Global Medical Plastics Market, Industry Insights by Type (Engineering Plastics, Standard Plastics, Others), by Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery, Others)

The report "Medical Plastics Market by Type (Engineering Plastics, Standard Plastics, Others), by Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery, Others) - Global Forecast to 2025", market is estimated to be USD 26.0 billion in 2020 and is predicted to reach USD 39.2 billion by 2025, growing at a CAGR of 8.6% during the forecast period.

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The innovations in medical plastics has been thoroughly researched and is able to provide wider benefits to the medical device industry. The advancements in the antimicrobial coatings and additive manufacturing also made medical plastics more efficient and affordable. Through 3D printing, it is possible to create inexpensive comfortable prosthetics and implants. Moreover, researchers across the world are testing the use of injectable medical grade plastic to control internal bleeding. The possibilities with medical plastics are seemingly endless.

On the basis of application, the medical plastics market is categorized into medical disposables, prosthetics, medical instruments & tools, drug delivery, and others (medical trays, sterilization trays, and lab wares). Medical disposables segment is expected to register the highest growth over the study timeframe. High growth rate is attributed to its versatility. Medical disposables are the single use medical products used both in procedural and surgical applications.

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Moreover, due to outbreak of COVID-19 across the world, several healthcare regulatory agencies such as Food and Drug Administration (FDA) and Europe FDA are releasing strict guidelines to use medical disposables to contain the spread of infection among healthcare practitioners. During this pandemic, the demand of disposables such as gloves, masks, and other protective equipment have skyrocketed, which in turn boosting the medical plastics market growth.

“North America to hold the largest regional market share in 2019.”

North America is the largest revenue contributor in the medical plastics market due to growth of pandemic massively in the region. The number of COVID-19 cases in North America is also enhancing rapidly with registered cases of almost 5,04,780 and 18,763 deaths as registered in the first week of April. Furthermore, massive explosion of corona virus along with sufficient accessibility to the essential items to healthcare workers is increasing in the region that is further bolstering the growth of medical plastics market in this region.

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Some of the major players operating in the global medical plastics market include Rochling Group, SABIC, BASF, Celanese, Evonik, Solvay, Covestro, Nolato AB, GW Plastics, Inc., and Eastman Chemical Company.

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