PUBLISHER: SkyQuest | PRODUCT CODE: 1244242
PUBLISHER: SkyQuest | PRODUCT CODE: 1244242
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).
Almost any shape can be achieved by moulding medical plastics, a particular kind of polymer. Medical plastics frequently use thermoplastic substances. Thermoplastics are easily moldable after being heated. Medical-grade polymers are able to withstand heat and chemical exposure. Some of the most often used medical plastics include polycarbonate, polypropylene, and polyethylene. It can be used to create medical tools and equipment, such as surgical and medical tubing. Increased healthcare industry expenditure and growing consumer health concerns are expected to drive growth in the global medical plastics market. Also, a rise in disposable income and a change in consumer lifestyle will promote market expansion during the anticipated time period.
Because of the spike in demand for test gowns, face masks, and gloves, the COVID-19 epidemic has had little impact on the medical plastics industry. The movement in preference towards the use of disposable masks and gloves as a component of a safety process had the biggest impact on market demand. However, there was a slight decline in the market during the first and second quarters of 2021. Sales of new medical equipment and technologies declined during the first and second quarters as a result of worldwide lockdown policies and societal norms that encourage distance. Albeit slowly, the market is moving in the direction of expansion.
Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Medical Plastics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
The Global Medical Plastics industry is segmented on the basis of Type, Application, and Region. Based on the Type, the Global Medical Plastics Market is segmented as an Engineering Plastic, HPP, Standard Plastics, Silicone, and Others. Based on the Application, the Global Medical Plastics Market is segmented as Medical Disposable, Prosthetics, Medical Instruments & Tools, Drug Delivery, and Others. Based on Region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Driver
Global medical enterprises have grown significantly, which is one of the main factors influencing the market's positive outlook. The need for single-use medical plastics and consumables in healthcare settings has grown dramatically as the COVID-19 spreads throughout the world. In hospitals, diagnostic facilities, and clinics, patients are frequently treated using thermal scanners, ventilators, gloves, respirators, and masks. Many product breakthroughs, such as the creation of medical polymers with increased biocompatibility, are also growth-inducing factors. These updated versions, which are more economical, are used in targeted drug delivery systems for the controlled release of medications in complex brain regions and to treat a number of degenerative disorders.
It is projected that the growing elderly population and other factors such as significant advancements in healthcare infrastructure, particularly in developing nations, will further fuel the market.
Restraint
The constraints limiting industry expansion are environmental contamination and rising waste. Plastics are becoming more and more necessary as the human population continues to grow. These goods are to blame for the ongoing increase in trash production and plastic production, both of which are causing rising pollution and obstructing industry development. Usually non-recyclable, these materials are individually handled to stop the spread of disease. Poor management of medical waste leads to a number of pollutants, including land and water deterioration. Plastics are now being used more frequently as a result of the COVID-19 outbreak, which is bad for the environment worldwide. Environmental limitations on their use could therefore reduce the demand for medical equipment.
Market Trends
A significant contributor to the price volatility of polyvinyl chloride (PVC), polyethylene (PE), polypropylene (PP), and polystyrene (PS) has been changes in oil prices (PS). Capacity growth and decline have also had an impact on the market's price volatility. In addition, increased overproduction on the Chinese market is anticipated to affect the cost of raw materials. Moreover, the market is anticipated to grow throughout the anticipated time frame as a result of the implementation and modernization of numerous infection prevention policies, as well as a growth in the number of surgical, inpatient, and outpatient procedures.