SAN FRANCISCO, September 22, 2022 /PRNewswire/ — The global medical plastics market is expected to range $88.40 billion by 2030, with a CAGR of 7.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market is mainly driven by increasing demand for existing and new medical technologies, aging population and growth of medical device applications. Plastics are increasingly becoming an important part of medical devices because they offer better biocompatibility, optical clarity and are economical to use.
Key industry insights and takeaways from the report:
- The application of medical components is expected to register the highest CAGR of 8.5% in terms of revenue during the forecast period. The significant CAGR growth is attributed to increasing home healthcare services and growing healthcare spending.
- Polyphenylsulfone dominated the product segment, accounting for more than 51.0% of the total sales in 2021. This high proportion is attributed to its properties of high chemical and heat resistance and being a suitable material for metal replacement in medical applications.
- North America accounted for more than 33.0% of total sales in 2021. From 2022 to 2030, a growth rate of 7.8% is expected.
Read the 173-page full market research report for more insight, »Medical Plastics Market Size, Share and Trend Analysis Report by Product (Polyethylene, Polypropylene, Polycarbonate, Liquid Crystal Polymer, Polyphenylsulfone, Polyethersulfone), by Application and Segment Forecasts, 2022-2030‘, published by Grand View Research.
Medical Plastics Market Growth and Trends
Plastics have good chemical resistance, are easy to sterilize and are biocompatible. On the contrary, a very selective number of polymers are used in this segment as medical plastic. There are now several regulatory frameworks around the world that decide which grades of plastics are eligible for medical applications after studying the effect of such plastics after coming into contact with body fluids, internal and external tissues, etc.
New product development, capacity development and acquisitions are the three main strategies companies use to gain market share. From 2019 to 2022, new product development has been observed as the key growth strategy of major medical plastic manufacturers such as SABIC, Solvay SA, Celanese Corporation, Eastman Chemical Company and Dow Inc. In addition, companies such as Solvay SA, Rochling Group, Dow Inc, HMC Polymers and Trelleborg also resorted to capacity expansions to increase their market share and sales.
in the November 2020SABIC introduced new polycarbonate-based CRX copolymer resins at BIOMEDigital 2020. This new product innovation aims to reduce premature failure from environmental stress cracking (ESC) in medical device housings and devices.
The market also saw numerous acquisitions by large players. For example, Nolato AB acquired GW Plastics Inc Sept 2020acquired Saint-Gobain Life Sciences MS Techniques and Transluminal in Sept 2020Tekni-Plex Healthcare acquired precision extrusion manufacturer Johnson Plastic Group in October 2021Proxy Biomedical Ltd and Aran Biomedical were acquired by Integer Holdings April 2022.
Medical Plastics Market Segmentation
Grand View Research has segmented the medical plastics market based on product, application and region:
Medical Plastics Market – Product Outlook (Volume, Kilotons and Revenue, USD Million, 2019-2030)
- polyethylene (PE)
- Polypropylene (PP)
- Polycarbonate (PC)
- Liquid Crystal Polymer (LCP)
- Polyphenylsulfone (PPSU)
- Polyethersulfone (PES)
- polyethyleneimine (PEI)
- Polymethyl methacrylate (PMMA)
Medical Plastics Market – Application Outlook (Volume, Kilotons and Revenue, USD Million, 2019-2030)
- Medical device packaging
- Medical components
- Packaging of orthopedic implants
- orthopedic soft goods
- wound care
- Cleanroom accessories
- BioPharm devices
- mobility aids
- Sterilization and infection prevention
- dental implants
- denture base material
- Other implants
Medical Plastics Market – Regional Outlook (Volume, Kilotons and Revenue, USD Million, 2019-2030)
- North America
- United Kingdom
- Asia Pacific
- Central & South America
- middle East & Africa
List of Major Players of Medical Plastics Market
- Röchling SE & Co. KG
- Nolato AB
- Saint Gobain Performance Plastics
- Orthoplastic GmbH
- Eastman Chemical Company
- Celanese Corporation
- Tekni Plex
- Solvay SA
- HMC polymers
- Aran Biomedical Teoranta
- Trelleborg AB
- Avantor Inc
- Evonik Industries AG
Check out other related studies published by Grand View Research:
- Medical Plastics Market in India – That India The market size for medical plastics is expected to be reached $712.0 million by 2030, according to a new report by Grand View Research, Inc. It is expected to grow at a CAGR of 15.2% from 2020 to 2030. Growing health awareness and improved access to insurance are expected to drive the market for medical devices and components, leading to an increasing demand for medical plastics in the country.
- Medical Plastic Compounds Market – The global market size of medical plastic compounds is expected to be reached $80.40 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to register a CAGR of 5.2% over the forecast period. The increasing aging of the population in economies such as China, India, Germanyand Austria is expected to remain an important driving factor.
- plastic market – The size of the global plastics market is expected to be reached $811.57 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to grow at a CAGR of 3.7% between 2022 and 2030. Measures to reduce vehicle weight and fuel efficiency are expected to drive the market over the forecast period.
Browse through Grand View Research Plastic, polymer and resin industry research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, offers both syndicated and custom research reports and consulting services. Registered in California and headquarters in san francisco, the firm includes over 425 analysts and consultants who add more than 1200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries across 25 major countries worldwide. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and assess the opportunities ahead.
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