Medical Plastics Market by Type (PVC, PP, Engg, Plastics, PE, PS, Silicones), Application (Implants, Disposables, Drug Delivery Devices, Syringes, Diagnostic Instruments, Catheters, Surgical Instruments), and Region - Global Forecast to 2022
“Shift towards minimally invasive medical procedures is fueling the medical plastics market.”
The market size of medical plastics is expected to reach USD 21.06 billion by 2022, at a CAGR of 7.3% between 2017 and 2022. Medical plastics have are lightweight and cost-effective and possess properties such as durability, transparency, barrier properties, and compatibility with other materials. However, government control over healthcare costs may restrain the growth of medical plastics, especially in emerging economies.
“Implants is expected to be the fastest growing application segment of the medical plastics market during the forecast period.”
An implant is a medical device that is manufactured to replace a missing natural structure, support a damaged biological structure, or enhance an existing biological structure. The surface of the implants that are in contact with the body might be made of a biomedical material such as titanium, silicone, or apatite depending on what is most functional. The rise in aging population and technological developments are driving the medical plastics market for implants. The implants segment in Asia-Pacific is expected to grow at a high rate over the next few years due to developing healthcare infrastructures, increasing prevalence of chronic diseases, and rising disposable income.
“Asia-Pacific is expected to be the fastest-growing market for medical plastics during the forecast period.”
Asia-Pacific is expected to be the fastest-growing market for medical plastics during the forecast period, owing to the increasing demand for medical devices from the aging population. Factors driving the growth of the medical plastics market in Asia-Pacific include Japan’s growing medical industry, increasing aging population, rising cosmetic and plastic surgeries in India, increasing cases of cardiovascular diseases, higher domestic demand, availability of raw materials, and cheap labor. The market in Asia-Pacific is more dynamic and competitive than other regions. These factors are expected to drive the demand for medical plastics in the region during the forecast period.
The breakdown of primary interviews is given below:
• By Company Type: Tier 1 - 46%, Tier 2 - 31%, and Tier 3 - 23%
• By Designation: C Level - 54%, D Level - 31%, and Others - 15%
• By Region: North America - 23%, Europe - 31%, Asia-Pacific - 38%, and RoW - 8%
The report also provides company profiles and details competitive strategies adopted by major market players such as Lubrizol (U.S.), Ensinger (Germany), Celanese (U.S.), Trinseo (U.S.), BASF (Germany), and Arkema (France).
The market is segmented on the basis of type, application, and region. This report covers the medical plastics market, in terms of volume and value, and forecasts its market size till 2022. The report also provides company profiles and competitive strategies adopted by the key players in the medical plastics market. The report offers detailed information on major factors such as drivers, restraints, opportunities, industry-specific challenges, and winning imperatives influencing the growth of the market.
Reasons to Buy the Report
The report will help market leaders/new entrants in this market in the following ways:
1. The report segments the medical plastics market comprehensively and provides closest approximations of the revenue for the overall market and the subsegments across different verticals and regions.
2. The report helps stakeholders understand the pulse of the market and provides information on key market drivers, restraints, opportunities, and challenges.
3. The report helps stakeholders understand their competitors better and gain additional insights into the business. The competitive landscape section includes expansions, new product developments, partnerships & collaborations, and mergers & acquisitions.