Medical Plastics Market Global Analysis, Trends and Forecast Growth to 2028 with leading key players - DuPont, BASF, Dow Chemical

Medical Plastics market is estimated to reach USD 32.75 billion by 2028

According to the latest report by Quince Market Insights, the Global Medical Plastics Market is projected to reach USD 32.75 billion by 2028, growing at a CAGR of 5.7% during the forecast period.

What are Medical plastics and what are their applications and uses?

Medical plastics are a category of polymers used in the health care sector. Such plastics have superior durability during the processing process. They are bio-compatible and lightweight. Production costs, too, are low. Therefore medical plastics are used as replacements for titanium / stainless steel materials in medical devices. Improved materials, especially disposable plastics, boost a broad range of performance in medical tubing. In areas where metal parts are used in medical devices, medical plastics are primarily used.

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Key medical plastics applications include catheters and syringes, dental instruments, diagnostic devices, drug delivery devices, implants, medical bags, and surgical instruments. The increase in demand for medical plastics in the manufacture of disposable pharmaceutical goods such as bedpans, inhalation masks, and IV tubes is expected to increase the global market for medical plastics. Medical plastics promote the sterilization of medical devices such as tools, surgical wraps, irrigation bottles, and single-use examination gloves.

Therefore medical plastic is ideal in the manufacture of medical devices and instruments. Recycling of medical plastics is also a significant factor in driving the medical plastics market worldwide. These plastics are used, being lightweight, to make orthopedic devices, artificial cornea, hearing aids and thin tubes called catheters.

Segmentation for better understanding of this market and its growth prospects

Depending on the form, the demand for medical plastics is segmented into polypropylene, rubber, plastics processing, polyethylene, and PVC. During the projection, the PVC group is expected to be the largest segment on the global market for medical plastics. The growing use of PVC in containers and tubing due to its chemical solidity, lethargy and multifunctional existence. Moreover, due to its increasing consumption in the tubing, surgical cables, and orthopedic sutures, the segment of polyethylene is also forecast to witness rapid growth in the future.

The market for medical plastics was segmented by application in disposables, medical bags, catheters, syringes, implants, surgical instruments, diagnostic tools, dental tools, drug delivery devices, and others. The product Disposables is estimated to be the medical plastics market's main application category and is also expected to grow at a high rate during the forecast period. The segment of disposables is driven by factors such as eliminating cross-contamination effects and ensuring safety and accuracy.

With the growing trend in self-medication and home care, demand for disposable products is increasing, as these products are user-friendly and do not require sterilization.

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Regional fragmentation to understand growth patterns-

Asia-Pacific is expected to be the fastest-growing market for medical plastics. The aging population is one of the key drivers of the medical plastics industry in the world. The fast-growing demand for medical plastics in end-use applications, low manufacturing costs and a high rate of economic growth are the favorable factors driving the region's medical plastics industry.

In addition, Japan's increasing medical industry, aging population, rising cosmetic and plastic surgery in India, rising cardiovascular disease reports, higher domestic demand, raw material supply, and cheap labor are driving the Asia-Pacific medical plastics market. The Asia-Pacific industry is much more diverse and competitive than its western counterparts due to the significantly high demand for medical plastics.

Fundamental Factors Influencing the Growth of Medical Plastics Market:

o Increasing demand for advanced medical technology and equipment from the aging population.
o Shifting to minimally invasive medical procedures.
o Increasing the use of home healthcare and self-medication.
o Awareness and government initiatives to deliver quality healthcare services.
o Increasing investment in healthcare in emerging economies.
o Increasing demand for plastics over metals.
o Waste management co-management.

Important Developments:

o In February 2018, Becton & Dickson (US) announced commercial availability within the European Economic Area and Switzerland (Western Europe) of the CE-IVD marked PAXgene Blood ccfDNA tube. The plastic blood collection tube including a proprietary sample stabilizing additive and BD Vacutainer HemogardTM technology to assist safeguard the safety of health workers. It has been intended to guarantee precise and reproducible results in applications for molecular diagnostic testing using cell-free DNA (ccfDNA), such as cancer and non-invasive prenatal testing.

What Does This Report Provide?

This report provides a detailed understanding of the global medical plastics market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with a potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the medical plastics market.

Major Companies profiled in the report which are key players in the global medical plastics market. Becton & Dickinson, DuPont, Saint-Gobain Performance Plastics, Exxon Mobil Corporation, Cyro Industries, BASF, TekniPlex Corporation, Dow Chemical, Bayer, Baxter International, and Alcan Packaging...

Market Segmentation:
By Type:
o Polyvinyl Chloride
o Polypropylene
o Engineering Plastics
o Polyethylene
o Polystyrene
o Silicones
o Others
By Application:
o Disposables
o Medical Bags
o Catheters
o Syringes
o Implants
o Surgical Instruments
o Diagnostic Instruments
o Dental Tools
o Drug Delivery Devices
o Others

By Region:
o North America
o By Country (US, Canada, Mexico)
o By Type
o By Application
o Western Europe
o By Country (Germany, UK, France, Spain, Rest of Western Europe)
o By Type
o By Application
o Eastern Europe
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Type
o By Application
o Asia Pacific
o By Country (China, Japan, India, Rest of Asia Pacific)
o By Type
o By Application
o Middle East
o By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
o By Type
o By Application
o Rest of the World
o By Region (South America, Africa)
o By Type
o By Application

Contact:
Quince Market Insights
Ajay D. (Knowledge Partner)
Office No- A109
Pune, Maharashtra 411028
Phone: +91 - 9850603687 / 7972869557
Email: sales@quincemarketinsights.com
Web: www.quincemarketinsights.com

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This release was published on openPR.