Medical Plastics Market by Rochling Group, Nolato AB, GW Plastics, Inc.

The global medical plastics market size was valued at USD 25.3 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028.

The global Medical Plastics Market size is expected to reach USD 48.3 billion by 2028, growing at a CAGR of 7.5% over the forecast period, according to a new report by Grand View Research, Inc. Robust growth in the medical industry coupled with rising healthcare expenditure across the world are anticipated to drive the global market over the forecast period. The market is expected to register significant growth owing to the high adoption of plastics for implants on account of their chemical inertness and superior fatigue resistance.

Asia Pacific region is expected to progress at the fastest CAGR of 8.5% over the forecast period on account of the rising consumer expenditure on healthcare. In addition, the low cost of medical procedures in the region makes it a favorable destination for medical tourism, thereby leading to an increase in the demand for medical devices. Furthermore, the recent outbreak of COVID-19 in countries, such as China, India, Japan, Australia, and Indonesia, has created a huge product demand from applications such as testing equipment, medical bags, gloves, masks, ventilators, syringes, surgical drapes, and Personal Protective Equipment (PPE). Thus, the rising cases of COVID-19 in the region are projected to substantially drive market growth.

The medical components application segment accounted for the highest revenue share in 2020 on account of the high consumption of superior-grade plastics in the production of catheters, syringes, containers, and surgical equipment. The requirement for easier sterilization coupled with the need for lightweight and high-strength products is expected to propel the product demand in the aforementioned applications. The medical device packaging segment is projected to witness significant growth over the forecast period. Rising cases of chronic diseases owing to the growing geriatric population are estimated to drive the demand for portable, lightweight, and compact medical devices, thereby supporting market growth. The enhanced mechanical and thermal properties offered by PVC as compared to traditional materials, such as metals and glass, are anticipated to open up new avenues for market growth.

Related Press Release@ Medical Plastics Market Report

Medical Plastics Market Report Highlights

• In terms of revenue, North America dominated the overall market in 2020 and is projected to retain its dominance expanding at a steady CAGR during the forecast period
• The companies in this market are involved in the production of premium-quality plastic composites used for specialized applications to achieve a high degree of product differentiation
• Various strategic initiatives were recorded over the past few years to boost the growth of the market
• For instance, in April 2020, Exxon Mobil Corp. announced to increase the monthly production of specialized Polypropylene (PP) by 1,000 tons to meet the growing demand for medical masks and gowns owing to the spread of the coronavirus
• This surge in the production of PP is expected to help medical masks and gown manufacturers to produce an additional 20 million gowns or 200 million medical masks