Medical Plastics Market size to reach $37.2 billion by 2027

According to a new report published by Report Ocean, titled, Medical Plastics Market by Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027.

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The global medical plastics market was valued at $24.1 billion in 2019, and is projected to reach $37.2 billion by 2027, growing at a CAGR of 5.6% from 2020 to 2027.

Medical plastics are polymeric material that can be molded into any shape. Medical plastics are generally made from thermoplastic materials. After thermoplastics are heated, it can be easily molded. Medical grade plastics are temperature and chemical resistant. Some of the majorly used medical plastics include polycarbonate, polypropylene, and polyethylene. It can be used to manufacture medical devices and equipment, such as medical and surgical tubing.

Robust investment in healthcare sector, coupled with growing health concern in consumers is expected to drive the medical plastics market growth. Additionally, rise in disposable income and change in consumer lifestyle will further foster the market growth in projected timeframe.

Based on type, Polyvinyl Chloride (PVC) emerged as the market leader. This is attributed to growth in demand for various transparent and cost effective medical plastics. In addition, growing application of engineering plastics in prosthetic surgeries and implants will positively impact the medical plastics market growth.

Based on application, disposable segment garnered highest revenue share, owing to increase in demand for single use products in general checkups and procedural applications. Furthermore, regulatory bodies such as USFDA and Europe FDA are promoting the application of medical plastics in disposables; thus, propelling the market demand for medical plastics.

Asia-Pacific accounted for a significant medical plastics market share. This is attributed to growing application of medical plastics in in emerging economies such as China, India, and South Korea. The market in Asia-pacific is largely driven by robust investment in R&D, coupled with digitization in healthcare ecosystem.

Major players have adopted acquisition, agreements and partnership to sustain the intense market competition. Some of the key players profiled in the report include Arkema S.A., Basf SE, Celanese Corporation, Solvay SA, Covestro AG, and Sabic.
 
COVID-19 scenario analysis

The medical plastics market has no significant impact of COVID-19 pandemic. This is attributed to the increase in demand for exam gowns, face masks, gloves.
The shifting preference towards the application of disposable mask and gloves as a part of safety protocol largely impacted the market demand.
However, the market witnessed temporary downfall during first and second quarter of 2020. The social distancing norms and global lockdown measures during first and second quarter led to decrease in sales of new medical device and equipment.
Additionally, the extended lockdown slowed down the production of medical plastics as well as cross border export and import. From beginning of May, 2020, over 70 countries including India, US, EU, and Switzerland had taken drastic measures to restrict export and import activities.
Due to restrictions on export and import, large number of countries mobilized their production process. These countries are focusing to strengthen domestic supply chain to meet the excess demand.
Automotive companies and manufacturing plants which are temporarily closed have started producing disposable plastics products for medical equipment. This will slowly improve the market scenario.
Key findings of the study

The polypropylene (PP) segment is projected to grow at the highest CAGR of approximately 7.6%, in terms of revenue, during the forecast period.
By application, the disposables segment held more than 25% market share with a CAGR of 4.1%, in terms of revenue, during the forecast period.
The Asia-Pacific region dominated the market with around 50% revenue share in 2019.

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This release was published on openPR.