The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s medical plastics market report forecasts the medical plastics market size to grow to $44 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.

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Medical Plastics Market Size Forecast
The global medical plastics market is expected to grow from $29.51 billion in 2022 to $31.75 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical plastics market size is expected to grow to $44 billion in 2027 at a CAGR of 8.5%.

Asia-Pacific held the largest medical plastics market share.

Key Medical Plastics Market Driver ­– Increase In The Advancing Medical Plastic Technology
For instance, according to the American Hospital Association, employing 3D anatomic models as surgical guides decreased surgery time by 62 minutes, saving $3,720 per case. Also, using 3D-generated anatomical models as guidance decreased the length of complicated surgeries by 1.5 to 2.5 hours. Therefore, the advancing medical plastic technology will propel the growth of the medical plastics market.

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Key Medical Plastics Market Trend – Adopting Elimination Single-Use Plastic
Elimination single-use plastic is a key trend being followed by the companies operating in the medical plastics market due to risk of environmental harm caused by single-use. Eliminating single-use plastics is helpful to save the environment. Companies are focused on eliminating single-use plastics by introducing products that are made from eco-friendly materials and can be recycled. By launching these products, companies can increase their brand value, gain a competitive edge in the market, and capture additional market share. According to a firm that works to inspire positive change for people and the planet, Trvst Ltd., over 5 million tons of waste is generated by the hospitals each year, in which, around 25% of waste is contributed by plastic. For instance, EnviroPak LLC, a US-based manufacturer offers reusable steam sterilization pouch systems for infection control in healthcare and industries. It offers the FDA-approved EnviroPouch sterilization pouches to reduce the use of single-use plastic in hospitals as an alternative to single-use sterilization pouches. In addition, NewGen Surgical, a US-based medical device company, offers a 100% plant-based clinically designed kit packaging tray which can be recycled with paper. Additionally, it can reduce carbon-dioxide emission by 55% as compared to traditional foam trays and is easily biodegradable.

Medical Plastics Market Segment
1) By Type: Polyvinyl Chloride (PVC), Polypropylene (PP), Engineering Plastics, Polyethylene (PE), Polystyrene (PS), Silicones, Other Types
2) By Process Technology: Extrusion, Injection Molding, Blow Molding, Other Process Technologies
3) By Application: Medical Disposables, Medical Instruments, Prosthetics & Implants, Drugs Packaging, Other Applications

Medical Plastics Market Major Players and Strategies
Major players in the medical plastics market are BASF SE, Celanese Corporation, Solvay, Arkema SA, Eastman Chemical Company, Saint-Gobain Performance Plastics, Dow DuPont, Nolato AB, Mitsubishi Chemical Corporation, Exxon Mobil Corporation, Royal DSM, Spectrum Plastics Group, Emco Industrial Plastics Inc., Arthrex Inc and Danimer Scientific.

In December 2021, Celanese Corporation, a US-based global technology, and specialty materials company acquired the Santoprene TPV elastomers business of Exxon Mobil Corporation for a total deal value of $1.15 billion. This deal enables Celanese Corporation to expand its portfolio of engineered solutions to their customers with the addition of the Santoprene business. The Santoprene TPV (thermoplastic vulcanizates) business of ExxonMobil is a proven solution for challenging applications in diverse markets such as healthcare, automotive, building and construction, industry, and consumer products. Exxon Mobil Corporation is an a US-based oil and gas company.

The Medical Plastics Global Market Report 2023 covers regional data on medical plastics market size, medical plastics market trends and drivers, opportunities, strategies, and medical plastics market competitor analysis. The countries covered in the medical plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Medical plastics refer to plastic products specifically used in the healthcare industry. Medical plastics are resistant to temperature, corrosion, and chemicals making them the right fit for use in medical applications. Medical plastics are used for manufacturing and packaging applications in medical products.

View More Reports Related To The Medical Plastics Market –
Medical Equipment Global Market Report 2023
Medical Waste Management Global Market Report 2023
Medical Tubing Global Market Report 2023

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