The Medical Plastics Market Size was valued at USD 49.74 Billion in 2022. The Medical Plastics industry is projected to grow from USD 50.1 Billion in 2023 to USD 88.40 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.5% during the forecast period (2023 - 2030). Medical plastics are plastic products specifically designed for applications in the healthcare industry. They are chemical-, temperature-, and corrosion-resistant. This makes them easy for regular sterilization and enables efficient storage of other medical fluids. The majorly used polymers for medical applications are polypropylene and polycarbonate, which are used in applications such as MRI casings and surgical tools. Equipment made from ceramics, steel, or glass is now being replaced by plastics due to the durability and cost-effectiveness of the material. Plastics are used for making medical products such as inhalation masks, bedpans, IV tubes, surgical instruments, implants, pill casings, and others. These plastics are also used for surgical applications to prevent the spread of infection by simply disposing of them after a single use. These plastic medical devices are made with antimicrobial surfaces. These surfaces are highly effective at repelling and killing dangerous bacteria.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The medical plastics market has seen high growth in technological advancements such as device miniaturization, multi-purpose drug packaging, and point-of-care (POC) diagnostic instruments. This is one of the factors responsible for market growth. For example, custom blow forming is a technological solution created to produce thinner medicine bottles and improve performance on the moisture transmission rate and strengthen the twist caps. Additionally, Unique Device Identification (UDI) and other barcodes for device identification are constructed for easy biocompatibility testing. These technologies are leading to high consumption of plastic for medical applications thus supporting the market growth rate. Companies are working together to create products to meet the new product demands for medical applications within POC diagnostics, medical device miniaturization, and multi-purpose packaging. Technological advancement is helping elevate the efficacy of the treatment of patients, thus leading to market growth.Â
Additionally, Growing competitiveness among the industry players is driving the market growth for medical plastics. Various factors such as cost competitiveness along with product quality to attract consumers are the major factors impacting the market growth. High production of these plastics to meet the consumers' demand will result in wider product availability, which is expected to increase buyer power within the coming years. Also, many key players are investing significantly in R&D for the development of innovative products such as 3D-printed medical devices. The outbreak of COVID-19 across the globe is fueling demand for medical equipment such as gloves, medical masks, ventilators, and testing equipment. This in turn is helping domestic and small-scale companies to develop products for meeting consumer demand.
The Medical Plastics market segmentation, based on Application, includes medical disposables, medical instruments, prosthetics & implants, drugs & implants, and others. The medical disposables segment dominated this market share in 2019. The dominance is owing to comparatively lower costs, easy sterilization, and high efficiency of disposable products such as gloves, masks, injections, and others. The medical instruments segment includes products such as wound dressing products, IV bags, and others. The increasing aging population and the use of plastic in medical procedures are leading to the growth of this market.
The prosthetics & implants segment will show significant growth owing to increasing awareness among consumers regarding cosmetics and aesthetic dentistry along with rising disposable income. A high rate of accidents across various countries is contributing to the growth in consumption. The drug packaging segment is expected to grow due to the availability of new technological solutions such as self-administered drug delivery devices. Moreover, these solutions are easily manufactured and require low-cost raw materials along with the support from the drug administration association is supporting the market growth.Â
Figure 2: Â Medical Plastics Market, by Application, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is projected to have the highest CAGR and the largest market share for the period that this report covers. It’s mainly because nations like India and China have large populations that are becoming better educated and have a growing middle class. These populations are growing increasingly aware that medical plastics help facilitate proper medical care.
The populations in all Asian nations are rapidly aging (though not as rapidly as in Western nations.) Elderly people tend to need more medical care. Hence, the need for devices and equipment that use medical plastics.
Figure 3: Â MEDICAL PLASTICS MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The governments in the North and Latin American regions are passing more stringent requirements on the manufacture, usage, and disposal of nondegradable plastics. Thus, medical plastics are used more and more often in various types of medical equipment. Additionally, many companies in this region are investing heavily in research and development. The objective is to develop and market superior medical plastics.
