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Medical Plastics Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | BASF SE, Celanese Corporation, Solvay S.A., Arkema SA, Eastman Chemical Company, Dow Inc., Saudi Arabia's Basic Industries Corporation
Medical Plastics Market Characteristics
The Business Research Company offers in-depth market insights through Medical Plastics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The medical plastics market size has grown strongly in recent years. It will grow from $32.58 billion in 2023 to $35.75 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to biocompatibility and sterilization, aging population, minimally invasive procedures, global health preparedness, customized implants.
The medical plastics market size is expected to see rapid growth in the next few years. It will grow to $52.36 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to patient-centric care, lightweight and durable materials, single-use devices, cost-efficiency, sustainable and eco-friendly plastics. Major trends in the forecast period include 3d printing advancements, nanotechnology integration, smart and connected devices, advanced materials, medical device innovation.
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Market Segmentation:
The main type medical plastics are polyvinyl chloride (PVC), polypropylene (pp), engineering plastics, polyethylene (PE), polystyrene (PS), silicones and others. The polyvinyl chloride (PVC) plastic are economical and versatile thermoplastic polymers widely used in medical devices. The process technology used in medical plastics are extrusion, injection molding, blow molding and others (including rotational molding and compression molding). Medical plastics are used in medical disposables, medical instruments, prosthetics & implants, drugs packaging and others.
Major Driver - Advancements In Medical Plastic Technology Boosting The Medical Plastics Market
The advancing medical plastic technology is significantly contributing to the growth of the medical plastics market. In the past few years, advancements in medical plastics technology such as injection molding, insert molding, and others along with ideas and new materials have gained popularity in the healthcare sector. Medical plastics are neutral and do not react with the physical or chemical properties of products packed or when they are implanted in the human body. Also, technique such as 3D printing has gained the popularity in the medical plastics technology. As medical plastic technology advances, there will be a significant increase in the production of medical plastics because of the advantages these advancements provide to manufacturers. For instance, according to the American Hospital Association, employing 3D anatomic models as surgical guides decreased surgery time by 62 minutes, saving $3,720 per case. Also, using 3D-generated anatomical models as guidance decreased the length of complicated surgeries by 1.5 to 2.5 hours. Therefore, the advancing medical plastic technology will propel the growth of the medical plastics market.
Competitive Landscape:
Major companies operating in the medical plastics market include BASF SE, Celanese Corporation, Solvay S.A., Arkema SA, Eastman Chemical Company, Dow Inc., Saudi Arabia's Basic Industries Corporation, Evonik Industries AG, Röchling SE & Co. KG, Nolato AB, Saint-Gobain Performance Plastics, Orthoplastics Ltd., Tekni-Plex Inc., HMC Polymers Co. Ltd., ARAN BIOMEDICAL TEORANTA, Trelleborg AB, Raumedic AG, Ensinger GmbH, RTP Company Inc., Foster Corporation, PolyOne Corporation, DSM Engineering Plastics Pvt. Ltd., Covestro AG, DuPont de Nemours Inc., Exxon Mobil Corporation, Lubrizol Corporation, Trinseo LLC, Mitsubishi Chemical Corporation, Sumitomo Chemical Co. Ltd., Kuraray Co. Ltd.
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Top Trend - Eliminating Single-Use Plastics In The Medical Plastics Market
Elimination single-use plastic is a key trend being followed by the companies operating in the medical plastics market due to risk of environmental harm caused by single-use. Eliminating single-use plastics is helpful to save the environment. Companies are focused on eliminating single-use plastics by introducing products that are made from eco-friendly materials and can be recycled. By launching these products, companies can increase their brand value, gain a competitive edge in the market, and capture additional market share. According to a firm that works to inspire positive change for people and the planet, Trvst Ltd., over 5 million tons of waste is generated by the hospitals each year, in which, around 25% of waste is contributed by plastic. For instance, EnviroPak LLC, a US-based manufacturer offers reusable steam sterilization pouch systems for infection control in healthcare and industries. It offers the FDA-approved EnviroPouch sterilization pouches to reduce the use of single-use plastic in hospitals as an alternative to single-use sterilization pouches. In addition, NewGen Surgical, a US-based medical device company, offers a 100% plant-based clinically designed kit packaging tray which can be recycled with paper. Additionally, it can reduce carbon-dioxide emission by 55% as compared to traditional foam trays and is easily biodegradable.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Medical Plastics Market Characteristics
3. Medical Plastics Market Trends And Strategies
4. Medical Plastics Market - Macro Economic Scenario
5. Medical Plastics Market Size And Growth
…..
27. Medical Plastics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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