Medical Plastics Market To Hit Value $33.51 Billion By 2025 |Grand View Research, Inc.
The global medical plastics market size is
expected to reach USD 33.51 billion by
2025, according to a new study by Grand View Research, Inc. It is projected
to expand at a CAGR of 6.1% during
the forecast period. Robust growth of medical industry coupled with rising
healthcare expenditure across the world are expected to drive the market.
The market is expected to register growth due to the high
adoption of plastics for implants on account of their chemical inertness and superior
fatigue resistance. Demand for medical device packaging is likely to be driven
by the rising adoption of in-house and advanced medical devices.
Asia Pacific medical plastic market is expected to progress
at a CAGR of 6.9% over the forecast period, by revenue, on account of rising
consumer expenditure on healthcare. In addition, the low cost of medical
procedures makes it a favorable destination for medical tourism, thereby
leading to high demand for medical devices.
Medical components application segment accounted for a
majority of the market share in 2018, driven by the high consumption of
superior grade plastics in the production of catheters, syringes, containers,
medical bags, and surgical equipment. Requirement for easier sterilization
coupled with the need for lightweight and high-strength products is expected to
propel the product demand in the aforementioned application.
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.
To Request Sample Copy of this report, click the link:
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.
Further key
findings from the repot suggest:
·
In
terms of revenue, Asia Pacific led the overall market and is projected to
expand at a CAGR of 6.9% over the forecast period. Increasing demand from
various medical application segments in the region, particularly in China and
India is likely to drive the growth
·
Medical
components was the largest application segment in 2018 and is anticipated to
continue leading the overall market during the forecast period
·
The
companies in the medical plastic market are involved in the production premium
quality plastic composites used for specialized applications to achieve a high
degree of product differentiation
·
The
market witnesses a large number of R&D investments for the production of
advanced plastics. The development of premium engineered plastics is expected
to drive the growth
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.
Browse Press
Release of this report:
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.
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.
Grand View Research has segmented the global medical plastic market on
the basis of application:
Medical Plastics
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
·
Medical Device Packaging
·
Medical Components
·
Orthopedic Implant Packaging
·
Orthopedic Soft Goods
·
Wound Care
·
Cleanroom Supplies
·
BioPharm Devices
·
Mobility Aids
·
Sterilization and Infection Prevention
·
Tooth Implants
·
Denture Base Material
·
Other Implants
·
Others
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Comments
Post a Comment