Global Medical Plastics Market: Overview
The medical industry world over has been benefitting from the wide range
of devices, equipment, and implants made with high performance plastics.
Sellers and manufacturers in the global medical plastics market are
reaping revenue gains by leveraging the versatility, safety, and
cost-effectiveness of medical-grade plastics in these applications. In
addition, the freedom that medical grade plastics offer to fabricators has
helped bolster their application, underpinning the evolution of the medical
grade plastics market, notes Transparency Market Research (TMR).
Manufacturers over the recent decade have been increasingly adopting
high technology polymers in making devices that will be used for various stages
in disease management and surgeries. Unique set of characteristics of plastics
have enabled manufacturers in medical plastics market replace
titanium/stainless steel metals with plastics, such as in medical tubing.
The global medical plastics market is projected to clock a CAGR of 7.2%
from 2019 to 2027 and reach valuation of US$15.4 bn by the end of the period.
The competitive landscape in the global medical plastics market is
characterized by the presence of several small- and medium-scale players.
Further, the shares are fairly distributed among numerous players.
Well-entrenched manufacturers in the medical plastics market are forking out
money for constant capacity expansion and are engaging in mergers to
consolidate their position globally. Some of them are The Lubrizol Corporation,
Solvay, Covestro AG, Arkema S.A., and Evonik Industries AG.
The range of medical-grade plastics available for application are vast.
Major of them are PVC, PE, PP, PS, engineering plastics, and silicone. Though
the use of conventional plastics still rules the roost, engineered
thermoplastics are gathering steam among manufacturers in the medical plastics
market.
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Application of 3D Printing Underpin Abundant
Opportunities for Manufacturers
The environmentally friendliness of medical grade plastics along with
their cost-effectiveness is one of the compelling propositions for the demands
in the medical plastics market. Advent of 3D printing and their rising
applications in polymer manufacturing have expanded the prospects in the
medical plastics market. Among all medical devices, braces and prosthetics made
with medical plastics are witnessing huge demands in the healthcare industries
in various developing and developed nations. The application of 3D printing has
also helped spur the use of medical plastics in making personalized implants,
broadening the scope of therapeutics possible with plastic materials. A case in
point is patient-specific prosthetic arms. Thus, the potential of medical
plastics in making customized implants has catalyzed revenue generation in the
medical plastics market market.
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Rising Use in Making in Disposable Medical Devices
Underscore Vast Potential
One of the most prominent applications of medical plastics has been
disposable medical devices, mainly due to the fact that plastics is
cost-effective and light. Further, the medical plastics market is seeing new
demands in the use of medical-grade plastic containers and boxes for disposing
of surgical sharps and biohazards.
Growing role of devices made with medical plastics in chronic disease
management has catalyzed prospects in the medical plastics market. Favorable
insurance regulations in some regions are offering large momentum to the global
market. North America and Europe have been at the forefront, and the growth in
the markets are driven by widespread uptake of medical-grade plastics.
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