Press
Release

Global Medical Plastics Market to Reach Valuation of US$ 15.4 bn by End of 2027, Predicts TMR

• The escalating influx of novel technological innovations and the use of medical plastics for creating medical devices may invite immense growth prospects for the medical plastics market across the forecast period of 2019-2027 

• The medical plastics market may expand at a CAGR of 7.2 percent during the assessment period of 2019-2027

Transparency Market Research, New York: The use of medical plastics across a variety of applications such as dental tools, medical bags, diagnostic instruments, catheters and syringes, disposables, drug delivery devices, and others may invite tremendous growth prospects for the medical plastics market.

According to the researchers at Transparency Market Research, the global medical plastics market is prognosticated to register a CAGR of 7.2 percent across the forecast period of 2019-2027 and may reach a valuation of US$ 15.4 bn by the end of 2027.

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Novel product developments are bringing extensive growth opportunities for the medical plastics market. For instance, researchers at the University of Birmingham have developed a thermoplastic biomaterial that’s perfect for use in bone replacements and other medical applications. Such developments may bring great growth opportunities for the medical plastics market.

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Medical Plastics Market: Major Findings

• Conventional plastics such as PVC, PE, and PP acquire a significant share of the medical plastics market and are foreseen to continue the same during the assessment period

• On the basis of the volume and revenue, North America was the largest regional contributor in 2018

• The U.S. is the major growth-generating country for North America

• North America was followed by Europe in 2018 in terms of consumption

• China may serve as a major growth multiplying country for Asia Pacific during the assessment period

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Medical Plastics Market: Growth Boosters

The COVID-19 pandemic may provide an opportunity to the medical plastics market to increase its growth rate as the demand for single-use plastic PPE like respirators, face shields, gowns, and others is rising considerably. The advantages associated with medical plastics may also bring immense growth opportunities.

• Plastics can be produced on a large-scale at rates way lower than metals and this aspect may serve as a good growth propeller for the medical plastics market

• Replacement of metallic devices with plastic devices is offering maximum comfort to the end-user, thus bringing great growth for the medical plastics market

• Recyclability of medical plastics may also bring immense growth prospects for the medical plastics market

• The increasing use of 3D printing technologies is helping to accelerate the growth rate of the medical plastics market greatly

• The bolstering demand for medical-grade plastic containers and boxes may further lay a red carpet of growth for the medical plastics market

• Devices made of medical plastics are increasing their influence in the chronic disease management sector and is eventually serving as a boon for the growth of the medical plastics market

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Medical Plastics Market: Competitive Analysis

Numerous players are in the fray for scoring brownie points in terms of customer loyalty, novel product launches, and other aspects across the medical plastics market. The manufacturers in the medical plastics market try to create high-grade plastics at affordable prices for catering to the large end-user base. For this, research and development activities are an essential factor for discovering novel insights.

Activities like mergers, acquisitions, partnerships, collaborations, and joint ventures invite exponential growth across the medical plastics market. The manufacturers are also concentrating on finding ways to fully replace metal components with plastic to inculcate features in medical devices such as low-weight, cost-effective, and sterility. Some well-established participants in the medical plastics market are The Lubrizol Corporation, Covestro AG, BASF SE, Exxon Mobil Corporation, Solvay, Celanese Corporation, and Dow DuPont.

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Global Medical Plastics Market: Segmentation

By Type 

• PVC
• PE
• PP
• PS
• Engineering Plastics
• Silicone
• Others (Including Biopolymers and Polyamides)

By Process Technology

• Extrusion
• Injection Molding
• Blow Molding
• Others (Including Rotational Molding and Compression Molding)

By Application

• Disposables
• Diagnostic Instruments
• Catheters & Syringes
• Implants
• Dental Tools
• Surgical Instruments
• Medical Bags
• Drug Delivery Devices
• Others (Including Breathing Masks and Incubators & Autoclaves)

By Region

• North America
• Latin America
• Middle East and Africa
• Asia Pacific
• Europe

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