Medical Plastics Market
Medical Plastics Market Analysis By Type (Standard Plastics, Engineering Plastics, High Performance Plastics (HPP), Silicone & Others) By Application and By Region – Global Market Insights 2022 to 2026
Medical Plastics Market Outlook (2022-2026)
Global medical plastic sales have reached US$ 22 billion in 2022 and are anticipated to increase at a CAGR of 5% through 2026. As such, the medical plastics market is expected to reach US$ 27 billion by the end of 2026.
The engineering plastics segment is expected to expand at a higher CAGR of 6% between 2022 and 2026.
Medical Plastics Market Size (2022E)
US$ 22 Billion
Forecasted Market Value (2026F)
US$ 27 Billion
Global Market Growth Rate (2022-2026)
U.S. Market Value (2022)
US$ 6 Billion
China Market Value (2026)
US$ 4 Billion
Key Companies Profiled
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Medical Plastic Sales Analysis (2017-2021) Vs. Market Forecasts (2022-2026)
Products made of plastic that are designated for use in the healthcare sector are known as medical plastics. They are immune to corrosion, temperature changes, and chemicals. This enables efficient storage of various medical fluids and makes them simple to sterilize regularly.
Polypropylene and polycarbonate are the two most widely utilised polymers for medical purposes. These materials are employed in products such as MRI casings and surgical equipment. Polypropylene medical devices, medical plastic injection, and PVC medical equipment are some of them.
Plastics in medicine are now being used in place of ceramic, steel, and glass in equipment because of their durability and affordability. Medical products include breathing masks, bedpans, IV tubing, surgical equipment, implants, pill casings, and others made of plastic.
Furthermore, these polymers are utilized in surgical procedures to stop the spread of infection by simply discarding them after usage. Antimicrobial surfaces were used in the creation of these plastic medical devices. These surfaces are very good at deterring and eliminating harmful microorganisms.
“Plastic Medical Equipment Demand to Continue Increasing Amid COVID-19 Pandemic”
In certain markets for medical devices, the COVID-19 pandemic is having a more significant effect. Medical uses, which include PE, PP, and engineering plastics, among others, have raised the demand for polymers.
Due to the global pandemic, there has been an increase in the production of medical supplies and equipment such as ventilators, thermal scanners, gloves, respirators, and masks. Furthermore, rising product consumption and market expansion are supported by rising knowledge of proper hygiene.
Globally, many nations have modified healthcare supplies such as medical equipment and PPE kits to better manage COVID-19 patients. Closed borders had seriously slowed the supply of medical supplies by upsetting the established supply chains.
This has, however, also made it possible for domestic firms to enter the market unopposed. The number of small-scale manufacturers is increasing, which indeed is boosting the local GDP.
Medical plastics are a widely sought-after product because they have a wide range of uses, are affordable, and prolong the shelf life of the stored material. Plastic is a perfect material for medical procedures since it is resistant to both corrosion and breakage, which make glass and metal equipment vulnerable.
Several plastic medical equipment are single-use and built to withstand repeated sterilisations for a longer lifespan. The majority of common plastics are recyclable, making them a green alternative for use in medical applications.
As a result, it is simpler for health professionals to meet the need for medical equipment and supplies because these items are simply produced using inexpensive raw materials while yet being environmentally benign.
According to Fact.MR, a market research and competitive intelligence provider, the global medical plastics market is set to expand at a CAGR of 5% to reach US$ 27 billion by the year 2026.
Which Latest Trends in the Medical Plastics Market are Driving Demand Growth?
“Rising Awareness Regarding Personal Hygiene Heightening Demand for Medical Plastics”
After the coronavirus pandemic, the consumer's awareness of personal hygiene is predicted to increase, and there will be a significant demand for home care goods.
Due to the pandemic, businesses are producing or creating new items to suit the soaring demand for medical supplies such as masks, sanitisers, gloves, and PPE kits.
Over the coming years, maintaining personal hygiene is anticipated to become popular to lower the risk of illness. In turn, during the projection period, this will benefit the global market.
The healthcare industry has made hand hygiene and surface hygiene mandatory in the ongoing fight against coronavirus.
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What Opportunities in Medial Plastics are Expected Going Forward?
“Rising Technological Advancements Driving Sales of Medical Plastic Products’’
Technology breakthroughs such as multipurpose drug packaging, device shrinking, and point-of-care (POC) diagnostic devices have all contributed significantly to the medical plastics market's rapid growth.
- For instance, custom blow forming was developed as a technological solution to produce thinner pharmaceutical bottles, enhance moisture transmission performance, and fortify twist closures.
- Furthermore, Easy Biocompatibility Testing is built into Unique Device Identification (UDI) and other device identification barcodes. Due to these innovations, a lot of plastic is being used in medical applications, which is fostering market expansion.
In the fields of POC diagnostics, medical device downsizing, and multipurpose packaging, businesses are collaborating to develop technologies to fulfil emerging product demand for medical plastic applications.
“Rising Competition among Market Players & High Investment in R&D Driving Sales Revenue of Medical Plastics”
Industry participants are becoming more competitive, which is fueling the expansion of the medical plastics market. The main drivers influencing market expansion include several variables including cost competitiveness and product quality to draw customers.
Over the coming years, it is anticipated that increased awareness would result from the high output of these plastics needed to satisfy customer demand. Also, a lot of important firms are investing a significant amount of money in research and development to create cutting-edge products such as 3D-printed medical equipment.
The global COVID-19 outbreak increased demand for medical supplies such as gloves, ventilators, masks, and testing equipment. In turn, this assisted domestic and small-scale businesses in creating items to cater to this rising demand for medical plastic equipment.
What is Negatively Hampering Revenue Growth of Medical Plastic Product Manufacturers?
