Medical plastics are widely used in the medical industry to manufacture medical devices. Some key applications of medical plastics include disposable syringes, surgical instruments, diagnostic equipment, prosthetics, and more. Plastics provide advantages such as moldability, low weight, and optical transparency in medical devices. Commonly used medical plastics are Polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), polystyrene (PS), and engineering plastics such as polycarbonate (PC) and polymethyl methacrylate (PMMA).
The Medical Plastics market is estimated to be valued at US$ 16,458.83 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the medical plastics market is majorly driven by the increasing adoption of plastics in medical devices. Medical devices manufacturers prefer plastics over metals and glass owing to advantages such as lightweight, durability, and design flexibility. Increasing demand for minimally invasive surgeries is another driver, as it utilizes disposable medical devices made of plastics. Furthermore, the rising geriatric population prone to chronic diseases is driving the demand for medical devices. However, stringent regulations associated with the production of medical plastics may hinder market growth. Additionally, availability of alternatives such as ceramics and glass pose a challenge to medical plastics.
SWOT Analysis
Strength: Medical plastics have advantages of biocompatibility, durability and lightweight nature which make them suitable for various medical applications. Their advanced engineering properties allow design of complex medical devices for efficient healthcare delivery. Growing investments in RD is helping develop advanced grades of plastics for 3D printing of implants and prosthetics.
Weakness: Regulations around use of plastic in medical devices are becoming stringent over environmental concerns which increases compliance costs. Recyclability of post-consumer plastic waste generated in healthcare also remains a challenge. Volatility in raw material prices impact profit margins of plastic manufacturers.
Opportunity: Rapid aging of global population boosts demand for various medical implants, prosthetics, diagnostic devices and packaging. Rise of single-use disposable plastics in hospitals and clinics prevents hospital acquired infections. Adoption of medical plastics in biotech research offers new growth areas.
Threats: Shift towards lower cost alternatives likeglass and metal compositions limits scope of certain plastics. Stiffer competition from local players impacts pricing of global brands. Stringent regulatory norms and certification processes delay new product development cycles.
Key Takeaways
The global medical plastics market is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing prevalence of chronic diseases and rapid modernization of healthcare infrastructures across developing regions.
Regional analysis
North America dominates the global medical plastics market owing to large base of medical device companies, advanced research capabilities and rising healthcare spending in the region. The Asia Pacific market is anticipated to grow at fastest pace due to expanding medical tourism industry, rising healthcare infra spending and growing medical device manufacturing hubs in China, India and South Korea.
Key players
Key players operating in the medical plastics market are Arkema S.A., BASF SE, Celanese Corporation, Covestro AG, Royal DSM, DowDuPont Inc., Solvay SA, Exxon Mobil Corporation, Trinseo S.A., Trelleborg AB, The Lubrizol Corporation, Saint-Gobain S.A., Tekni-Plex, Inc., and Röchling SE Co. KG
