The medical plastics market is expected to reach USD 21.06 Billion by 2022, at a CAGR of 7.3% between 2017 and 2022
With increasing competition, varying consumer demands, and growing technological dominance, several medical device manufacturers are adopting medical plastics, thus fueling the growth of the medical plastics market.
Polyvinyl chloride, polypropylene, polyethylene, polystyrene, engineering plastics, high-performance plastics, including PEEK, fluoropolymers, and others materials, including silicones, TPE, and TPU are the most popular types of plastics used in the manufacturing of medical products. These are used in several medical applications such as disposables, medical bags, catheters, syringes, diagnostic instruments, surgical instruments, implants, dental tools, drug delivery devices, medical trays, device housing, lab wares, films, gowns, drapes, etc.
Among types, polyvinyl chloride accounted for the largest share of the global medical plastics market in 2016, due to its wide usage in different medical products and low price factor. In addition, its ease of fabrication, manufacturing, and assembly makes PVC a preferred material for manufacturing medical devices, mainly syringes, medical bags, tubes, and catheters.
The major challenge for market growth is stringent and time-consuming regulatory policies, waste management concerns, and inadequate training to healthcare staff. Variations in regulations across countries and a time-consuming approval process are restraining the growth of medical plastics market.
Companies such as Lubrizol (U.S.), Ensinger (Germany), Celanese (U.S.), Trinseo (U.S.), BASF (Germany), and Arkema (France) are the major players in the global medical plastics market.
These companies have strengthened their market position through diverse product portfolios, strategically positioned R&D centers, consistent strategic development activities, and technological advancements. The companies have been adopting various organic and inorganic growth strategies such as expansions, agreements & joint ventures, and new product launches & developments to increase their market shares.