Medical Plastics Market worth $31.7 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 11, 2019 /PRNewswire/ -- According to the new market research report "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 - Global Forecast to 2024", published by MarketsandMarkets™, the Medical Plastics Market size is projected to grow from USD 22.8 billion in 2019 to USD 31.7 billion by 2024, at a CAGR of 6.8%.
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Increasing demand for a better healthcare system in emerging economies, growth in the aging population, and rising cases of lifestyle diseases are propelling the global medical plastics market. Additionally, increasing use of medical plastics in advanced medical technology in implants, precision medicines, smart inhalers, artificial organs, customized minimally invasive devices, and robotic assistance in surgical operations are also propelling the demand.
The engineering plastics segment is projected to lead the medical plastics market during the forecast period.
Based on type, engineering plastics are a group of polymers that have better and more efficient mechanical or thermal properties than commodity/standard plastics. These 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. Engineering plastics used in medical applications can be divided into PA, ABS, PC, and polyacetal. 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.
The medical disposables segment is projected to register the highest CAGR during the forecast period.
Based on application, the medical disposables segment is projected to register the highest CAGR between 2019 and 2024. 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.
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APAC is projected to register the highest CAGR between 2019 and 2024.
The Medical Plastics Market in APAC has immense growth potential driven by the increasing demand for a better healthcare system. APAC consists of some vast and rapidly growing economies, such as China, India, Indonesia, Malaysia, Vietnam, and Thailand. Across these economies, local governments are reforming regulations in fields such as IT integration, advanced materials, and others in the healthcare industry to increase the efficiency and efficacy of medical devices and related healthcare services. The major drivers for the medical device sector in APAC are changing reforms regarding value-based care in existing systems, ecosystem partnership across value-chain, increasing R&D, and digitalization of the healthcare system.
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. New product launch, agreement & collaboration, investment & expansion, and merger & acquisition were the major growth strategies adopted by the market players between 2017 and 2019 to enhance their regional presence and meet the growing demand for medical plastics in the emerging economies.
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Browse Adjacent Markets: Resins and Polymers Market Research Reports & Consulting
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