Medical Plastics Market Size | Polyphenylsulfone Segment Dominated the Global Industry

The medical plastics market is anticipated to expand at a rate of 7.8% from 2022 to 2032. According to a recent analysis released by Future Market Insights, this market is anticipated to have a global valuation of US$ 46.5 billion in 2021 and to reach a total of US$ 106.23 billion by 2032. Due to the growing elderly population and many developments in medical science, the market would experience rising demand.

The medical plastics market expanded at a CAGR of 6.3% between 2017 and 2021. Medical plastic is a great option for carrying biohazardous goods because it does not penetrate and is shatterproof. Medical waste should be disposed of appropriately to prevent the spread of harmful bacteria. Furthermore, compared to other raw materials, these polymers exhibit higher levels of safety and antibacterial qualities. The market for medical plastics is rapidly expanding in the healthcare industry because they help decontaminate samples and safely contain them.

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The growing elderly population in the United States, as well as the growing demand for home healthcare services, are driving medical plastics demand in North America. Furthermore, the pharmaceutical sector in Mexico and Canada is expected to expand rapidly, fueling product demand in the pharmaceutical packaging market. At the same time, APAC is estimated to be the leading market for medical plastics during the forecast period, owing to strong investments in R&D and digitization in the healthcare ecosystem.

Key Takeaways from the Market Study
• In 2022, the global medical plastics market is estimated to have a global market size of US$ 50.13 Billion.
• Medical plastics market in North America acquired 34% of the global market share in 2021.
• Asia Pacific is expected to grow with a 5% CAGR during 2022-2032.
• By product, the Polyphenylsulfone segment took over 52% of the global Medical plastics market share in 2021.
• By application, the medical components segment acquired 42% of the global market share in 2021.

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"The demand for medical plastics is expected to rise in the future due to the growing geriatric population and the increased need to find better alternatives to steel and glass medical instruments and equipment. Various technological advancements in this field, especially for prosthetics, will create new opportunities during the forecast period. ," comments a Future Market Insights analyst.

Competitive Landscape

The global medical plastics market is fragmented due to strong distribution networks and a wide range of products offered by large and small companies in emerging and developing economies. The major growth strategies employed by market players to expand their regional presence and meet the growing demand for medical plastics in emerging economies between 2017 and 2022 were new product launches, agreements & collaborations, expansions & investments, and mergers & acquisitions.

Establishment players are creating new medical products through research and development.
• In the first quarter of 2022, Evonik Industries AG introduced VESTAKEEP iC4800 3DF, a PEEK filament that would improve the fusion between implants and bones.
• In January 2021, PTA Plastics, for example, invested more than $2 million in capital equipment and buildings. These injection moulding and finishing machines and equipment will be used for medical plastics products.

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More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the global Medical plastics market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of product type (Polyethylene (PE), Polycarbonate (PC), Polypropylene (PP), Polyphenylsulfone (PPSU), Liquid Crystal Polymer (LCP), Polyethylenimine (PEI), Polyethersulfone (PES), Polymethyl Methacrylate (PMMA) others), by application size (Medical Device Packaging Orthopedic Implant Packaging, Medical Components, Orthopedic Soft Goods, Cleanroom Supplies, Wound Care and Others), and across five major regions (North America, South America, Europe, Asia Pacific and Middle East & Africa).

Related Reports:

Plastic Market: https://www.futuremarketinsights.com/reports/plastic-market

Thermoformed Plastics Market: https://www.futuremarketinsights.com/reports/thermoformed-plastics-market

Gypsum Market: https://www.futuremarketinsights.com/reports/gypsum-market

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.