High Performance Medical Plastics Market Report 2024: Analyzing Global Trends

The high performance medical plastics market size has grown strongly in recent years. It will grow from $0.96 billion in 2023 to $1.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increased demand for minimally invasive procedures, regulatory compliance, growing aging population, advancements in healthcare infrastructure, increasing chronic diseases.

The high performance medical plastics market size is expected to see strong growth in the next few years. It will grow to $1.45 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to growth in emerging markets, increasing focus on sustainability, growing demand for biocompatible materials, shift towards home healthcare, advancements in material biocompatibility. Major trends in the forecast period include advancements in nanotechnology, focus on sustainability, customization and personalization, precision medicine trends.

Market Overview -
High-performance medical plastics are plastics that have high temperature and chemical resistance, biocompatibility, low friction, chemical inertness, and radiation resistance which makes them ideal for medical uses in medical devices and Equipment. They are appropriate for use in a variety of medical devices and equipment due to their special properties, which include biocompatibility, low friction, chemical inertness, non-porosity, and radiation resistance. They are used to make various pumps and valves, medical devices, lab instruments, implants, etc.

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Surging Investments Drive Growth In The High-Performance Medical Plastics Market Across Emerging Economies
Growing healthcare expenditure in emerging economies is expected to propel the growth of the high-performance medical plastics market going forward. Emerging economies such as India and China are increasing their spending on healthcare due to the need to improve healthcare infrastructure, improve public health and the recent COVID-19 pandemic. Increased spending allows the population to go for implants and prosthetic procedures which are made from high-performance medical plastics. This in turn increases the use of medical plastics which drives the high-performance medical plastics market forward. For instance, according to a survey of global medical insurers conducted by Willis Towers Watson Public Limited Company, a British-American company providing insurance services, the healthcare benefit cost increased from 8.2% in 2021, to 8.8% in 2022, and is expected to grow again in 2023 to a high global average of 10%. Therefore, the growing health expenditure in emerging economies is driving the growth of the High-performance medical plastics market.

Competitive Landscape -
Major companies operating in the high performance medical plastics market report are Atlas Copco Group, Ingersoll Rand Inc., Hitachi Ltd., Kaeser Compressors Inc., Elgi Equipments Ltd., Howden UK Limited, Kobelco Construction Machinery America LLC, IHI Rotating Machinery Engineering Co. Ltd., Anest Iwata Corporation, Fu Sheng Industrial Co. Ltd., Eaton Compressor & Fabrication Inc., Rotorcomp Verdichter GmbH, MAN Energy Solutions SE, Bauer Kompressoren GmbH, Boge Kompressoren Otto Boge GmbH & Co. KG, Baker Hughes a GE company, Siemens AG, KAESER Kompressoren SE, Aerzener Maschinenfabrik GmbH, Sullivan-Palatek Inc., VMAC Global Technology Inc., Rogers Machinery Company Inc., Gardner Denver Holdings Inc., Quincy Compressor LLC, Sullair LLC, Mattei Compressors Inc., Mitsui Seiki (U.S.A.) Inc., Hanbell Precise Machinery Co. Ltd., GHH RAND GmbH, Ceccato Aria Compressa S.r.l., Mark Compressors S.p.A., Hertz Kompressoren GmbH, Airpol Inc., ABAC S.p.A., Worthington Creyssensac S.A., Alup Kompressoren GmbH, Bolaite (Beijing) Compressor Co. Ltd., Fuda Air Compressor Co. Ltd., Kaishan Compressor Co. Ltd., Denair Compressor Co. Ltd.

Avient Unveils Innovative Additions To Mevopur Line, Redefining High-Performance Medical Plastics
Product innovations are a key trend gaining popularity in the high-performance medical plastics market. Major companies operating in the high-performance medical plastics market are constantly focused on developing technologically advanced products to strengthen their market position. For instance, in October 2021, Avient, a US-based supplier of specialized and sustainable material solutions and services, announced the launch of two new products as part of its MEVOPUR line of medical-grade materials. These products were introduced to support manufacturers of pharmaceutical packaging and medical devices in achieving their sustainability goals more easily.

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Key Segments -

The high performance medical plastics market covered in this report is segmented -
1) By Type: Fluoropolymers (FP), High Performance Polyamides (HPPA), Polyphenylene Sulfides (PPS), Polyetherimide (PEI), Other Types
2) By Raw Material: Polycarbonate, Polypropylene, Polysulfone, Polytetrafluoroethylene, Polyphenylene sulfide, Other Raw Materials
3) By Application: Medical Equipment and Tools, Medical Supplies, Drug Delivery, Prosthesis and Implants, Therapeutic System, Other Apllications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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