PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320244
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320244
Medical Plastics Market size was valued at USD 44,423.2 Million in 2022, expanding at a CAGR of 6.7% from 2023 to 2030.
Plastics that are specifically created and utilized for a range of medical and healthcare applications fall under the category of medical plastics. To guarantee safety, biocompatibility, and durability in medical contexts, these plastics must adhere to rigid standards. They are essential to modern medicine and are used in many different medical devices.
A growing need for medical equipment, supplies, and packaging is being caused by rising healthcare costs worldwide, which is driving up the need for medical plastics. The creation of cutting-edge medical equipment and gadgets owing to the advancements in technology needs the use of specialty plastics with properties to guarantee their effectiveness, safety, and patient comfort. Due to its ease, cleanliness, and lower risk of infection, single-use, disposable medical items made of medical plastics have become more and more common, particularly in locations where healthcare is provided.
Medical plastics are frequently used in instruments like catheters, wound dressings, and surgical tools, medical plastics play a crucial part in infection control and patient safety by lowering the incidence of healthcare-associated infections. To assure the safety and effectiveness of medical devices and materials, including medical plastics, regulatory agencies and governments around the world set stringent standards and restrictions. Medical plastics can now be produced with more exact characteristics to fulfill the needs of certain medical applications thanks to advancements in plastic manufacturing techniques.
The Global Medical Plastics Market is segmented on the basis of Type, Product, Application, and Region.
The market is divided into four categories based on Type: engineering plastics, high performance plastics (HPP), standard plastics, and others. The engineering plastics segment dominates the market. Increasing demand from industrial, automotive sector is contributing to market growth.
The market is divided into five categories based on Product: polyethylene (PE), polypropylene (PP), polycarbonate (PC), liquid crystal polymer (LCP), and others. The polyethylene segment dominates the market. Increasing demand from plastic & packaging industries is expected to boost the market growth.
The market is divided into five categories based on Application: medical disposables, prosthetics, medical instruments & tools, drug delivery, and others. The medical disposables segment dominates the market. The rising demand for plastics in medical disposables is increasing the segment growth.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Owing to the rapid development in healthcare, and rising demand from medical sector, which influence the medical plastics market. Several distribution channels, including corporate websites, and products, are used by businesses to sell their solutions & products. Product manufacturers compete on various factors, such as Product pricing, performance, product creation, and marketing. reputation, and availability. Some of the primary techniques, and strategies used by corporations to consolidate their reach and expand their market share include new product launches, R&D expenditure, developing its distribution network and mergers & acquisitions. Some of the recent developments are mentioned below.
In March 2022, Evonik Industries AG introduced VESTAKEEP iC4800 3DF, a new osteoconductive PEEK (polyether ether ketone) filament that improves fusion between bones and implants.
The scope of this report covers the market by its major segments, which include as follows: