The global medical plastic compounds market was valued at USD 69.36 billion in 2022 and is expected to reach USD 125.97 billion by 2032, with a compound annual growth rate (CAGR) of 6.2% during the forecast period 2023 to 2032.
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Increasing awareness related to health issues along with subsequent amendments in the regulatory policies for the usage of plastics and its compounds due to environmental concerns is anticipated to impact considerably on the future growth trajectory of the medical plastic compounds market. Rising usage of disposable and sterilized devices coupled with the requirement for medical devices with longer shelf-life are the other major factors that are expected to propel the growth of the market. The utilization of cost-effective and lightweight plastics and the growing importance of prosthetics are estimated to fuel the demand for medical plastic compounds over the analysis period.
Technological advancements, the development of bio-plastics and environment-friendly plastic compounds, and evolved decontamination devices are some of the prime factors predicted to boost the demand for plastic medical devices. Increasing demand for polymers across various applications that include disposables, surgical instruments, catheters, implants, medical bags, and drug delivery systems is expected to prosper the market growth.
Polymers exhibit superior properties that include flexibility, surface control, lightweight, strength, ease of fabrication, rigidity, and the capability to withstand long-term contact with the human body. The aging population particularly in developing countries such as China, Japan, India, and Thailand is touted to elevate the demand for existing as well as new medical technologies.
However, crude oil prices have seen volatility in the past few years. Political instability in significant crude oil-producing countries, that include Venezuela, Iraq, Libya, Nigeria, and Iran has a negative impact on the supply of crude oil that is a prime factor to disturb the equilibrium in supply and demand for the raw material of polymer.
Polyvinylchloride (PVC) dominated the product segment with more than 31% market share in the year 2022. PVC is a versatile, fixed, or rigid material that is widely used as a polymer in single-use pre-sterilized medical devices. Further, rising demand for PVC for the manufacturing of disposables, surgical gloves, feeding, pressure monitoring, and tubing for dialysis is anticipated to flourish the market growth over the forthcoming years.
In terms of revenue, Polypropylene (PP) accounted for a major revenue share and was valued at more than USD 5 billion in the year 2022. The compound is widely used in urinary catheters, heart valve structures, and disposable syringes due to its high bacterial and chemical resistance.
Polycarbonate (PC) is estimated to grow at a steady pace of nearly 6% during the forecast period from 2023 to 2032. PC exhibits superior properties that include optical clarity, better inherent strength, high heat distortion temperature, and dimensional stability.
The disposables emerged as the largest application segment accounting for a value of over USD 11 billion in the year 2022. Further, in terms of demand, the segment accounted for a prominent share because of the rising usage of disposable and sterilized gloves and syringes in the healthcare industry mainly in the countries that include China, Germany, the U.K., and India.
Besides this, the catheter application segment is estimated to witness a steady growth rate of approximately 5.5% during the years 2023 to 2032 due to its increasing application in the healthcare industry such as cardiac electrophysiology, angiography, and angioplasty.
Polymers used for producing medical implants include polyethylene, Polymethyl Methacrylate (PMMA), polyurethane, Polyethylene Terephthalate (PET), polycarbonate, and fluoropolymers. Technological development for example CAD/CAM dentistry is mainly applied in orthodontic applications anticipated to thrive the growth of the implants application segment over the coming years.
North America is expected to dominate the global medical plastic compound market accounting for a revenue share of over 36% in 2022. The market in the region is mainly driven by the rising incidence of lifestyle-oriented diseases along with government initiatives to improve the facilities and quality of treatments in the healthcare industry.
Surge in medical tourism predominantly in the countries for example the U.K., Germany, and France projected to propel the demand for plastic medical devices. Further, rising home healthcare devices coupled with self-medication in Europe are estimated to prosper the industry growth over the analysis timeframe.
The Asia Pacific healthcare industry is a rapidly growing industry and generates significant demand for new and advanced medical devices that in turn expected to propel the market growth for medical-grade plastic compounds in the region with an estimated rate of 6% between 2023 and 2032.
Key Companies & Market Share Insights
The global medical plastic compounds market is highly attractive owing to the increasing implementation of bio-based plastic compounds for the manufacturing of medical devices and several other applications. The market players significantly believe in expanding their production capacity in order to cater maximum consumer base.
Some of the prominent players in the medical plastic compounds market include:
Report Scope of the Medical Plastic Compounds Market
|Market Size in 2023||USD 73.31 Billion|
|Market Size by 2032||USD 125.97 Billion|
|Growth Rate from 2023 to 2032||CAGR of 6.2%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Product, Application, Region|
|Companies Mentioned||Nolato AB, Freudenberg Medical LLC, Rochling Group, GW Plastics Inc., MedPlast Inc., Phillips Medisisze Corporation, C&J Industries Inc., Tekni-Plex, Inc., Pexco LLC, and Medical Plastic Devices Inc.|
Segments Covered in the Report
This research study comprises a complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers a classification of the marketplace into impending and niche sectors. Further, this research study calculates the market size and its development drift at global, regional, and country from 2020 to 2032. This report contains a market breakdown and its revenue estimation by classifying it on the basis of product, application, and region:
By Regional Outlook
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