Market Research Report
Medical Plastics Market Size, Share & Trends Analysis Report By Application (Medical Components, Wound Care, Cleanroom Supplies, BioPharm Devices, Mobility Aids, Tooth Implants), By Region, And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||948010|
|Published||Content info||166 Pages
Delivery time: 2-3 business days
|Medical Plastics Market Size, Share & Trends Analysis Report By Application (Medical Components, Wound Care, Cleanroom Supplies, BioPharm Devices, Mobility Aids, Tooth Implants), By Region, And Segment Forecasts, 2020 - 2027|
|Published: June 15, 2020||Content info: 166 Pages||
The global medical plastics market size is expected to reach USD 45.2 billion by 2027,expanding at a CAGR of 8.6% over the forecast period, according to a new report by Grand View Research, Inc. Robust growth of the healthcare industry coupled with rising healthcare expenditure across the world are anticipated to drive the market growth.The market is expected to register significant growth owing to the high adoption of plastics for implants on account of their chemical inertness and superior fatigue resistance.
Asia Pacific region is expected to progress at a CAGR of 9.5% over the forecast period, in terms of revenue, on account of rising consumer expenditure on healthcare. In addition, the low cost of medical procedures in the region makes it a favorable destination for medical tourism, thereby leading to an increase in the demand for medical devices. Furthermore, the recent outbreak of COVID-19 in countries such as China, India, Japan, Australia, and Indonesia creating a huge demand in various application such as testing equipment, medical bags, gloves, masks,ventilators, syringes, surgical drapes, and personal protective equipment. Thus, the rising number of coronavirus cases in the region is projected to substantially drive the market growth.
Medical components application segment accounted for a majority of the share in the global medial plastics market, driven by the high consumption of superior grade plastics in the production of catheters, syringes, containers, medical bags, and surgical equipment. The 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.
Medical device packaging segment is projected witness significant growth over the forecast period.Rising chronic diseases owing to the growing population of individuals aged over 65 years of age. The enhanced mechanical and thermal properties offered by PVC as compared to traditional materials such as metals and glass are anticipated to open up new avenues for the market growth. Increasing demand for portable, lightweight, and compact medical devices is likely to boost the consumption of medical plastics over the forecast period. In addition, increasing demand across the globe owing to the COVID-19 pandemic is augmenting the demand for medical device packaging segment.