Medical Plastics Market Forecasts to 2028 – Global Analysis By Product Type (Traditional Plastics and Engineering Plastics), Application (BioPharm Devices, Denture Base Material, Diagnostic Instruments and Other Applications) and By Geography

Medical Plastics Market Forecasts to 2028 – Global Analysis By Product Type (Traditional Plastics and Engineering Plastics), Application (BioPharm Devices, Denture Base Material, Diagnostic Instruments and Other Applications) and By Geography

According to Stratistics MRC, the Global Medical Plastics Market is accounted for $38.86 billion in 2022 and is expected to reach $65.54 billion by 2028 growing at a CAGR of 9.1% during the forecast period. Products made of plastic that are designated for use in the healthcare sector are known as medical plastics. They are immune to corrosion, temperature changes, and chemicals. This enables efficient storage of other medical fluids and makes them simple to sterilize on a regular basis. Polypropylene and polycarbonate are the two most commonly used polymers for medical applications. These materials are used in products like MRI casings and surgical tools.

According to the latest U.S. census, 16.5% of the U.S. population, i.e., 54 million is over the age of 65. By 2030, this number is expected to rise to 74 million. The number of people over the age of 85, who need the most care, is growing even faster.

Market Dynamics

Driver:

Growing awareness regarding personal hygiene

Following the coronavirus pandemic, the market is anticipated to grow as a result of consumers' increasing awareness of the importance of personal hygiene and the high demand for home care products. Due to the pandemic, businesses are producing or creating new products to meet the soaring demand for medical supplies like masks, gloves, sanitizers, and PPE kits. In the upcoming years, maintaining personal hygiene is anticipated to become more popular in order to lower the risk of infection. In turn, during the projection period, this will benefit the global market.

Restraint

Unstable raw material prices & stringent government regulations

The fluctuating price of raw materials is the main factor limiting the market's expansion. As a result, the price of the final product is constantly changing. Government restrictions on the disposal of these products may impede market expansion. The government is taking action to prevent the disposal of these products because doing so can harm marine life and cause water bodies to lose their quality. Such factors are impeding market expansion.

Opportunity

Technological developments to support market expansion

Technology advancements in the medical plastics industry include the development of point-of-care diagnostic tools, multipurpose drug packaging, and device miniaturization. These are a few of the key elements driving market expansion. The popularity of medical plastics has also been greatly influenced by 3D printing technology. Polymers are also being investigated as a means of simulating the sensitivity of organic skin in addition to their electrical conductivity. This type of medical plastic could be used to make touch-sensitive prosthetics that would give prosthetic users their sense of touch back.

Threat

High generation of plastics and medical waste is causing environmental pollution

Due to the global rise in human population, there has been an increase in the demand for medical plastics in recent years. But at the same time, the amount of waste and plastic produced by these medical plastics is constantly increasing, which in turn exacerbates the effects of environmental pollution. The market for medical plastics is suffering as a result. These materials are typically not recyclable and are not individually treated to stop the spread of infectious diseases, which will have a negative impact on the expansion of the medical plastics market.

Covid-19 Impact

The global COVID-19 outbreak has increased demand for medical supplies like gloves, masks, ventilators, and testing equipment. This in turn aids domestic and small-scale businesses in creating goods to satisfy consumer demand. The market demand was significantly affected by the shifting preference for using disposable masks and gloves as part of safety protocol. Additionally, the prolonged lockdown slowed down cross-border export and import as well as medical plastics production. Over 70 nations, including India, the US, the EU, and Switzerland, began restricting export and import activities at the beginning of May 2020. Due to export and import restrictions, a large number of nations mobilized their production infrastructure.

The medical components segment is expected to be the largest during the forecast period

The global market's medical components segment held a commanding share and is expected to be the largest during the forecast period. The demand for this segment is anticipated to be driven by the expanding range of products that can be made with PP, including diagnostic tools, trays, pans, containers, syringes, implant trials, and medical cover sheets.

