Global Medical Plastic market revenue to reach US$ 60 Bn by 2028: Ken Research

Global Medical Plastic Market By Geography

North America accounted for the largest market share in 2022 within the total Global Medical Plastics Market.

North America dominated the regional market and contributed a significant share of total sales in 2022. The growing older population in the USA and the rising need for home healthcare services are the main factors driving the market for medical plastics in North America.

The regional market is also anticipated to be driven by increasing product demand for pharmaceutical packaging applications and the swift expansion of the pharmaceutical industries in Mexico and Canada.

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Competition Scenario In Global Medical Plastic Market

The Global Medical Plastics Market is highly competitive with ~300 players, including globally diversified players, regional players, and many country-niche players.

Large global players constitute ~5% while regional players constitute ~45% of the competition. Some of the major players in the market include Evonik Industries AG, Solvay S.A., Dow, Eastman Chemical Company, Röchling Group, DuPont de Nemours Inc., BASF SE, Celanese Corporation, Mitsubishi Chemical Corporation, Nolato AB, Saint-Gobain Performance Plastics, and others.

What Is The Expected Future Outlook For The Overall Global Medical Plastic Market Across The Globe?

The Global Medical Plastic market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Global Medical Plastic market is driven by the rising awareness regarding personal hygiene, technological advancement, and high investment by the players in the development of medical plastics. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

Furthermore, with the increasing mergers and acquisitions, the Global Medical Plastic market is changing rapidly. For instance, In June 2021, Pawling Engineered Products, a New York-based manufacturer of specialized elastomeric inflated seals and extruded solutions, has been acquired by Minnesota Rubber and Plastics, a producer of highly engineered elastomer and thermoplastic solutions for the Medical, Water, and Industrial end industries. In January 2021,

Custom plastic injection molder PTA Plastics reported investing more than US$2 million in property and capital equipment to accommodate demand from current and potential clients in the medical industry.

In December 2020, Peel Master Medical Packaging Corporation was acquired by Spectrum Plastics Group, a market leader in specialized medical packaging, components, and contract manufacturing. Peel Master will strengthen the business's position as a flexible and specialized packaging provider for the medical device industry.

The Global Medical Plastics Market is forecasted to continue a gradual growth. Key trends driving market expansion include the aging population's demand for improved medical gadgets, rising healthcare spending in developing nations like China and India, and an increase in demand for inexpensive and effective healthcare systems. The market is highly competitive with ~300 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.

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Key Topics Covered in the Report

Snapshot of the Global Medical Plastics Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Medical Plastics Market
Historic Growth of the Overall Global Medical Plastics Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Medical Plastics Market
Overview, Product Offerings, and SWOT Analysis of Key Competitors
COVID-19 Impact on the Overall Global Medical Plastics Market
Future Market Forecast and Growth Rates of the Total Global Medical Plastics Market and by Segments
Market Size of Product / Application Segments with Historical CAGR and Future Forecasts
Analysis of the Medical Plastics Market in Major Regions
Major Production / Consumption Hubs in the Major Regions
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Country

Major Players Mentioned in the report

Evonik Industries AG
Solvay S.A.
Dow
Eastman Chemical Company
Röchling Group
DuPont de Nemours Inc.
BASF SE
Celanese Corporation
Mitsubishi Chemical Corporation
Nolato AB
Saint-Gobain Performance Plastics

Notable Emerging Companies Mentioned in the Report

Minnesota Rubber & Plastics
Advantech Plastics, LLC
Industrial Plastic Supply, Inc.
Somerset Plastics Co., Inc.
Total Plastics, Inc.

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Medical Machine and Equipment Manufacturers
Plastics Manufacturers
Laboratory Equipment Dealers
Healthcare Products Manufacturers
Medical Device Packaging Manufacturers
Plastics Chemical Manufacturers
Organic Polymers Manufacturers
Implant Packaging Manufacturers
Medical Soft Goods Manufacturers
BioPharm Devices Manufacturers
Government Healthcare Departments
Environmental Protection Regulators
Chemical Products Suppliers

Time Period Captured in the Report

Historical Period: 2017-2021
Forecast Period: 2022E-2028F

For More Information on the Research Report, refer to below links: -

https://www.kenresearch.com/business-research/global-medical-plastics-market-outlook-to-2028/

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.