Medical Plastics Market by Type (Engineering Plastics, HPP, Standard Plastics, Silicone, and Others), Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery, and Others)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Medical Plastics market gathered revenue around USD 25.3 Billion in 2020 and market is set to grow USD 47.20 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 6.29% during the prediction period 2021 to 2027.
The market major drivers for the medical plastics market include demand for advanced medical devices from the aging population and growing healthcare investments in emerging economies such as China and India. In addition, rise in disposable income & changing lifestyle, demand for affordable and efficient healthcare systems, increasing use of advanced medical technologies, such as 3D printed implants and customized devices are driving the market.
The growing number of insured individuals in the U.S., coupled with the resultant demand for medical devices, is expected to have a positive impact on the industry growth over the forecast years. In addition, the market is characterized by the presence of a large number of companies involved in the production of advanced-grade plastics for use in the industry. The industry is also characterized by extensive integration through various stages of the value chain. HELM AG is integrated across all four stages in the value chain from raw material production to plastic production and the manufacturing of end-use products that are used by hospitals and healthcare institutions, including private clinics.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Medical Plastics market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Medical Plastics market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 47.20 Billion by 2027|
|Growth Rate||CAGR of 6.29% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Type, Application and Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Rochling Group; Nolato AB; GW Plastics, Inc.; Saint-Gobain Performance Plastics; SABIC; Eastman Chemical Company; Celanese Corp.; Dow, Inc.; Solvay S.A.; Trelleborg Sealing Solutions; Trinseo S.A.
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Medical Plastics market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Medical Plastics market on By type analysis: Engineering plastics provide many advantages over standard plastics, such as good malleability, faster production time, low weight, resistance to high impact, flame, shock, and chemicals, and better friction reduction. Improving standards and regulations mandating high quality of plastics used in medical applications are responsible for the large market size in this segment. In addition, the increasing use of engineering plastics in robotic assistance, AI-driven procedures, 3D printing of implants and prosthetics, and others are driving the use of engineering plastics.
Medical Plastics market by application analysis: The use of medical plastics is increasing due to their versatility. Medical disposables can be defined as single-use products that are used in surgical as well as procedural applications. The use of these medical products in procedural applications and general checkup is increasing. In addition, the use of these disposables as instructed by various agencies, such as USFDA and Europe FDA are propelling the demand for medical plastics globally. Increased incidences of chronic diseases, changing lifestyle of middle-income group, demand for better healthcare facilities, and increase in the aging population are the major drivers for the market
North America region led the global market in 2020 accounting for the largest revenue share of over 33.1% and is expected to continue its dominance over the forecast period. With the rising per capita health expenditure in the U.S., the demand for medical devices is expected to increase significantly over the coming years. This is likely to boost the product demand in the region. Furthermore, the presence of key manufacturers, such as Dow Inc., DuPont, Celanese Corp., and Eastman Chemical Co., in the region is expected to positively impact the overall market growth over the forecast period.
Rising product demand in pharmaceutical packaging applications and rapid growth of pharmaceutical industries in Mexico and Canada are further expected to drive the regional market. For instance, the elimination of stringent regulations by the Mexican government, which had earlier restricted the establishment of new manufacturing units, has resulted in the development of new pharmaceutical manufacturing facilities of major companies, such as Takeda and Astellas, in the country. This strategy has played an important role in driving the domestic pharmaceutical sector, which, in turn, is likely to fuel the product demand in the coming years. In addition, rising cases of COVID-19 in the region are expected to result in an increased demand for generic drugs and medical devices, thereby positively influencing the overall market growth.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Medical Plastics Market include: Rochling Group; Nolato AB; GW Plastics, Inc.; Saint-Gobain Performance Plastics; SABIC; Eastman Chemical Company; Celanese Corp.; Dow, Inc.; Solvay S.A.; Trelleborg Sealing Solutions; Trinseo S.A.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- Engineering plastics
- High performance plastics (HPP)
- Standard plastics
- Medical disposables
- Medical instruments & tools
- Drug delivery
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Medical Plastics market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Medical Plastics market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Medical Plastics markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Medical Plastics Market Study:
- Growth of Medical Plastics in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Medical Plastics and How to Navigate
- Key Product Innovations and Regulatory Climate
- Medical Plastics Consumption Analysis
- Medical Plastics Production Analysis
- Medical Plastics and Management