Rising Healthcare Costs Propel Demand for Biopharma Plastics and Polymers

Biopharma plastics are specialized materials crucial in the pharmaceutical and biotechnology industries. These plastics, often engineered to be biocompatible and sterile, play a vital role in packaging, drug delivery systems, and laboratory equipment. Their versatility and safety make them essential components in advancing medical research and healthcare solutions.

Depth filters, syringes, and containers are among the applications that benefit from biopharma plastics' increased stability. The market has grown as a result of increased demand for using premium polymers in the manufacture of single-use biopharma plastics. The market for biopharma plastics and polymers is anticipated to be driven by rising healthcare costs and rising health concerns.

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Additionally, the presence of substantial PP molding facilities and the manufacturing industry is anticipated to fuel market expansion throughout the anticipated time frame. The biopharma plastics market is being driven by industry players who are extensively spending R&D to create biopharmaceutical goods that cater to all aspects of customer needs.

Due to the presence of major producers of biopharma plastics including Celanese Corporation, Eastman Chemical Co., and DuPont in the region, North America dominates the market for these materials. Due mostly to the expanding governmental support and advantageous reimbursement policies for medical equipment, Europe is the second-largest shareholder in the industry.

"Growing healthcare spending and increasing application of biopharma plastics are expected to radically transform the biopharma plastics market in the coming years," comments an analyst at FMI.

Key Takeaways from the Market Study

- As of 2023, the biopharma plastics market was valued at US$ 5.42 Billion
- From 2023 to 2033, the biopharma plastics industry is poised to grow at an 11.4% CAGR
- By 2033, the biopharma plastics market is slated to reach a valuation of US$ 15.95 Billion
- By polymer type, the polyvinyl chloride segment accounted for the largest share of 21.5% and is expected to continue this trend over the forecast period.
- China is poised to yield a CAGR of 11.3% concerning biopharma plastics in 2033

Competitive Landscape

BASF SE, LyondellBasell Industries Holdings B.V., SABIC, LG chem, Toray Industries, Inc., Solvay, Dow, Inc., DuPont de Nemours, Inc., Saint-Gobain Performance Plastics, Tekni-Plex are some of the key players in the biopharma plastics industry.

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The manufacturers are involved in the production of biopharma plastics in a larger capacity. Research and innovation are also conducted to launch innovative plastics for biopharmaceutical products. Also, some of the key players are acquiring small pharmaceutical companies to increase their production capacity.

- In September 2022 - LyondellBasell announced today that Hanwha Solutions Corporation will use the LyondellBasell Lupotech T high-pressure polyethylene technology at a new site in Yeosu, South Korea. The Lupotech T process technology will be used for a 300 kiloton per year (KTA) vinyl acetate copolymer (EVA) line.
- In July 2022 - DuPont celebrated the opening of its new DuPont™ Liveo™ Healthcare Solutions manufacturing facility located at the Cooper River Site in South Carolina. The new facility will expand the capacity for biopharmaceutical tubing extrusion to meet increased demand from Liveo™ customers
- In October 2021 - Tekni-Plex Healthcare acquired precision extrusion manufacturer Johnson Plastic Group (JPG) as part of a strategy to expand the company's patient care solutions platform. The acquisition expands Tekni-Plex Healthcare's medical device capabilities and broadens the division's global footprint by adding a presence in Mexico.
- In November 2022 - Solvay, a leading supplier of advanced materials, teamed up with French start-up Ostium in a joint project designed to enable the mechanical recycling of end-of-life single-use surgical instruments molded in glass-fiber reinforced Ixef® polyacrylamide (PARA) from Solvay's portfolio of specialty polymers

Key Segments Covered in the Biopharma Plastics Market Survey

Biopharma Plastics Market by Polymer Type:

- Polyethylene - PE
- Polypropylene - PP
- Acrylonitrile Butadiene Styrene - ABS
- Polyethylene Terephthalate - PET
- Polyvinyl Chloride - PVC
- Polytetrafluoroethylene - PTFE
- Other

Biopharma Plastics Market by Application:

- Protective Wear
- Container
- Bioreactor Bags
- Syringes
- Depth Filter
- Disposable Medical Connectors
- Others

Biopharma Plastics Market by Region:

- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa

More Valuable Insights Available

FMI, in its new offering, presents an unbiased analysis of the biopharma plastics market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033. The study divulges essential insights into the Biopharma Plastics Market by Polymer Type, Application, and Region.

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About Future Market Insights, Inc. (FMI)

Future Market Insights (ESOMAR-certified market research organization and a member of the 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 based on Source, Application, Sales Channel, and End Use over the next 10 years.

This release was published on openPR.