Medical Plastics Market Outlook:
The world population of 7.6 billion people for the year 2018 is projected to increase exponentially by 29% becoming equivalent to 9.9 billion people through to 2050. The healthcare industry, in terms of ever increasing population, generates market scope via different services. With more people added to the current population, diseases and infections are rampantly overspreading through various mediums: the most important being the ones that spread from hospitals and diagnostic centers. Additionally, prosthetics offer a life changing solution for the physically disabled people. Notable benefits of medical plastics has led to a tremendous surge in demand from the medical sector creating a scope for lucrative revenue. Various medical appliances and devices are benefiting many lives across the world by reducing germ contagious through disposable medical plastic packaging and containers. The global medical plastics market was valued at $22.9 billion as of 2018. The main determinant of the medical plastics market growth -disposable products- will expand at a compound annual growth rate (CAGR) of 4.85% through to 2025.
Medical Plastics Market Overview:
The United States is home to 6,210 hospitals and 328 million people. This region gains incredible profit build up through supply demand chain of various medical plastic products such as surgical equipment, disposable syringes, catheters, dental devices, and several other instruments. Increasing population signifies notable economic growth providing an array of opportunity for the medical plastics market. As per the aforementioned report, North America generated huge medical plastics demand and held the largest regional share of 31% in the year 2018.
Medical Plastics Market Growth Drivers:
· Medical plastics is overcoming the challenge of incompatibility of certain conventional medication to cure various diseases. Targeted drug delivery and controlled release of polymers in complex areas such as brain to release drugs effectively treats Parkinson’s disease, Alzheimer’s disease, brain cancer, and other abnormalities.
· Cost-effective medical plastics have paved their way into the production of disposable devices such as syringes, inhalation masks, catheters, and other surgical tools. As an alternative to other raw materials, these plastics offer greater safety and antimicrobial functioning. Thereby medical plastics market acquires huge demand from healthcare sector owing to decontamination and secured containment of diagnostic samples.
· Internal implants for spine cages and knee bones made possible through enhanced medical plastics: the polyetheretherketone (PEEK) polymer. Better compatibility with bones and extensive load bearing capability of PEEK polymer have paved way in various medical implants fueling high demand for the global medical plastics market.
· Medical plastics is widely used in packaging industries for layering various medical tools, devices, drugs, and instruments such as the polypropylene sheet. This maintains safety against the hospital-acquired infections and reduces any widespread incidence of health risk both to the patients and medical expertise.
Medical Plastics Market Challenges:
The major challenge faced by the medical plastics market is posed by the huge amount of non-biodegradable wastes dumped in the surrounding. These medical wastes dumped directly after the usage in surgical, dressing, and diagnostic purposes contain contagious germs and virus. In open landfills these microbial organisms mix with water, land, and air mediators to infect healthy communities. New technological advances executed in medical plastics companies to create eco-friendly polymers will substantially reduce the medical wastes. Moreover, researches are conducted to recycle these wastes without the threat of germs spreading in the surrounding area.
Medical Plastics Market Key Players:
Leading pioneers of the global medical plastics market include Lubrizol, Ensinger, Celanese, BASF, Arkema, Eastman Chemical Co., Spectrum Plastics Group, Emco Industrial Plastics, Inc., Connecticut Plastics Co., and Dow Chemical Co, and others.
Eastman Chemical Co. is an American chemical company manufacturing innovative everyday products from fibers, plastics, advanced materials, and many other substances. They deal in supplies of various everyday products with medical, construction, food and beverage, and packaging industries.
Medical Plastics Market Trends:
· Durable Polyoxymethylene Products:
Polyoxymethylene (POM) polymer has gained ISO and FDA recognition for medical uses and gains customized extraction, molding, crafting, durability, and other features. Polyplastics’ DURACON ® PM series are advanced high quality medical grade polymers used for drug delivery purposes. It is a pulling higher demands from medical plastics manufacturers and other end-user industries.
· Micro Pump Drug Delivery:
Micro pump drug delivery devices have emerged as the technologically advanced medical innovation. Sensile medical company is manufacturing this revolutionary system for safe usage, precise administration of injecting liquid drugs into the patients without any visibility of the needles. The simple and high-quality user-friendly drug delivery system enables it to be used safely at home or during travel, resultantly achieving huge market demands.
· Sustainable Surgical Skin Stapler:
Disposable medical devices and tools have gained utmost requirements by healthcare facilities owing to the low cost and reduction in germ contamination incidences. NewGen Surgical’s skin stapler is a sustainable medical equipment to close internal and external skin wounds effectively and also during gastroplasty surgery. With suitable lightweight design, eco-friendly medical device packaging, quality assured latex free staples, this device is an alternative method to conventional plastics devices.
Medical Plastics Market Research Scopes:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the medical plastics market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of medical plastics in medical plastics market, and their specific applications in different areas.
Medical Plastics Market: Industry Coverage:
Global medical plastics market segmented on the basis of type and applications. Categorizing on the basis of type includes polyethylene (PE), polyvinyl chloride (PVC), polypropylene (PP), and polystyrene. Based on the application this market can be bifurcated into implants, disposables, drug delivery devices, syringes, diagnostic instruments, surgical instruments, dental tools, and many others.
The medical plastics market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia