the number of surgical, inpatient, and outpatient operations.
China Medical Plastic’s market size was valued at USD 3 billion in 2021 and is expected to reach USD 5 billion by 2029, at a CAGR of 6.6% from 2022 to 2029. In the forecast years, China's population is expected to grow. Diseases and illnesses are rapidly spreading through a variety of media due to the growing population. Also, the growing elderly population fosters the growth of the healthcare industry. Additionally, medical plastics are used in prostheses, which provide physically challenged persons with a life-altering answer. Each of these elements has an impact on the local market.
India's Medical Plastic market size was valued at USD 2.70 billion in 2021 and is expected to reach USD 4.30 billion by 2029, at a CAGR of 6% from 2022 to 2029. The market in India is being driven by a number of reasons, including as the expanding elderly population, unified government policies, and the rising incidence and prevalence of chronic diseases. India's medical device industry ranked fourth globally in 2019, according to the India Brand Equity Foundation (IBEF). Additionally, the country's expanding medical tourism industry contributes significantly to market expansion. Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as ICT, healthcare, chemical & materials, semiconductors, automobiles, etc. However, several companies operating in the medical plastics sector have seen increased revenue due to the significant requirement for medical kits.
Furthermore, the growth of this market is mainly driven owing to the increasing research and development in the healthcare sector.
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