Global medical plastics market size was valued at USD 45.89 Billion in 2021, and it is expected to reach a value of USD 76.13 Billion by 2028, at a CAGR of 7.50% over the forecast period (2022–2028).
Westford, USA, Nov. 30, 2022 (GLOBE NEWSWIRE) -- The healthcare industry is an essential sector in the economy and employs tens of millions of people. It is also one of the most rapidly growing industries, with a compounded annual growth rate (CAGR) of 7%. The need for medical supplies, equipment and devices is constantly increasing as the world population ages and becomes more prone to serious medical conditions. In addition, medical technology is constantly evolving, which necessitates the production of new medical supplies. The medical plastics market is one of the largest and fastest-growing sectors in the healthcare industry. According to the 2021 report by SkyQuest, global revenues from the medical plastics market are forecast to grow from $45.89 billion in 2021 to $76.13 billion by 2028.
This impressive growth rate is attributable to increased demand for medical procedures such as cataract surgeries and hip replacements, as well as new medical devices such as artificial hearts and lungs. As per SkyQuest analysis, more than 1 million cardiovascular surgeries are performed across the globe. Apart from this, over 17.9 million people succumb to the disease each year.
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So, What Drives the Demand for Medical Plastics Market?
The growing popularity of medical procedures, such as surgery and chemotherapy, is responsible for this growth. In addition, SkyQuest’s analysts say that advances in technology will also result in an increase in the use of medical plastics.
One of the key drivers behind this growth is the increasing awareness of the dangers posed by traditional metal prosthetics. These implants can become infected, causing pain and even disability. Medical plastic, on the other hand, is highly resistant to infection and typically doesn't require replacement or repairs.
In addition to its safety benefits, medical plastic is also cost-effective. For example, a single set of dental implants made from plastic can last longer than those made from metal.
The demand for medical plastics market is steadily growing, as the material is perfect for a variety of applications. Not only is it biocompatible, but medical plastic also has a low resistance to heat and electricity. This makes it ideal for surgery, implants, and other medical procedures
Furthermore, because medical plastic is made to precise specifications, it often requires less customization than traditional prosthetics. This growing demand for medical plastic has already resulted in some businesses creating dedicated lines of products specifically designed for this market. For example, companies that manufacture dental implants use a variety of materials, including medical plastic to create their devices.
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Global Outlook of Medical Plastics Market is Positive: North America to Generate Over 30% Revenue
Trends in the global medical plastics market are positive, with increased investment in healthcare and rising awareness of the benefits of medical plastics. Over the next seven years, the market is expected to grow at a CAGR of 7.5%. This is due to increasing demand for medical implants, as well as growth in other end-markets such as valve products.
Asia Pacific will continue to be the fastest growing region for medical plastics sales, followed by North America. However, North America to dominate the market on account of strong network of healthcare facilities and favorable government polices to strengthen the healthcare infrastructure. Our study estimate that the region is projected to continue holding over 30% of the market share during the forecast period. On the other hand, Europe will see a slower growth, while the Latin American region will witness explosive growth over the next five years. rising demand for medical implants is the primary driver behind this growth. Additionally, medical plastics are being used to create attractive designs and facilitate better patient care.
Some of the major companies operating in the North America medical plastics market are giants like Johnson & Johnson and Boston Scientific Corporation. They are looking to expand their product portfolios and penetrate new geographies to maintain their leadership positions in the market. Some smaller players have also been able to gain significant market share owing to their innovation and aggressive marketing strategies.
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Counterfeiting to Pose Major Challenge to Medical Plastics Market
SkyQuest's market outlook of challenges in medical plastics market warns about the declining trend of sales and proliferation of counterfeit medical grade plastics globally. While demand for medical grade plastics is expected to grow owing to the increasing need for safe and transparent medical devices, counterfeiting will pose a major challenge to the market. Globally, around 50% of medical device recalls involve fake or counterfeit products. This is mainly due to lax quality control procedures, inadequate supply chains and low product knowledge among patients and doctors. As a result, Medical Grade Plastics Europe (MGPE) reports that up to 50% of all injection molding Compliant Medical Devices (CMD) are not compliant with European Standard EN ISO 13485-2-2004 for medical devices.
India accounts for the second largest share in the Asia Pacific medical plastics market due to growing healthcare sector and rising middle class population. Wherein, the popularity of high-end implants such as coronary stents has led to an increase in the demand for ultra-high-performance polyethylene (UHPPE) materials in the healthcare sector. However, counterfeiting continues to be a major challenge in this market as well as other industries where medical grade plastics are used.
In order to overcome this obstacle, manufacturers need to do more groundwork in educating consumers and healthcare professionals about these materials.
Furthermore, new regulations related to safety and environmental concerns could impact the global medical plastics market market adversely in the near future. Another challenge that the market is likely to face is increasing raw material costs. This is due to increased demand for specialty materials such as biodegradable plastics and nanocomposites, which are generally more expensive to produce than conventional plastics. Alternatives such as recycled materials or virgin materials could help mitigate this issue, but they have their own limitations that must be considered.
Top Players in Global Medical Plastics Market
SABIC (Saudi Arabia)
BASF SE (Germany)
Celanese Corporation (US)
Eastman Chemical Co. (US)
Saint Gobain SA (France)
Wacker Chemie AG (Germany)
Evonik AG (Germany)
Solvay SA (Belgium)
Arkema SA (France)
Covestro AG (Germany)
Ensinger Group (Germany)
Lubrizol Corp. (US)
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