“Rising Awareness Regarding Environmental Pollution & Waste Management Systems Hampering Revenue Growth of Plastic Medical Equipment Manufacturers”
The need for plastics has expanded as a result of the continually growing human population. Due to the constant rise in plastic manufacture and trash generation caused by these items, environmental pollution levels are rising and industry growth is being hampered.
These are typically non-recyclable materials that receive separate treatment to prevent infection from spreading. The lack of medical waste management services is causing a variety of contamination, including land and water pollution.
The COVID-19 pandemic has increased the use of plastic products, which is having an impact on the environment worldwide. As such, restrictions on their use due to environmental concerns could jeopardize the market for plastic medical equipment to some extent.
Which Regional Markets Will Be Profitable for Plastic Medical Equipment Manufacturers?
“North America, Europe, & Asia Pacific to Remain Lucrative Markets”
Advancement in material technology for the medical industry is driving product demand in North America. The acceptance of technologically sophisticated medical supplies in the North American regional market is being boosted by high disposable income, changes in consumer lifestyle, and increased R&D expenditure.
Due to rising consumer focus on hygiene and sanitation, the Asia Pacific region now holds a large market share for medical plastics, and this trend is likely to continue.
Market expansion for medical plastic devices in the region is anticipated to be aided by the growing industrialization and globalization of rising economies such as China, India, Thailand, and others. A significant demand has been generated for PPEs such as medical bags, gloves, masks, coveralls, and surgical drapes because of the recent COVID-19 epidemic.
Globally, the use of medical plastics is regulated by numerous European bodies. Regulation (EU) 2017/745 governs medical devices in Europe and outlines how they must be used. The reformation of European legislation for these kinds of devices will be one of the major elements influencing industry growth in the area. Regarding the creation of sophisticated plastics, the healthcare sector has seen several technological advancements.
Europe is home to several significant businesses, including Röchling SE & Co. KG, Solvay S.A., and Evonik Industries AG. New product development is one of the main techniques employed by the top companies in the European industry to attain market expansion.
Due to rising per capita healthcare spending, the Latin America market is anticipated to expand strongly. Furthermore, industry participants in the region are investing heavily in healthcare systems, which are driving up product performance.
Due to the existence of a sizable underpenetrated market, the Middle East and Africa represented a significantly lower share of the market.
Why is the United States a Lucrative Market for Medical Plastic Suppliers?
“Presence of Advanced Healthcare Infrastructure Attracts Several Medical Molding Companies”
The U.S. market is valued at US$ 6 billion in 2022. One of the biggest markets for medical devices, including plastic medical instruments, is the United States. Furthermore, Belgium, whose primary product is categorized as defined by NAICS, is a source of medical equipment imports for the nation.
Over the next few years, it is anticipated that demand for medical equipment would rise dramatically due to rising per capita healthcare spending in the United States.
Furthermore, the presence of important manufacturers in the country is anticipated to positively affect the market's overall growth throughout the next 4 years.
How is the Market for Medical Plastics Progressing in Mexico?
“Supportive Government Policies & Advancements in Healthcare Facilities Driving Sales of Medical Plastics Products”
The pharmaceutical packaging industry is likely to experience higher product demand as the pharmaceutical industries in Mexico and Canada are predicted to expand quickly.
The Mexican government is doing away with onerous rules. Before these laws, the construction of new manufacturing facilities was prohibited. Major pharmaceutical companies such as Takeda and Astellas have built new manufacturing facilities in the nation as a result.
The domestic medical plastics industry has been significantly influenced by the government's pharmaceutical policy, which is expected to increase product sales in the coming years.
Several advancements in material technologies in the healthcare industry are also driving the requirement for the product.
What is Benefitting Medical Plastic Component Manufacturers?
“Medical Components Handsomely Leads Due to High Use in Surgical & Procedural Procedures”
Globally, the medical components segment is anticipated to lead the application segment and hold the highest market share. Demand is expected to be driven by the expanding range of products that can be made using PP, including syringes, pans, containers, trays, implant trials, and medical cover sheets.
Polypropylene is also anticipated to expand in popularity as a material for medical component applications due to its low weight, good microbiological and chemical resistance, and low cost, and is called polypropylene medical equipment.
In the production of medical disposables, this substance has many uses. It is popular for making syringes because it can be easily shaped to precise proportions.
Medical plastics are employed more and more as a result of their adaptability. Medical components are utilised in both surgical and procedural procedures as a single-use item. The use of these medical things in surgical applications and routine examinations has increased.
The primary drivers of this market sector include rising rates of chronic diseases, a shift in lifestyle, and an ageing population.
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Due to robust distribution networks and a diverse product offering by large and small-scale businesses in rising and developing economies, the global market for medical plastics is fragmented.
The main growth tactics used by market players to increase their regional presence and satisfy the rising demand for medical plastics in emerging nations include new product launches, agreements and collaborations, expansions and investments, and mergers and acquisitions.
Established players are developing new medical supplies through research and development.
- Evonik Industries AG recently announced the release of VESTAKEEP iC4800 3DF, an osteoconductive polyether ether ketone (PEEK) filament that would enhance the fusion between bones and implants.
- In January 2021, PTA Plastics invested more than US$ 2 Million in buildings and capital equipment. Products made of medical polymers will be employed using these machines and finishing equipment for injection moulding.
Key Segments Covered in Medical Plastics Industry Research
By Type :
- Standard Plastics
- Engineering Plastics
- High Performance Plastics (HPP)
By Application :
- Medical Device Packaging
- Medical Components
- Orthopedic Implant Packaging
- Orthopedic Soft Goods
- Wound Care
- Cleanroom Supplies
- BioPharm Devices
- Mobility Aids
- Sterilization & Infection Prevention
- Tooth Implants
- Denture Base Materials
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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