Medical Plastics Market Size, Share Growth by News, Demand, Opportunity 2022-2030

New York , United States- Report Ocean presents a new report on Medical Plastics Market size, share, growth, industry trends, and forecast 2030, covering various industry elements and growth trends helpful for predicting the market's future.

The global medical plastics market is expected to reach US$42.7 billion by 2030, the market was valued at US$23 billion in 2019. The market is forecast to grow at a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2021-2030.

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In order to produce a holistic assessment of the market, a variety of factors is considered, including demographics, business cycles, and microeconomic factors specific to the market under study. Medical Plastics Market report 2021 also contains a comprehensive business analysis of the state of the business, which analyzes innovative ways for business growth and describes critical factors such as prime manufacturers, production value, key regions, and growth rate.

The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.

This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market's future growth.

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Medical plastics are usually polymeric materials that are resistant to chemicals. Medical plastics are easy to be molded into any shape. Thus, the applications of these plastics in the manufacturing ff devices and equipment make them beneficial and highly adopted. Some of the widely used medical plastics are polycarbonate, polypropylene, and polyethylene.

Factors Influencing

Rapidly growing investments in the healthcare industry are expected to bolster the growth of the global medical plastics market during the analysis period.

Increasing health-related concerns and changing lifestyles would surge the demand for medical plastics in the healthcare industry.

Medical-grade plastics are corrosion-free and free from any chemicals. Their beneficial properties are forecast to amplify the growth of the market during the forecast period. For example, respirator bulbs are made up of vinyl polymers that are chemical resistant. Moreover, the applications of Medical vinyl in the production of chest drainage tubes, endotracheal tubing, and catheters would drive the growth of the global medical plastics market during the analysis period.

Antimicrobial polymers help resist contamination of the medical device contamination. These polymers are highly beneficial in preventing harmful bacteria, algae, and viruses. Thus, the growing concerns over bacterial infection would surge the demand for medical plastics in the upcoming years. The center for Disease and Control (CDC) indicates that the death rate from hospital-borne infections has been increased to around 100,000 annually in the United States. Thus, such factors would propel the adoption of medical plastics.

On the contrary, environmental concerns related to the use of medical plastic are expected to slow down the growth of the global medical plastics market during the analysis period.

Geographic Analysis

Geographically, North America held the maximum share in the global medical plastics market and is anticipated to foster growth in the coming years. The growing number of COVID-19 and other cases is bolstering the growth of the regional market. Apart from that, Europe forecasts to grow with the highest CAGR, as the demand for ventilators, thermal scanners, masks, and other personal protective equipment is increasing in the region.

COVID-19 Impact Analysis

The demand for medical plastic increased during the COVID-19 pandemic. The infection suddenly spread and affected various countries drastically. As a result, it increased the demand for hospital care and even ventilators. However, the global medical plastic market witnessed a short downfall during the first quarter. The lockdown halted the production activities, which, in turn, affected the growth of the market. Authorities of various countries, including India, the US, Switzerland, and the EU, implied stringent regulations that barred the import and export activities.

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Competitors in the Market

BASF

Celanese

Covestro

Eastman Chemical Company

GW Plastics, Inc.

Nolato AB

Rochling Group

SABIC

Solvay

Other prominent players

Market Segmentation

By Type:

Engineering plastics

High-performance plastics (HPP)

Standard plastics

Silicone

Others (TPE, TPU, Biodegradable Polymers, Synthetic Rubber, and Polymer Blends)

By Application:

Medical disposables

Prosthetics

Medical instruments & tools

Drug delivery

Others (medical trays, sterilization trays, and lab wares)

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By Region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

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What are the aspects of this report that relate to regional analysis?

The report's geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.

Reports on the market include the growth rates of each region, which includes their countries, over the coming years.

How are the key players in the market assessed?

This report provides a comprehensive analysis of leading competitors in the market.

The report includes information about the key vendors in the market.

The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.

The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.

A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.

What is the key information extracted from the report?

Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter's Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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