Medical Plastics Market is Expanding at a healthy 6% CAGR, the size is projected to total US$ 35.54 billion by 2029
31 May 2023
Acquisition
Strict regulatory requirements have a significant impact, which is slowing the growth of the medical plastics market.
PUNE, India, May 31, 2023 /PRNewswire/ --
Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Medical Plastics Market.
The global medical plastics market is expected to grow at 6% CAGR from 2020 to 2029. It is expected to reach above USD 35.54 billion by 2029 from USD 23.32 billion in 2020.
Medical plastics are produced in accordance with the highest standards of safety and quality thanks to these restrictions. Manufacturers of medical plastics can obtain a market edge by providing goods that are secure, efficient, and dependable by following to these requirements. Also, adhering to these rules promotes confidence among healthcare practitioners, which may result in higher sales and ongoing business relationships.
Overall, the effects of stringent regulatory requirements on the medical plastics market are complicated, but it is obvious that producers must abide by these laws in order to prosper in the sector.
Growing demand for biodegradable plastics is having a positive impact on the medical plastics market.
In order to have less of an impact on the environment, biodegradable plastics are made to degrade more quickly and easily than conventional plastics. This makes them a desirable substitute for medical applications, since plastics are frequently utilized in items like single-use items, packaging, and medical devices.
Request to Download Sample of Medical Plastics Market: https://exactitudeconsultancy.com/reports/16341/medical-plastics-market/#request-a-sample
Market Dynamics
Driving factors
Rising technological advancement is helping the market growth for medical plastics significantly.
Technologies including device downsizing, multipurpose drug packaging, and point-of-care (POC) diagnostic tools have all contributed significantly to the rapid rise of the medical plastics industry. This is one of the elements influencing the expansion of the market. An example of a technological solution is bespoke blow forming, which was developed to generate thinner pharmaceutical bottles, enhance moisture transmission performance, and fortify twist closures
.
Moreover, Easy Biocompatibility Testing is built into Unique Device Identification (UDI) and other device identification barcodes. Because of these technologies, a lot of plastic is being used in medical applications, which is boosting the market's growth pace. In the areas of POC diagnostics, medical device downsizing, and multipurpose packaging, businesses are collaborating to develop goods to fulfil the emerging product demands for medical applications. The improvement of patient treatment effectiveness due to technological development is fueling the expansion of the global market.
Competitive landscape and companies covered in the global Medical Plastics report:
Some of the major players in this industry have taken a leadership position while trying to establish their market through innovative marketing strategies. These leading firms focus on expanding by developing new products or partnering with other companies for strategic initiatives that will help them conquer markets they occupied previously and make gains where it matters most- at home (geographic). There are a lot of local players in each of the regions who are trying to penetrate the market which again can be disruptive in low-income economies.
The Medical Plastics market key players include
SABIC, Celanese Corporation, BASF SE, Evonik, Covestro AG, Solvay, Röchling, GW Plastics, Nolato AB, and Eastman Chemical Company.
Recent Developments
February 2023, SABIC launched M&M west 2023 new chemically resistant, thin-wall transparent LNP™ CRX copolymer resins that can help improve medical device durability & sustainability.
November 2022, Celanese Corporation, a global chemical and specialty materials company, announced that it has completed the acquisition of the majority of the Mobility & Materials (M&M) business of DuPont.
Browse the full "
Global Medical Plastics Market By Type (Engineering Plastics, HPP, Standard Plastics, Silicone, and Others), By Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery, and Others) And Region, Global Trends and Forecast From 2022 To 2029" Report and TOC at https://exactitudeconsultancy.com/reports/16479/medical-membrane-market/
Key
Segmentation
The Medical Plastics market is segmented based on By Type, Application, and By Type, Global trends and forecast.
Medical Plastics Market by Type, 2020-2029, (USD Billion), (Kilotons)
Engineering Plastics
High Performance Plastics (HPP)
Standard Plastics
Silicone
Others
Medical Plastics Market by Application, 2020-2029, (USD Billion), (Kilotons)
Medical Disposables
Prosthetics
Medical Instruments & Tools
Drug Delivery
Others
Strict regulatory requirements have a significant impact, which is slowing the growth of the medical plastics market.
In order to guarantee that the goods used in patient care are trustworthy, safe, and effective, the medical business is subject to strict restrictions. Guidelines from agencies like the FDA, the European Medicines Agency, and other regulatory authorities that monitor the approval and quality control of medical devices are included in these regulations. Due to these laws, producers of medical plastics are required to adhere to a number of quality and security requirements, including ISO 13485 and FDA CFR Title 21. These standards specify, among other things, the requirements for testing products, manufacturing procedures, and documentation.
Regional Growth Insights
The medical plastics market is well established and growing swiftly in North America as a result of factors such rising healthcare costs, increasing demand for healthcare services, and advancements in medical technology.
The three nations that make up the country-by-country segmentation of the North American medical plastics industry are Mexico, Canada, and the United States. The United States controls both market demand and production. The geriatric population, the escalating frequency of chronic diseases, and technological advancements in the healthcare industry are just a few of the major factors fueling the expansion of the medical plastics market in the US.
The medical plastics market in North America is anticipated to expand significantly due to rising demand for medical supplies, equipment, and supplies. With a developed healthcare infrastructure, rising healthcare spending, and a rising need for cutting-edge medical technology, the United States is the region's largest market for medical plastics.
What`s New for 2023?
coverage of the danger of a recession, supply chain disruptions, global trade tensions, the Russia-Ukraine War, global inflation, recovery analysis from COVID-19, and global inflation
Positions of the main competitors and global competition
influence in the market across several geographic areas - Strong/Active/Niche/Trivial
The investment made in the study would provide you access to information such as:
Medical Plastics market [Global – Broken-down into regions]
Regional level split [North America, Europe, Asia Pacific, South America, Middle East & Africa]
Country wise Market Size Split [of important countries with major market share]
Market Share and Revenue/Sales by leading players
Market Trends – Emerging Technologies/products/start-ups, PESTEL Analysis, SWOT Analysis, Porter's Five Forces, etc.
Market Size)
Market Size by application/industry verticals
Market Projections/Forecast
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