Medical plastics are used to manufacture medical disposables, medical instruments & tools, prosthetics, and drug delivery devices. Growing healthcare infrastructure in emerging economies and increasing instances of chronic diseases such as cancer and heart problems are expected to drive the medical devices market, which in turn, is likely to propel the demand for medical plastics. Furthermore, increasing use of advanced medical equipment, such as virtual reality augmentation, 3D printed prosthetics, and customized single-use devices are fueling the market. MarketsandMarkets expects the global medical plastics market size to grow from USD 22.8 billion in 2019 to USD 31.7 billion by 2024, at a CAGR of 6.8% during the forecast period.
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Based on type, the engineering plastics segment is projected to lead the market during the forecast period. These plastics are used in diagnostic instruments, drug delivery systems, orthopedic devices, dental tools, and other applications. Engineering plastics provide many advantages over standard plastics such as good malleability, faster production time, low weight, and resistance to high impact, flame, shock, and chemicals, and better friction reduction.
Based on application, the medical instruments & tools segment accounts for the largest market share, in terms of value, in the medical plastics market. The suitability and biocompatibility of medical plastics for manufacturing various medical devices are driving the demand. Plastic materials are being increasingly used in the manufacturing of this equipment owing to their properties such as toughness, rigidity, easy workability, and availability. Plastics can be machined, molded, or formed into almost any shape as per requirements.
In terms of geographic coverage, the medical plastics market is segmented into five regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East & Africa, and South America. APAC is projected to be the largest and fastest-growing medical plastics market during the forecast period, owing to the continuously increasing population, rising disposable income, rise in lifestyle diseases, and increasing aging population. In addition, rapid alterations in the competitive landscape of the healthcare industry and advent of new and innovative medical technology, such as 3D printing, polymer blended materials, bio-based materials, and others, in the region are expected to propel the demand for medical plastics.
Companies present in the market have tremendous opportunities in expanding their reach in emerging economies as well as developed markets, such as China, India, Brazil, Argentina, South Africa, the UK, Italy, the US, and others. The market players are providing new and innovative applications that are increase the efficiency and depth of applications of medical plastics in different end-use industries further. In addition, the growing percentage of the aging population, the need for efficient medical devices, and rapid urbanization are boosting the demand for medical plastics in the healthcare industry.
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SABIC (Saudi Arabia), BASF (Germany), Celanese (US), Evonik (Germany), Solvay (Belgium), and Covestro (Germany) are some of the leading players with a substantial market share.
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