“Global medical plastic compounds market is anticipated to grow at a CAGR of over 5% from 2020 to 2030”, says Visiongain

29 November 2019
Pharma

Visiongain’s new report Medical Plastic Compounds Market 2020-2030: Forecasts by Types {Engineering Plastics(Acrylobutadiene Styrene(ABS), Polyamide(PA), Polycarbonate(PC), Others Engineering Plastics), Silicone, Standard Plastics(Polyvinyl Chloride(PVC), Polyolefins(PO), Polystyrene(PS), Poly(Methyl Methacrylate)(PMMA)), Others(High Performance Plastics, Thermoplastics Elastomer (TPE), Thermoplastic Polyurethane (TPU))}, Applications {Catheters(Cardiovascular Catheter, IV Catheter, Urinary Catheter), Diagnostic Instruments(Pet & CT Scanners, Ultrasound and MRI Machines, X-Ray Machines), Disposables(Contact Lenses, Hypodermic Needles, Others), Drug Delivery Devices(Dry Powder Inhaler, Needle-Free Injectors, Transdermal Patches, Others), Implants(Breast Implants, Dental Implants), Medical Bags(Blood Bags, Urine Bags, Others), Surgical Instruments(Cutting Instruments, Hemostatic Instruments, Retractors, Others), Syringes(Insulin Syringes, Tuberculin Syringes, Others), Other Applications}, by region and analysis of leading companies operating in this industry.

The global medical plastic compounds market was valued at over USD 57 billion in 2018 and is anticipated to grow at a CAGR of over 5% during the forecast period from 2020 to 2030. Rising demand for healthcare facilities and services along with growing government initiatives and healthcare support is projected to have a positive impact on the growth of the medical plastic compounds market. The growing aging population in developing economies such as Japan, China, and India is expected to stimulate further growth in the global medical plastic compounds industry. Also, increasing the use of medical devices like X-rays, MRI, apheresis machines, and robotic dispensing systems will drive demand further over the forecast period.

Due to the superior properties of the product, such as impermeability, non-magnetism, sustainability, and durability, plastics have found a wide range of use in the medical and healthcare industry. This plastic's radiation tolerance would provide the manufacturers with lucrative growth opportunities and new avenues.

Increasing demand for medical device plastics is anticipated to drive demand in applications including surgical instruments, catheters, disposables, containers, implants, and drug delivery systems. Increasing R&D expenditure on manufacturing bio-based plastics with superior properties, such as improved quality & minimal health hazards, is expected to further fuel the demand for medical plastic compounds over the forecast period from 2020 to 2030.

Strict government regulations related to waste production and disposal are expected to provide the key players with lucrative growth opportunities. Manufacturers are coming up with a variety of innovative ideas to improve reliability and performance and reduce product costs.

In 2018, North America dominated the global medical plastic compound market. The local market is driven by the rising incidence of lifestyle diseases and government initiatives on healthcare industry development. Increasing medical tourism is expected to increase demand for devices, especially in countries such as Germany, the United Kingdom, and France. Growing home healthcare and self-medication devices in Europe are expected to drive growth in the industry over the forecast period.

The demand from the Asia Pacific healthcare industry is expected to grow from 2016 to 2025 at an estimated CAGR of ~6%. It is expected to increase attention on home care services and increase demand for diabetes control devices and dialysis kits to reduce hospital stay costs.

Some of the key Medical Plastic Compounds market players include Arkema, BASF, Biomerics, Celanese, CovestroRochling, DSM, Dupont Performance Polymer, Eastman Chemical Company, Ensinger, Evonik, Freudenberg Medical, Lanxess, Loyndellbasell, Lubrizol, Modenplast, Nolato, Polyone, Quadrant, Röchling, Trinseo among other prominent players.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

 

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