The standard plastics segment is projected to lead the medical plastics market to 2021

medical plastics market

CITY, Country, 2021-Nov-01 — /EPR Network/ —

Medical plastics are used to manufacture medical disposables, medical instruments & tools, prosthetics, and drug delivery devices. Growing demand from the OEMs and medical device/equipment manufacturers for the production of critical care systems such as ventilators, thermal scanners, and respirators is the major driving factor for medical plastics industry growth during this crisis period. MarketsandMarkets expects the global medical plastics market size during this pandemic to grow from USD 25.1 billion in 2020 to USD 29.4 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period.

Based on type, the standard plastics segment is projected to lead the medical plastics market during the forecast period. Standard plastics are conventional plastics, which are sourced from petroleum and are non-renewables. These plastics generally include PVC, PE, PP, PS, PMMA, and EVA. The major applications of these plastics include the manufacturing of masks, gloves, drapes, gowns, trays, catheters, medical tubes, syringes and cannulas, orthopedic devices, surgical tools, and lab wares. Increased requirements of PPE will boost the consumption of standard plastics such as PP, PE, and drive demand.

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Based on the application, the medical disposables segment accounts for the largest share, in terms of volume, in the medical plastics market. The use of medical plastics is increasing due to their versatility. Medical disposables can be defined as single-use products that are used in surgical as well as procedural applications. The use of these medical products in procedural applications and general checkup is increasing. In addition, the use of these disposables as instructed by various agencies, such as USFDA and Europe FDA, are propelling the demand for medical plastics globally. Increased demand for disposables such as gloves, masks, gowns, and other PPEs will drive the market during this pandemic.

In geographic coverage, the medical plastics market is segmented into four regions, namely, North America, Asia Pacific (APAC), Europe, and Rest of the World. APAC is projected to be the largest medical plastics industry during the forecast period, owing to a large medical device manufacturing base, and increased requirement of PPEs in the region. Also, APAC has immense growth potential driven by the increasing demand for a better healthcare system. Across these economies, local governments are reforming regulations in fields such as IT integration, advanced materials, and others in the healthcare industry to increase the efficiency and efficacy of medical devices and related healthcare services in this crisis period.

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Companies present in the global medical plastics market have tremendous opportunities in expanding their reach in affected economies such as China, India, Brazil, the US, the UK, Italy, Spain, Iran, and other countries. The market players are increasingly producing specific materials that are necessary during this period.

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