Pune Magazine

Global Medical Plastics Market: Trends, Growth, Drivers, and Future Prospects| MarketsandMarkets™

 Breaking News
  • No posts were found

Global Medical Plastics Market: Trends, Growth, Drivers, and Future Prospects| MarketsandMarkets™

April 14
21:33 2023
Global Medical Plastics Market: Trends, Growth, Drivers, and Future Prospects| MarketsandMarkets™
Browse 88 Market Data Tables and 36 Figures spread through 161 Pages and in-depth TOC on “Medical Plastics Market”
Medical Plastics Market by Type (Engineering Plastics, HPP, Standard Plastics, Silicone, and Others), Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery, and Others), Region

Medical plastics are used to manufacture medical disposables, medical instruments & tools, prosthetics, and drug delivery devices. Growing healthcare infrastructure in emerging economies and increasing instances of chronic diseases such as cancer and heart problems are expected to drive the medical devices market, which in turn, is likely to propel the demand for medical plastics. Furthermore, increasing use of advanced medical equipment, such as virtual reality augmentation, 3D printed prosthetics, and customized single-use devices are fueling the market. MarketsandMarkets expects the global medical plastics market size to grow from USD 22.8 billion in 2019 to USD 31.7 billion by 2024, at a CAGR of 6.8% during the forecast period. 

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=83738633 

Based on type, the engineering plastics segment is projected to lead the market during the forecast period. These plastics are used in diagnostic instruments, drug delivery systems, orthopedic devices, dental tools, and other applications. Engineering plastics provide many advantages over standard plastics such as good malleability, faster production time, low weight, and resistance to high impact, flame, shock, and chemicals, and better friction reduction. 

Based on application, the medical instruments & tools segment accounts for the largest market share, in terms of value, in the medical plastics market. The suitability and biocompatibility of medical plastics for manufacturing various medical devices are driving the demand. Plastic materials are being increasingly used in the manufacturing of this equipment owing to their properties such as toughness, rigidity, easy workability, and availability. Plastics can be machined, molded, or formed into almost any shape as per requirements. 

In terms of geographic coverage, the medical plastics market is segmented into five regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East & Africa, and South America. APAC is projected to be the largest and fastest-growing medical plastics market during the forecast period, owing to the continuously increasing population, rising disposable income, rise in lifestyle diseases, and increasing aging population. In addition, rapid alterations in the competitive landscape of the healthcare industry and advent of new and innovative medical technology, such as 3D printing, polymer blended materials, bio-based materials, and others, in the region are expected to propel the demand for medical plastics. 

Companies present in the market have tremendous opportunities in expanding their reach in emerging economies as well as developed markets, such as China, India, Brazil, Argentina, South Africa, the UK, Italy, the US, and others. The market players are providing new and innovative applications that are increase the efficiency and depth of applications of medical plastics in different end-use industries further. In addition, the growing percentage of the aging population, the need for efficient medical devices, and rapid urbanization are boosting the demand for medical plastics in the healthcare industry.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=83738633  

SABIC (Saudi Arabia), BASF (Germany), Celanese (US), Evonik (Germany), Solvay (Belgium), and Covestro (Germany) are some of the leading players with a substantial market share. 

About MarketsandMarkets™ 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. 

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. 

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The Knowledge Store™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. 

Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/medical-plastics-market-83738633.html

Categories