Medical Plastics Market Is Projected To Grow Significantly To Reach US$ 44,669.63 Million By 2027

According to our latest market study on "Medical Plastics Market Forecast to 2027 - COVID-19 Impact and Analysis - by Type (Standard Plastic, Engineering Plastic, High Performance Plastic (HPP), Silicone, and Others) and Application (Medical Disposables, Prosthetics, Medical Instruments and Tools, Drug Delivery, and Others)," the global medical plastics market was valued at US$ 24,671.82 million in 2019 and is projected to reach US$ 44,669.63 million by 2027; it is expected to grow at a CAGR of 7.7% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

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Medical plastics are made from a huge number of macromolecules. These plastics are utilized to produce consistent and safe instruments in the healthcare industry. They are remarkably long-lasting, supple, and economical. The performance, sterility, and quality of the tools made from medical plastics are a major factor for market expansion. Medical plastics find a broad range of applications in diagnostic instruments, implants, disposables, drug delivery devices, surgical instruments, syringes, and catheters. The global population is projected to increase in the coming years. With the increasing population, diseases and infections are rampantly overspreading through several mediums. Rising geriatric population further boosts the development of the healthcare sector.

Moreover, medical plastics are also exploited in prosthetics. Prosthetics offers a life-changing solution for physically disabled people. According to a report by the US Department of Health and Human Services, nearly 8.7 million sports and recreation injuries were reported in the US in 2018. Out of these, 72% were injuries associated with upper and lower extremities. The injuries are growing at a rapid rate which demands more prosthetic products, further enhancing the growth of the medical plastics market.

Some of the companies competing in the Medical Plastics Market are Celanese Corporation, Eastman Chemical Company, GW Plastics, Orthoplastics Ltd, ARAN BIOMEDICAL TEORANTA, Rochling, SABIC, Saint-Gobain Performance Plastics, SOLVAY, and DOW.

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Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 pandemic on the global Medical Plastics Market is included in the present report. The influence of the novel coronavirus pandemic on the growth of the Medical Plastics Market is analyzed and depicted in the report.

Based on application, the medical plastics market is segmented into medical disposables, prosthetics, medical instruments and tools, drug delivery, and others. The medical instruments and tools segment accounted for the largest share of the global market in 2019. Plastics have been used extensively to create medical tools and medical instruments, such as syringes, surgical gloves, insulin pens, catheters, IV tubes, and inflatable splits. Such products are manufactured for one-time use and help avoid the spread of dangerous diseases by eliminating the need to re-use or sterilize a device. Plastics are also being used to create superior antimicrobial touch surfaces which can repel microbes and other bacteria, thus decreasing the spread of dangerous diseases.

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Market Segmentation

Medical Plastics Market, by Type
• Standard Plastics
• Engineering Plastics
• High Performance Plastics (HPP)
• Silicone
• Others

Medical Plastics Market, by Application
• Medical Disposables
• Prosthetics
• Medical Instruments and Tools
• Drug Delivery
• Others

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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