Medical Plastics Market | Key players operating in the market include SABIC, BASF, Celanese, Evonik, Solvay, and Covestro

According to recent market research "Medical Plastics Market by Type (Engineering Plastics, HPP, Standard Plastics, Silicone, and Others), Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery, and Others), Region - Global Forecast to 2024", The medical plastics market size is projected to grow from USD 22.8 billion in 2019 to USD 31.7 billion by 2024, at a CAGR of 6.8%.

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Medical plastics are used to manufacture medical disposables, medical instruments & tools, prosthetics, and drug delivery devices. Growing healthcare infrastructure in emerging economies and increasing instances of chronic diseases such as cancer and heart problems are expected to drive the medical devices market, which in turn, is likely to propel the demand for medical plastics. Furthermore, increasing use of advanced medical equipment, such as virtual reality augmentation, 3D printed prosthetics, and customized single-use devices are fueling the market. MarketsandMarkets expects the global medical plastics market size to grow from USD 22.8 billion in 2019 to USD 31.7 billion by 2024, at a CAGR of 6.8% during the forecast period.

Based on type, the engineering plastics segment is projected to lead the market during the forecast period. These plastics are used in diagnostic instruments, drug delivery systems, orthopedic devices, dental tools, and other applications. Engineering plastics provide many advantages over standard plastics such as good malleability, faster production time, low weight, and resistance to high impact, flame, shock, and chemicals, and better friction reduction.

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The medical plastics market size is projected to grow from USD 22.8 billion in 2019 to USD 31.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period. The major drivers for the medical plastics market include the rise in disposable income & changing lifestyle and the demand for affordable and efficient healthcare system from China, India, and other emerging economies. The growing use of advanced medical technologies, such as 3D printed implants and customized devices, is also driving the market.

Medical plastics are used in medical disposables, prosthetics, medical instruments & tools, drug delivery, and other applications. Companies, such as SABIC (Saudi Arabia), BASF (Germany), Celanese (US), Evonik (Germany), Solvay (Belgium), and Covestro (Germany) operating in the medical plastics market have adopted both organic and inorganic growth strategies such as new product launch, agreement & collaboration, joint venture, merger & acquisition, and investment & expansion to serve their customers efficiently and increase their market shares.

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SABIC (Saudi Arabia) has a strong position in the medical plastics market. The company has a strong product portfolio of medical plastics, which find application in medical disposables, drug delivery, and diagnostics, among others. It operates through its 64 manufacturing and compounding sites located in the Americas, APAC, the Middle East & Africa, and Europe and has extensive sales & distribution infrastructure, which helps in attaining economies of scale. It focuses on offering solutions to diverse applications in the healthcare industry. For example, SABIC collaborated with its client eNeura Inc. (Baltimore, US) to develop a non-drug solution named sTMS mini, to prevent migraine headaches. This home healthcare device was manufactured by using SABIC’s biocompatible LEXAN polycarbonate copolymer. This collaboration portrays SABIC’s customer-centric portfolio, offering optimized portability, comfort, and other specialized requirements.

BASF (Germany) is another major player operating in the market. The company has a strong global presence and offers medical plastics for various applications, ranging from drug delivery to diagnostics. The company is focusing on organic growth strategies of investment & expansion for increasing its geographical reach and strengthen product portfolio, widening its presence in various regions, such as South America and the Middle East & Africa through increased product reach. In June 2017, BASF started its new compounding plant for engineering plastics at its Schwarzheide site in Germany. This has helped the company in manufacturing customized medical plastics. This expansion has increased up to 70,000 tons of Ultramid (PA) and Ultradur (PBT) production each year, which is expected to help in catering to the rising global demand for engineering plastics.

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