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Medical Plastics Market- Emerging Trends, Leading Global Players Insight and Forecast upto 2023
Medical Plastics Market is dominated by North America region and driven by various applications such as disposables, implants, drug delivery devices, syringes, diagnostic instruments, catheters, surgical instruments, and others
Medical Plastics are composed of a large number of macromolecules, which are used to manufacture safe and reliable devices in the industry. They are highly flexible, durable, and cost-effective. The quality, sterility, and performance of the equipment are the important trends and factors influencing the market confidently. Therefore, they are used in various applications such as disposables, implants, drug delivery devices, syringes, diagnostic instruments, catheters, surgical instruments, and others.
As per our analysis, the Global Medical Plastics Market is bifurcated into type and application. The market by type is further divided into polyvinyl chloride, polypropylene, engineering, plastics, polyethylene, polystyrene, and silicones. Among these, the polyvinyl chloride segment holds a major portion of the market on account of its growing use in flexible containers and tubing owing to its chemical stability, inert, and versatile nature. Additionally, the polyethylene segment is predicted to witness a rapid growth in the market due to its increasing consumption in surgical cables, tubing, and orthopedic sutures. Disposables, implants, drug delivery devices, syringes, diagnostic instruments, catheters, and surgical instruments are segregated on the basis of application.
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Top Global Key Players:
Some of the prominent players operating in the Global Medical Plastics Market are, BASF SE , Röchling Group (Germany), The Lubrizol Corporation (U.S.), Eastman Chemical Company (U.S.), The Dow Chemical Company (U.S.), Saint-Gobain Performance Plastics (France), Solvay (Belgium), NUSIL (U.S.), Tekni-Plex (U.S.), and Celanese Corporation (U.S.) among others.
The Global Medical Plastics Market is segmented into type, and application. On the basis of the type, the market is further categorized into polyvinyl chloride, polypropylene, engineering, plastics, polyethylene, polystyrene, and silicones. Among these, the polyvinyl chloride segment holds a majority of the market share due to extraordinary features offered by the product such as heat stability, biocompatible, chemical resistance, inert and versatile nature. The polyethylene segment is projected to witness a rapid growth due to its growing consumption in medical sutures and tubing. The market by application is further categorized into disposables, implants, drug delivery devices, syringes, diagnostic instruments, catheters, surgical instruments. Among these, the disposables segment is accounts for major share of the market owing to growing popularity of medical devices such as disposable enemas, medical, and cleaning gloves.
The Medical Plastics Market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Among these, North America holds the major share of the market due to the growing demand for lightweight materials in manufacturing of medical devices such as hypodermic needles, disposable enemas, dialysis disposables, and others. Thus, the disposables segment is predicted to witness a rapid growth in the market during the forecast period.
The Asia Pacific region is growing significantly due to an increased consumption of plastics in packaging, health care aid, medical instruments, and others. It is predicted that the rising awareness and regulations proposed by the government are likely to drive the market during the forecast period.
European market has also observed a remarkable growth due to an implementation of new European Medical Device Regulation scheme to replace former medical directive and the Active Implantable Medical Device Directive (90/385/EEC). The market has been driven by the application of this rule in the medical industry.
The Latin American region is estimated to witness a recognized development in the market due to growing consumption of polyethylene, polyvinyl chloride segments and rising awareness in the industry.
The Middle East & Africa is anticipated to witness a higher growth in the market due to increasing demand for medical plastics in drug delivery systems, syringes, diagnostic instruments, and catheters.
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