The medical plastics market opportunities are projected to grow at a compound annual growth rate (CAGR) of 5.90% through the forecast period of 2019 to 2025.
Hyderabad, India - July 9, 2019 /MarketersMedia/ —
Medical plastic is a critical component in the healthcare industry. A great technological upsurge has been witnessed in the global medical devices. Integrating mandatory medicinal plastics for streamlining various medical procedures and operations is driving the medical plastics market. IndustryARC estimates the global medical plastics market size at $22.9 billion as of 2018. Additionally, foreseeing the trends in the healthcare industry, opportunities in the medical plastics market are projected to grow at a compound annual growth rate (CAGR) of 5.90% through the forecast period of 2019 to 2025.
The report is titled “Medical Plastics Market: By Type (Polypropylene, Polystyrene, Polyethylene, Polyvinyl Chloride, Others) Application (Implants, Disposables, Drug Delivery Devices, Syringes, Diagnostic Instruments, Surgical Instruments, Dental Tools, Others) - Forecast (2019-2025).” This report incorporates trends, growth drivers, financial overview, business strategies, and recent developments in the global medical plastics market. The report covers medical plastics market size by Product and applications, medical plastics market share by top 5 companies and also the market share by start-ups during the forecast period.
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Global Medical Plastics Market: Leading Segments
North America is the most lucrative region in the medical plastic marketplace. In 2018, the region had 31% of the total medical plastics market share. The demands in the region are huge owing to the well-established healthcare sector and the presence of market leaders in the continent. Additionally, the growing hospital admissions and surgical procedures in the region owing to the increasing geriatrics population is one major factor for the dominating medical plastics market share of the region.
By application, disposable medical plastics is the fastest growing application segment, growing at a CAGR of 4.85% during the aforementioned forecast period. This heavy application share can be justified through the increasing risks of hospital-acquired diseases (HCAIs). Rising awareness towards the harmful effects of contagious medicinal equipment is driving the growth of the disposable medical devices market across developed as well as developing economies.
Global Medical Plastics Market Industry Analysis
Medical plastics are the polymer acquired products that are used in medical device packaging and plastic medical equipment. These plastics are generally manufactured using polyvinyl chloride (PVC), polyethylene (PE), polypropylene (PP), polystyrene, and other epoxy resins. Some of the end products employed in the healthcare industry are polymer implants, syringes, plastic films, and topical medication. Medical plastic finds countless application in the healthcare industry owing to the growing prevalence of cardiological, neurological, and oncological disorders. Additionally, the rising surgical procedures and hospital admissions are also prominent factors for the growth in the global medical plastics market.
Global Medical Plastics Market Trends
Disposable Medical Plastics:
Medically used plastic developed with organic materials is being employed in the healthcare industry. These plastics are gaining popularity because of their disposability factor which has prospered the mitigating risk of contagion to patients.
Supreme Medical Limbs:
Instances that involves loss of limb to the people occurred due to accidental incidents is one of the primary reason for demands for medical plastic limbs. The rapid upsurge of loss of limbs has encouraged the manufacturers to produce supreme quality plastic limbs for the premium population. These supreme limbs are gaining popularity in emerging as well as developed economies exuberantly.
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Global Medical Plastics Market: Competitive Landscape
Some of the key players mentioned in the report that are currently leading the medical plastics market are Lubrizol, Ensinger, Celanese, BASF, Arkema, Eastman Chemical Co., Spectrum Plastics Group, Emco Industrial Plastics, Inc., Connecticut Plastics Co., and Dow Chemical Co.
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Source: MarketersMedia
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