Medical Plastics Market Trends

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.