Europe Medical Plastic Market Analysis By Product (Polyvinylchloride, Polypropylene, Polyethylene, Polystyrene, Silicone, Engineering Plastic), By Application (Disposables, Containers, Catheters, Surgical Instruments, Medical Bags, Implants, Drug Testing Equipment) And Segment Forecasts To 2024
The Europe medical plastic market is expected to reach USD 4.84 billion by 2024, according to a new report by Grand View Research, Inc. Growing demand for medical plastics in applications such as disposables, surgical instruments, diagnostic components, implants, and orthopedics is expected to drive demand. Rising demand for healthcare services and facilities coupled with increasing government support to the medical industry in the Europe is expected to have a positive impact on the industry growth.
Rising R&D expenditure related to the manufacture of bio-compatible medical plastics with superior quality, low cost, and minimal health hazards is anticipated to propel demand. However, stringent regulatory scenario associated with the medical device manufacturing and waste disposal are anticipated to be key challenges for the industry in the region
Europe medical plastic industry is highly competitive and fragmented owing to the presence of numerous players. Manufacturers are coming up with various innovative technologies in order to reduce cost and improve product quality and durability. Price volatility of the feedstock and stringent government regulations associated with the medical device manufacturing are expected to be the key factors affecting the industry growth. Competition in the medical plastic market is likely to help consumers in terms of cost, quality and product innovation. Cost competitiveness and product quality are anticipated to be the key factors influencing buyer power decision. High production volumes and ease of availability of the product is expected to propel demand over the projected period.
Further key findings from the report suggest:
Polyethylene was the largest product segment for Europe medical plastic industry in terms of volume in 2015 and is expected to grow at a CAGR of over 5% from 2016 to 2024. Rising demand for the product for manufacturing artificial tendons, surgical cables, tubing and orthopedic sutures is expected to drive growth.
Disposable was the key application segment for the industry, accounting for 25% of the total market in 2015 and this trend is expected to continue over the forecast period. Growing demand for devices such as disposable enemas, cleaning gloves, contact lenses, hypodermic needles and Dialysis disposables is anticipated to drive demand for various plastic materials such as PVC, silicones, and PE.
In the UK, demand for silicon for surgical instrument manufacturing was valued over 3 million in 2015 and is expected to grow at a CAGR of over 5% over the projected period. Silicone furnishes medical device manufacturers with numerous choices for improvement of new items. Rising demand for silicone in surgical instrument manufacturing owing to its biocompatibility, bio-inactivity, and superior physical properties is expected to have a positive impact on the industry growth.
Engineering plastics demand for implants in France was valued over USD 6 million in 2015 and is expected to grow at a CAGR of over 7%, from 2016 to 2024. Polyetheretherketone (PEEK), an engineered plastic material finds wide application scope in the implants. Biocompatibility, strength, and inertness offered by the product is expected to open new avenues for the market growth over the forecast period.
Germany is a key market for the medical plastic industry in the Europe and is expected to grow at a CAGR of over 5% from 2016 to 2024. The country is one of the leading business locations for medical technology in the world. The manufacturers in country invest over 9% of their total income in the R&D and product innovation, which is likely to open new avenues for the industry growth over the projected period.
Key players in the industry include Rochling Group, Nolato AB, GW Plastics, Saint-Gobain Performance Plastics Corporation, Orthoplastics Ltd., Eastman Chemical Company, Celanese Corporation, The Dow Chemical company and Tekni-Plex.