Medical Plastics Market Size & Share, by Material (Polyethylene (PE), Poly Vinyl Chloride (PVC), Polypropylene, Engineering Plastics, Silicones); Application (Diagnostic Instruments, Disposable Syringes, Catheters, Implants, Surgical Instruments And Drug Delivery Devices); End User (Diagnostic Centers, Hospitals) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 2600
  • Published Date: Oct 15, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Medical Plastics Market size was valued at USD 52.45 billion in 2023 and is likely to cross USD 131.08 billion by 2036, expanding at more than 7.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of medical plastics is estimated at USD 55.51 billion.

Increase in investments in health infrastructure globally in times of COVID-19 and the added advantages of medical plastics in safe and secure packaging are some of the significant factors anticipated to boost the market growth. Additionally, these plastic are light in weight, portable, and come with easy customizable packaging options that are cost effective. Driven by these prominent features along with favorable government regulations for permitting medical plastics in pharmacy and medical equipment containers.


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Medical Plastics Sector: Growth Drivers and Challenges

Growth Drivers

Growing Healthcare Infrastructure Investment Amid COVID-19

The healthcare investments have increased globally on account of global pandemic and the policies of stockpiling the medicines and various equipment are expected to drive the market growth. In addition, the use of these disposable items as instructed by various agencies, such as USFDA and Europe FDA, are anticipated to propel the demand for medical plastics globally. Increased incidences of chronic diseases, changing lifestyle of middle-income group, demand for better healthcare facilities, and increase in the aging population are other factors projected to result in the market growth. These are some of the considerable factors that are estimated to promote the growth of the market. Additionally, this growth is backed by rising number of initiatives taken by governments of different regions to promote medical plastics use from across the globe.

Technological Advancements In New Product Developments to Boost the Market Growth

On the back of growing technological advancements and concerns towards developing ecofriendly solutions in order to minimize pollution, encourage recyclability, the global medical plastics market is estimated to witness noteworthy opportunities throughout the forecast period. This, in turn, is leading to plastic manufacturers to come up with consumer and nature-friendly solutions. The market is characterized by the presence of a large number of companies involved in the production of advanced grade plastics for use in the industry. The companies approach new product development strategy as a means to achieve market growth. The increasing use of engineering plastics in robotic assistance, AI-driven procedures, 3D printing of implants and prosthetics, and others are driving the use of engineering plastics.

Challenges

High costs

The potential factor that might affect the growth of the market is the high cost associated with procurement of raw materials and overhead costs to produce advanced grade medical plastics as compared to the conventional plastic materials.

Medical Plastics Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

7.3%

Base Year Market Size (2023)

USD 52.45 billion

Forecast Year Market Size (2036)

USD 131.08 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Medical Plastics Segmentation

The global medical plastics market is segmented by material, by application, and by end user. The material segment is further segmented into polyethylene (PE), poly vinyl chloride (PVC), polypropylene, engineering plastics, silicones and others, out of which, the polypropylene segment is estimated to hold leading share as this polymer is highly preferred owing to its neutral nature and this is followed by the segment for PVC, which can be easily sterilized and reused as compared to others. 

Our in-depth analysis of the global market includes the following segments

By Material

  • Polyethylene (PE)
  • Poly Vinyl Chloride (PVC)
  • Polypropylene
  • Engineering Plastics
  • Silicones
  • Others

By Application

  • Diagnostic Instruments
  • Disposable Syringes
  • Catheters
  • Implants
  • Surgical Instruments
  • Drug Delivery Devices

By End User

 

  • Diagnostic Centers
  • Hospitals
  • Others

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Medical Plastics Industry - Regional Synopsis

On the basis of regional analysis, the medical plastics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America industry is predicted to account for largest revenue share by 2036, owing to growing investment in healthcare infrastructure and the utilization of medical plastics in other industries.Moreover, the growing investment in healthcare infrastructure and the utilization of medical plastics in other industries is expected to drive the market growth. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of growing health consciousness and initiatives to improve the living standards in the region.

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Companies Dominating the Medical Plastics Landscape

    • BASF SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Celanese Corporation
    • Solvay
    • SABIC
    • RAG-Stiftung
    • The Lubrizol Corporation
    • Tekni-Plex
    • DuPont. DuPont™
    • Eastman Chemical Company

Author Credits:  Rajrani Baghel


  • Report ID: 2600
  • Published Date: Oct 15, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of medical plastics is estimated at USD 55.51 billion.

Medical Plastics Market size was valued at USD 52.45 billion in 2023 and is likely to cross USD 131.08 billion by 2036, expanding at more than 7.3% CAGR during the forecast period i.e., between 2024-2036.

North America industry is predicted to account for largest revenue share by 2036, owing to growing investment in healthcare infrastructure and the utilization of medical plastics in other industries.

The major players in the market are BASF SE, Celanese Corporation, Solvay, SABIC, RAG-Stiftung, The Lubrizol Corporation, Tekni-Plex, DuPont. DuPontâ„¢, Eastman Chemical Company, and others.
Medical Plastics Market Report Scope
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