The engineering plastics segment is expected to have the highest CAGR during the forecast period

Owing to a number of benefits over standard plastics, such as good malleability, quicker production times, low weight, resistance to high impact, flame, shock, and chemicals, and better friction reduction, the engineering plastics segment is expected to witness the highest CAGR during the forecast period. The large market size in this niche is due to rising standards and regulations that demand high-quality plastics be used in medical applications. Additionally, the use of engineering plastics is growing due to its use in robotic assistance, AI-driven procedures, and the 3D printing of implants and prosthetics, among other applications.

Region with largest share

North America dominated the regional market, and is expected to hold the largest share during the forecast period. The growing elderly population in the US and the rising demand for home healthcare services are the main factors driving the market for medical plastics in North America. The regional market is also anticipated to be driven by increasing product demand for pharmaceutical packaging applications and the swift expansion of the pharmaceutical industries in Mexico and Canada. For instance, new pharmaceutical manufacturing facilities for significant companies, such as Takeda and Astellas, have been developed in the nation as a result of the removal of strict regulations by the Mexican government that had previously restricted the establishment of new manufacturing units. The domestic pharmaceutical industry has been significantly boosted by this strategy, and as a result, product demand is likely to increase in the years to come.

Region with highest CAGR

Over the forecast period, Asia Pacific is expected to witness lucrative growth. This is attributed to the expanding use of medical plastics in developing nations like South Korea, China, and India. This growth is also largely due to urbanization and industrialization in the area. APAC also has a huge potential for growth as a result of the rising demand for better healthcare. China, India, Malaysia, Indonesia, Vietnam, and Thailand are just a few of the APAC nations with sizable and swiftly expanding economies. Moreover, the medical device industry in Asia Pacific is being driven by evolving reforms concerning value-based care in the current systems, ecosystem partnerships across the various value chains, an increase in R&D, and the digitization of the healthcare system throughout the region.

Key players in the market

Some of the key players profiled in the Medical Plastics Market include Arkema SA, BASF SE, Celanese Corporation, Covestro AG, Daicel Corporation, DuPont de Nemours, Inc., Eastman Chemical Company, Ensinger Group, Evonik Industries AG, Exxon Mobil Corporation, Fortune Medical Plastic Products Company, GW Plastics, Lubrizol Corp., Mitsubishi Chemical Corporation, Nolato AB, Orthoplastics Ltd, Röchling SE & Co. KG, SABIC, Saint Gobain SA, Solvay SA, Tekni-Plex, Teknor Apex, The Lubrizol Corporation, Trinseo, Wacker Chemie AG and Westlake Plastics.

Key Developments

In March 2023, Celanese Corporation a global specialty materials and chemical company, and Alessa Therapeutics announced their collaboration for developing a new oncology drug product leveraging Alessa’s expertise on sustained localized drug delivery and the Celanese VitalDose® EVA drug delivery platform. The collaboration will focus on developing a localized and sustained-release drug delivery system for oncology patients that will limit systemic side effects and improve overall treatment.

In December 2022, Ensinger PolyTech, Inc., a subsidiary of high-performance injection molder Ensinger Precision Components, Inc. has purchased the assets of Poly-Tech Industrial, Inc. Founded in 2001 by Dan Cedrone, Poly-Tech Industrial has become known for its technically oriented solutions, combining high-performance material knowledge with practical application experience. The acquisition includes the purchase of Poly-Tech’s Huntersville, NC facility, and most importantly the talents and invaluable experience of its entire team.

In March 2022, Evonik Industries AG announced VESTAKEEP iC4800 3DF, a new osteoconductive PEEK (polyether ether keytone) filament that improves fusion between bones and implants.

Product Types Covered:
• Traditional Plastics
• Engineer Plastics

Applications Covered:
• BioPharm Devices
• Denture Base Material
• Diagnostic Instruments
• Disposables
• Drugs Packaging
• Medical Components
• Medical Device Packaging
• Mobility Aids
• Orthopedic Implant Packaging
• Sterilization and Infection Prevention
• Tooth Implants
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements