Global Biodegradable Medical Plastics Market 2019-2023
About this market
The waste generated by hospitals mostly contains medical plastics that usually end up in landfills. This could be better managed if hospitals shift their focus toward the use of biodegradable disposable products. Deepening focus on the environmental risk factors associated with the use of plastic is resulting in the elimination of plastic use across various industries, including healthcare. The UK government recently announced its plans to eliminate the use of all kinds of avoidable plastic by 2042. Enterprises are working towards developing the replacement of plastics that is sustainable and is easily degradable such as biodegradable plastics. The growing preference for sustainable products is expected to drive the growth of the global biodegradable medical plastics market size at a CAGR of more than 11% during 2019-2023.
Growth in geriatric population
The geriatric population is more prone to several diseases and postural control problems. The high prevalence of orthopedic disorders among the elderly population has increased the demand for medical products such as medical implants, medical devices, and others. This is expected to have a positive impact on the growth of the global biodegradable medical plastics market size.
High manufacturing cost
Compared to conventional medical plastics, the cost of manufacturing biodegradable medical plastics is high. Factors like the limited availability of bio-based renewable feedstock and higher research and development costs increase the production costs of biodegradable medical plastics. This increasing production costs will have an inflationary impact on the prices of biodegradable medical plastics.
For the detailed list of factors that will drive and challenge the growth of the biodegradable medical plastics market size during 2019-2023, view our report.
The market appears to be fragmented with several players occupying the market share. Companies such as Arkema Group and BASF SE have intensified competition. Factors such as the increasing preference for sustainable products and the growth of the geriatric population will provide significant growth opportunities for biodegradable medical plastics manufacturers. Arkema Group, BASF SE, Corbion NV, Evonik Industries AG, and Koninklijke DSM NV are some of the major companies covered in this report.
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