PUBLISHER: The Business Research Company | PRODUCT CODE: 1270510
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270510
“High Performance Medical Plastics Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on high performance medical plastics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for high performance medical plastics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The high performance medical plastics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the high performance medical plastics market are Solvay SA, SABIC, Mitsubishi Chemical Corporation, Evonik Industries AG, Arkema SA, Ensinger GmbH, Victrex PLC., Rochling SE & Co. AG, Raumedic AG, The Chemours Company, DuPont de Nemours Inc., HTI Plastics, C&J Industries Inc., Metro Mold and Design, and AMS Micro Medical LLC.
The global high performance medical plastics market is expected to grow from $0.89 billion in 2022 to $0.96 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. 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 high performance medical plastics market is expected to grow to $1.30 billion in 2027 at a CAGR of 7.8%.
The high-performance medical plastics market consists of sales of polyether ether ketone (PEEK), and fluorinated ethylene propylene. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
High-performance medical plastics are plastics that have high temperature and chemical resistance, biocompatibility, low friction, chemical inertness, and radiation resistance which makes them ideal for medical uses in medical devices and Equipment. They are appropriate for use in a variety of medical devices and equipment due to their special properties, which include biocompatibility, low friction, chemical inertness, non-porosity, and radiation resistance. They are used to make various pumps and valves, medical devices, lab instruments, implants, etc.
North America was the largest region in the high performance medical plastics market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the high performance medical plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The major types of high performance medical plastics are fluoropolymers (fp), high performance polyamides (hppa), polyaryletherketones (paek), polyphenylene sulfides (pps), polyetherimide (pei), and others. Fluoropolymers are fluorocarbon-based polymers with strong carbon-fluoride bonds. They have high rigidity and strength. The various types of raw materials used are polycarbonate, polypropylene, polysulfone, polytetrafluoroethylene, polyphenylene sulfide, and others that are used in various applications such as medical equipment and tools, medical supplies, drug delivery, prosthesis and implants, therapeutic system and others.
Growing healthcare expenditure in emerging economies is expected to propel the growth of the high-performance medical plastics market going forward. Emerging economies such as India and China are increasing their spending on healthcare due to the need to improve healthcare infrastructure, improve public health and the recent COVID-19 pandemic. Increased spending allows the population to go for implants and prosthetic procedures which are made from high-performance medical plastics. This in turn increases the use of medical plastics which drives the high-performance medical plastics market forward. For instance, according to IBEF (Indian Brand Equity Foundation), an India-based government export promotion agency, India's public healthcare spending increased from 1.8% of GDP in 2020-21 to 2.1% in 2021-22. With 4.7 million workers as of 2021, Also, The Ministry of Health and Family Welfare received Rs. 86,200.65 crores (US$ 11.28 billion) from the Union Budget 2022-23. Therefore, the growing health expenditure in emerging economies is driving the growth of the High-performance medical plastics market.
Technological advancement is a key trend gaining popularity in the high-performance medical plastics market. Major companies operating in the high-performance medical plastics market are constantly focused on developing technologically advanced products to strengthen their market position. For instance, in July 2020, Evonik, a Germany-based specialty chemicals company, launched the world's first 3D-printable polyether ether ketone (PEEK) filament which is based on VESTAKEEP i4 G, a highly viscous, high-performance polymer. The new filament is launched under the name VESTAKEEP i4 3DF and it is biocompatible for making implants due to its strength and rigidity. The filament is also X-ray transparent and bio-stable. It is produced under clean room conditions and maintained for high medical quality standards.
In December 2021, Material & Design Solutions (MDS), a US-based sealing component provider for high temperature and pressure environments acquired the assets of APS Plastics and Manufacturing for an undisclosed amount. The acquisition includes extensive machining capabilities that will allow MDS to shift from resins to finished components business and to be more competitive in terms of pricing. APS Plastics and Manufacturing is a US-based manufacturer of custom plastic, metal, and components for medical as well as other industries.
The countries covered in the high performance medical plastics market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The high performance medical plastics market research report is one of a series of new reports from The Business Research Company that provides high performance medical plastics market statistics, including high performance medical plastics industry global market size, regional shares, competitors with a high performance medical plastics market share, detailed high performance medical plastics market segments, market trends and opportunities, and any further data you may need to thrive in the high performance medical plastics industry. This high performance medical plastics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.