Medical Plastics Market Size, Share, And Growth Rate Analysis 2023
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 – Rise In Medical Plastic Technology
According to the American Hospital Association, using 3D anatomic models as surgical aids cut surgery time by 62 minutes and saved $3,720 per case. In addition, employing 3D-generated anatomical models as guidance reduced the time required for difficult surgeries by 1.5 to 2.5 hours. As a result, advances in medical plastic technology will move the medical plastics industry forward.
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Key Medical Plastics Market Trend – Advancing Elimination Single-Use Plastic
Eliminating single-use plastics aids in environmental preservation. Companies are working to eliminate single-use plastics by creating items made of environmentally friendly materials that can be recycled. Companies can boost their brand value, get a competitive advantage in the market, and capture greater market share by launching these items. According to Trvst Ltd., a company that strives to inspire positive change for people and the world, hospitals generate over 5 million tonnes of waste each year, with plastic accounting for over 25% of that total. EnviroPak LLC, a US-based firm, for example, provides reusable steam sterilisation pouch systems for infection management in healthcare and industry.
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.
Celanese Corporation, a US-based global technology and specialised materials firm, paid $1.15 billion for Exxon Mobil Corporation’s Santoprene TPV elastomers business in December 2021. With the absorption of the Santoprene company, Celanese Corporation is able to broaden its offering of engineered solutions for its clients. ExxonMobil’s Santoprene TPV (thermoplastic vulcanizates) business is a tried-and-true solution for difficult applications in markets as diverse as healthcare, automotive, building and construction, industry, and consumer items. Exxon Mobil Corporation is an oil and gas business established in the United States.
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 are plastic materials that are utilised primarily in the healthcare business. Medical plastics are temperature, corrosion, and chemical resistant, making them ideal for use in medical applications. Medical plastics are used in the manufacturing and packaging of medical products.
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