Governments and people in The European Union are interested in living a high quality of life. Thus, they are spending much more on healthcare and demanding the use of medical plastics in all types of medical equipment more often. These are the reasons why the region has a high CAGR and market share in terms of medical plastics.
The governments in the Middle East and North Africa don’t pass policies that encourage the development and usage of medical plastics. This is one of the reasons why the growth rate and market shares aren’t high in this part of the world.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Medical Plastics market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Medical Plastics industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Medical Plastics. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Medical Plastics industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Medical Plastics industry to benefit customers and expand the market sector. The Low-Profile Additives market has recently given medicine some of the most important advantages. Major Medical Plastics market players, including Exxon Mobil Corporation (US), BASF SE (Germany), DuPont de Nemours, Inc. (US), Evonik Industries AG (Germany), and others, are attempting to increase market demand by funding R&D initiatives.
ExxonMobil is an oil and gas company and energy provider. It operates through three business divisions: Upstream, Downstream, and Chemical. The company engages in the exploration, production, trade, transport, and sale of crude oil, natural gas, petroleum products, petrochemicals, etc. ExxonMobil markets fuels, lubricants, and chemicals under four brands: Esso, Exxon, Mobil, and ExxonMobil Chemical.
Also, BASF is a company that provides petrochemicals, intermediates, performance materials, monomers, dispersions and pigments, performance chemicals, catalysts, coatings, and care chemicals. It conducts its operations through six business segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition and Care, and Agricultural Solutions. The company serves transportation, energy, and resources.
In October 2021, a supplier of specialized and sustainable material solutions and services, Avient, announced the launch of two new products, an addition to its MEVOPUR line of medical-grade materials to support manufacturers of pharmaceutical packaging and medical devices to reach sustainability goals more easily. Both latest MEVOPUR products will be launched at Pharmapack Europe 2021. The MEVOPUR medical-grade materials are manufactured following ISO13485-2016 protocols and reinforced by testing to ISO 10993-1, USP, European Pharmacopeia, and ICH Q3D guidelines. These MEVOPUR medical-grade materials can help producers of pharmaceutical packaging and medical devices decrease the risk of regulatory non-compliance.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD Â 49.74 Billion |
| Market Size 2023 | USD 50.1 Billion |
| Market Size 2030 | USD 88.40 Billion |
| Compound Annual Growth Rate (CAGR) | 7.5% (2023-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Exxon Mobil Corporation (US), BASF SE (Germany), DuPont de Nemours, Inc. (US), Evonik Industries AG (Germany), Celanese Corporation (US), Covestro AG (Germany), Solvay (Belgium), The Lubrizol Corporation (US), Röchling Group (Germany), Tekni-Plex (US), Eastman Chemical Company (US), Saint-Gobain Performance Plastics (France), Trinseo (US), Ensinger (Germany), and Fortune Medical Plastic Products Company (China) |
| Key Market Opportunities | Advancing research & development of the product in the market has propelled regions to witness significant growth. |
| Key Market Dynamics | Growing consumption of medical devices. · Rising demand for Medical Plastics Market in various applications. |
Medical Plastics Market Highlights:
Frequently Asked Questions (FAQ) :
The Medical Plastics market size was valued at USD 49.74 Billion in 2022.
The Medical Plastics market is projected to grow at a CAGR of 7.5% during the forecast period, 2023-2030.
Asia Pacific had the largest share of the Medical Plastics market.
The key players in the Medical Plastics market are Exxon Mobil Corporation (US), BASF SE (Germany), DuPont de Nemours, Inc. (US), Evonik Industries AG (Germany), Celanese Corporation (US), Covestro AG (Germany), Solvay (Belgium), The Lubrizol Corporation (US), Röchling Group (Germany), Tekni-Plex (US), Eastman Chemical Company (US), Saint-Gobain Performance Plastics (France), Trinseo (US), Ensinger (Germany), and Fortune Medical Plastic Products Company (China)
The medical disposables categories dominated the Medical Plastics market in 2023.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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