The global medical
plastics market is estimated to touch USD 33.6 billion by 2025,
according to a report by Grand View Research, Inc. Medical plastic products
encompass products or devices derived from synthetic or semi-synthetic
materials. Products range from syringes to implant instruments. Plastic resins
used to manufacture medical plastics improve their strength and flexibility.
Moreover, the low cost of these raw materials has led to mass manufacture of
medical products and devices.
The demand for new medical technologies and increasing
geriatric populace are expected to drive market for medical plastics over the
forecast period (2014 to 2025). Development of improved plastics and high demand
from pharmaceutical sectors is predicted to further influence market growth.
Surplus of raw materials needed for production of medical devices as well as
high demand across Asia Pacific, North America, and Europe is expected to spur
market till 2025. However, strict regulations pertaining to plastic material
production can act as a market deterrent against market growth.
Various medical plastic manufacturers are undertaking development
of environment-friendly materials and biodegradable polymers to cater to
consumer demand for organic materials. This is exemplified by the reusable and
disposable insulin pens that are recently manufactured by DuPont. These pens
can play an essential role in diabetes management. The products have excellent
lubrication and are being used to prevent hospital-acquired infections (HAI).
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Bioresorbable polymers have been used in the medical
industry for over two decades with applications in drug-eluting stents, tissue
regeneration, and bone augmentation. For instance, Tepha, Inc., a U.S. based
manufacturer of medical implants, has introduced a new regenerative scaffold
based on its proprietary P4HB technology in November 2017. The medical implant
can be beneficial in urogynecology, orthopedics, and structural heart disease.
Medical device manufacturers are also partnering up with raw material suppliers
to produce new types of thermoplastics to minimize production expenses.
The worldwide medical plastics market is segmented by
application and region. Major market application segments include BioPharma
devices, cleanroom supplies, sterilization and infection prevention, medical components,
medical device packaging, tooth implants, denture base material, orthopedic
soft goods, orthopedic implant packaging, wound care, and other implants.
Regions covered in the market report include Central
and South America (CSA), North America, Middle East and Africa (MEA), Asia
Pacific (APAC) , and Europe. The CSA market is projected to expand at a 4.5%
CAGR over the forecast period owing to consumption of denture base materials,
disposable components, and wound care products. The strong economies of
Argentina and Brazil supported by increased healthcare budgets of the countries
and expendable income of residents are expected to augment regional market
growth.
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by Grand View Research: https://www.grandviewresearch.com/industry/bulk-chemicals
The APAC market is anticipated to exhibit a 6.6% CAGR
from 2017 to 2025 due to applications in wound care and packaging. Rising
demand from China, Singapore, and India are expected to drive regional medical
plastics market over the forecast period. Strict regulations in India
pertaining to plastic production and disposal can impact expansion of the APAC
market in near future. The growing elderly populace in Japan and increasing
cases of cardiovascular disorders can also contribute to regional revenue.
The Europe medical plastics market is expected to
register immense growth in the forthcoming years owing to rising demand for disposables,
implants, and diagnostic instruments. Demand for improved healthcare services
and production of biocompatible medical devices are expected to spur regional
demand. Germany had accounted for over 16% global market share in 2016. This
percentage is expected to rise to 17.9% by 2025 due to high incidence of
chronic diseases in the region. The use of medical implants derived from
bioresorbable polymers to spur the recovery rate of patients is a key factor
that can positively impact the Europe market.
Prominent players in the medical plastics market
comprise Saint-Gobain Performance Plastics, Celanese Corporation, Trinseo S.A.,
E.I. du Pont de Nemours and Company, and Nolato AB. Most of these players engage
in research and development leading to the formation of highly strengthened
engineering plastics.
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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