Medical Plastics Market to Expand Substantially Owing to Technological Innovations During 2022 to 2030

Medical Plastics Industry Overview

The global medical plastics market was valued at USD 46.11 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030.

 

The growing geriatric population in North America, Europe, and Asian countries like Japan and the increasing demand for home healthcare are the major factors driving the growth of medical plastics. Enforcement & upgrading of various infection prevention standards coupled with a growing volume of surgical, hospital, and outpatient procedures are anticipated to drive the market growth over the forecast period. Fluctuation in oil prices has been a major factor responsible for volatility in the prices of polyethylene (PE), polypropylene (PP), and polycarbonate (PC). Capacity expansion and contraction have also contributed to price volatility in the market.

 

Gather more insights about the market drivers, restrains and growth of the Global Medical Plastics Market

 

The medical plastics market in the U.S. was valued at USD 13.17 billion in 2021. The growing elderly population and growing demand for at-home healthcare are expected to drive the market over the forecast period. According to the latest U.S. census, 16.5% of the U.S. population, i.e., 54 million, is over the age of 65. By 2030, this number is expected to rise to 74 million. The number of people over the age of 85, who need the most care, is growing even faster.

 

In March 2021, the U.S. President, Joe Biden, proposed spending USD 400 billion on Medicaid over eight years to fund at-home care for elderly and disabled people as well as increase the wages of caregivers. The COVID-19 pandemic has made in-home care more appealing than nursing home facilities as home care reduces healthcare costs and is more convenient for patients. This is expected to increase the demand for home care medical devices and consumables which can positively impact the market growth in the U.S.

 

Browse through Grand View Research’s Plastics, Polymers & Resins Industry Research Reports.

• Medical Plastic Compounds Market – The global medical plastic compounds market size was estimated at USD 53.32 billion in 2017. It is projected to expand at a CAGR of 5.2% over the forecast period. Growing awareness regarding health issues and subsequent changes in regulatory policies concerning plastics usage are anticipated to have a considerable impact on a future growth trajectory.
• Home Healthcare Market – The global home healthcare market size was valued at USD 320.6 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.9% from 2022 to 2030. The growing geriatric population and rising incidence of target diseases such as dementia and Alzheimer’s as well as orthopedic diseases are factors expected to fuel market growth.

 

Medical Plastics Market Segmentation

Grand View Research has segmented the medical plastics market based on product, application, and region:

 

• Medical Plastics Product Outlook (Volume, Kilotons & Revenue, USD Million, 2019 – 2030)
• Polyethylene (PE)
• Polypropylene (PP)
• Polycarbonate (PC)
• Liquid Crystal Polymer (LCP)
• Polyphenylsulfone (PPSU)
• Polyethersulfone (PES)
• Polyethylenimine (PEI)
• Polymethyl Methacrylate (PMMA)
• Others

 

• Medical Plastic Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 – 2030)
• Medical Device Packaging
• Medical Components
• Orthopedic Implant Packaging
• Orthopedic Soft Goods
• Wound Care
• Cleanroom Supplies
• BioPharm Devices
• Mobility Aids
• Sterilization & Infection Prevention
• Tooth Implants
• Denture Base Material
• Other Implants
• Others

 

• Medical Plastic Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 – 2030)
• North America
• Europe
• Asia Pacific
• Central and South America
• Middle East and Africa

 

Market Share Insights

• March 2022: Evonik Industries AG announced VESTAKEEP iC4800 3DF, a new osteoconductive PEEK (polyether ether ketone) filament that improves fusion between bones and implants.
• November 2020: SABIC introduced new polycarbonate-based CRX copolymer resins at BIOMEDigital 2020. This new product innovation is intended to reduce the premature failure from environmental stress cracking (ESC) in medical equipment housings and devices..

 

Key Companies profiled:

Some prominent players in the global medical plastics market include

• Röchling SE & Co. KG
• Nolato AB
• Saint-Gobain Performance Plastics
• SABIC
• Orthoplastics Ltd
• Eastman Chemical Company
• Celanese Corporation
• Dow
• Tekni-Plex
• Solvay S.A.
• HMC Polymers
• Aran Biomedical Teoranta
• Trelleborg AB
• Avantor Inc
• Trinseo
• Evonik Industries AG

 

Order a free sample PDF of the Medical Plastics Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.