The global medical plastic market size is expected to reach USD 33.6 billion by 2025, according to a new report by Grand View Research, Inc. Rising demand for sterilized plastics for use in the medical industry is expected to emerge as the major factor driving market growth.
The market exhibits an abundance of raw material supply with a large volume of raw material production across North America, Europe, and Asia Pacific. The industry is characterized by the consumption of premium quality high priced products used in the manufacture of healthcare products such as catheters, surgical instruments, and syringes.
The industry is driven by the global population growth, increasing access to the consumers towards healthcare services, primarily in the developing economies, and growing substitution of the metal parts in surgical components. In addition, development of advanced materials with improved strength and performance is expected to benefit the market growth
The industry is characterized by extensive regulations enforced regarding the performance of the products in medical devices. In addition, the industry is expected to be affected by the rejection of Polyvinyl chloride due to concerns regarding the effects the product usage on human health.
Price volatility triggered by spike and decline in the price levels of crude oil is major factor impacting market growth. In addition, increasing demand for the product in alternate applications is expected to pose a threat to the growth, though the effect is likely to be subdued by the growing product adoption over the forecast period.
The demand for the product in medical components such as syringes, surgical device components, gloves, and catheter tubing is likely to drive the segment growth at a CAGR of 6.9% by revenue from 2017 to 2025
Polypropylene is expected to emerge as the fastest growing plastic for medical packaging, registering a CAGR of 9.2% from 2017 to 2025 driven by superior barrier properties and ease of sterilization
The industry in Asia Pacific was estimated to account for 24.5% of the global revenue in 2016 driven by the growth in consumer healthcare spending coupled with high levels of medical tourism primarily in China and India
The companies in the industry are involved in the production premium quality plastic composites used for specialized applications in order to achieve a high degree of product differentiation
The industry is witnesses a large number of investments in research and development for the production of advanced plastics. The development of premium engineered plastics is expected to drive the market growth
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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