ALBANY, New York, July 9, 2019 /PRNewswire/ -- According to a recent report by Transparency Market Research the global medical plastics market has a highly fragmented landscape. Therefore players of the market are expected to face a tough completion in coming years. Above that, influx of various regional players is expected to intensify the competition in global medical plastics market in coming years. In order to have a sustainable future in the market, the new players are adopting strategies such as mergers, collaborations, and partnerships. These strategies are allowing the players to have sufficient resources to promote their brand in the competitive landscape of the global medical plastics market.
On the other hand, the established players are looking forward to invest in multiple research and development activities in order to provide innovative solutions to the customers. This strategy is aimed to retain the existing customers and acquire various new ones. Also, these players are acquiring several regional players in order to penetrate the vast regional market of medical plastics.
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Some of the prominent players of global medical plastics market are HMC Polymers, BASF SE, Exxon Mobil Corporation, Arkema S.A, Covestro AG, Eastman Chemical Company, Dow DuPOnt, and Evonik Industries AG.
According to the report, the global medical plastics market is expected to showcase a remarkable growth of 7.2% CAGR in the forecast period of 2019 to 2027. The market is expected to grow from US$9.1 bn in 2018 to US$ 15.4 bn by the end of 2027.
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Extensive Application of Silicon to Promote the Segment
The global medical plastics market is categorized on the basis of type, process technology, and application. Of these categories, the silicon segment under type category is expected to showcase maximum growth during the forecast period. The growth of the segment is attributed to the vast application of silicon in many medical procedures.
North America is expected to Showcase Maximum Potential
Owing to the large consumption of medical plastics in multiple healthcare applications, North America is expected to exhibit maximum growth in the global medical plastics market during the forecast period. The growth of the region is also attributed increased access to healthcare services in countries like the U.S. and Canada. Owing to these liberties, North America is expected to account maximum share in the growth of global medical plastics market in the forecast period of 2019 to 2027.
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Multiple Innovations in 3D Printing Technologies to Propel the Growth of the Market
Rising Demand for Plastic Plastics in Healthcare Sector to Fuel the Growth
As a result of the use-and-go feature of the medical plastics, they are heavily used in various medical procedures. These applications are the prime reasons propelling the growth of global medical plastics market. Moreover, features like easy to use, less side-effects, lightweight, and cost-effectiveness are other factors fueling the application of medical plastics. This in turn is influencing the growth of global medical plastics market.
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Rising demand of disposable medical devices in healthcare sectors for instance inhalation masks, intravenous tubes, and bud pens is one of the crucial factors promoting the growth of global medical plastics market in the forecast duration. Also, extensive use of low density orthopedic devices is yet again favoring the growth of global medical plastics market.
Various Initiatives from Multiple Environmentalists to Hamper the Growth
There is a huge campaign to minimize the application of plastics in medical procedures owing to rising environmental concerns. Such campaigns can dampen growth of the global medical plastics market in the forecast period. However, the adoption of bio-degradable plastics in healthcare industry and rising demand of lightweight medical equipment in the forecast period is expected to support the global medical plastics market in overcoming all roadblocks and maintain consistent growth over the projected duration of time.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, "Medical Plastics Market (Type - PVC, PE, PP, PS, Engineering Plastics, Silicone; Process Technology - Extrusion, Injection Molding, Blow Molding; Application - Disposables, Diagnostic Instruments, Catheters and Syringes, Implants, Dental Tools, Surgical Instruments, Medical Bags, Drug Delivery Devices) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027."
The global medical plastics market is segmented on the basis of:
- Engineering Plastics
- Others (including Biopolymers and Polyamides)
- Process Technology
- Injection Molding
- Blow Molding
- Others (including Rotational Molding and Compression Molding)
- Diagnostic Instruments
- Catheters & Syringes
- Dental Tools
- Surgical Instruments
- Medical Bags
- Drug Delivery Devices
- Others (including Breathing Masks and Incubation & Autoclaves)
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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