New Tools and Technology Development will drive Medical Plastics Market in coming years

 

Medical Plastics Industry Overview

The global medical plastics market size was estimated at USD 52.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2030.

This growth can be attributed to the development of advanced plastics and plastic composites used in medical components such as catheters, surgical instrument handles, and syringes. The demand for medical device packaging is likely to be driven by a rise in demand for in-house and advanced medical devices. Plastics including polyethylene, polypropylene, and polycarbonate are increasingly being utilized for the manufacturing of medical devices. The growth of home healthcare due to its low costs compared to hospital care and intensive care has resulted in a rise in demand for medical devices.

Gather more insights about the market drivers, restrains and growth of the Medical Plastics Market

According to the latest U.S. census, 16.8% of the U.S. population is over the age of 65 years and this number is anticipated to reach 74 million by 2030. People aged over 85 need the most care and their population is growing rapidly. In March 2021, the U.S. President, Joe Biden, proposed spending USD 400 billion on Medicaid over eight years to fund at-home care for elderly and disabled people as well as increase the wages of caregivers.

In the U.S., the frequent increment in costs and reduced margins have severely impacted healthcare providers and health plans. This compelled the government to ensure a significant transformation of healthcare funding and insurance coverage segments in the country through the introduction of ACA and Medicaid.

The COVID-19 pandemic has made in-home care more appealing than nursing home facilities as home care reduces healthcare costs and is more convenient for patients. According to Medicaid and CHIP Payment and Access Commission (MACPAC), it costs about USD 26,000 a year for home care compared to USD 90,000 a year for a nursing home. Increasing investment in healthcare by the government and rising preference for home care are expected to drive the medical plastics market in the U.S. over the forecast period.

The presence of key manufacturers such as Dow, Inc., Eastman Chemical Co., and DuPont can be regarded as one of the major factors driving the market for medical plastics in the country.

Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

• The global wood pallets market size was estimated to be USD 13.12 billion in 2023, growing at a CAGR of 4.5% from 2024 to 2030.

• The global food wrap market size was estimated at USD 5.15 billion in 2023 and is projected to grow at a CAGR of 7.5% from 2024 to 2030.

Global Medical Plastic Market Report Segmentation

This report forecasts volume & revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global medical plastic market report based on product, application, and region.

Product Outlook (Volume, Kilotons & Revenue, USD Million, 2018 - 2030)

·         Polyethylene (PE)

·         Polypropylene (PP)

·         Polycarbonate (PC)

·         Liquid Crystal Polymer (LCP)

·         Polyphenylsulfone (PPSU)

·         Polyethersulfone (PES)

·         Polyethylenimine (PEI)

·         Polymethyl Methacrylate (PMMA)

·         Others

Process Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

·         Extrusion

·         Injection Molding

·         Blow Molding

·         Other

Application Outlook (Volume, Kilotons & Revenue, USD Million, 2018 - 2030)

·         Medical Device Packaging

·         Medical Components

·         Orthopedic Implant Packaging

·         Orthopedic Soft Goods

·         Wound Care

·         Cleanroom Supplies

·         BioPharm Devices

·         Mobility Aids

·         Sterilization and Infection Prevention

·         Tooth Implants

·         Denture Base Material

·         Other Implants

·         Others

Region Outlook (Volume, Kilotons & Revenue, USD Million, 2018 - 2030)

·         North America

o    U.S.

o    Canada

o    Mexico

·         Europe

o    Germany

o    U.K.

o    France

o    Italy

o    Netherland

·         Asia Pacific

o    China

o    India

o    Japan

·         Central & South America

o    Brazil

o    Argentina

·         Middle East & Africa

o    Saudi Arabia

o    UAE

Key Medical Plastics Company Insights

Some key market players include BASF SE; Celanese Corporation; Evonik Industries AG; SABIC; Dow, Inc.; Solvay S.A.; Trinseo S.A.; and Eastman Chemical Company.

Key Medical Plastics Companies:

The following are the leading companies in the medical plastics market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these medical plastics companies are analyzed to map the supply network.

·         Röchling SE & Co. KG

·         Nolato AB

·         Saint-Gobain

·         SABIC

·         Orthoplastics Ltd

·         Eastman Chemical Company

·         Celanese Corporation

·         Dow, Inc.

·         Tekni-Plex, Inc.

·         Solvay S.A.

·         HMC Polymers Company Limited

·         ARAN BIOMEDICAL TEORANTA

·         Trelleborg Group

·         Avantor, Inc.

·         Trinseo

·         Evonik Industries AG

Recent Developments

Some key players operating in market include BASF SE; Celanese Corporation; Evonik Industries AG; SABIC; Dow, Inc.; Solvay S.A.; Trinseo S.A.; Eastman Chemical Company among others.

In February 2023, Cleanse Corporation announced the acquisition of DUPONT's mobility and mobility business for USD 11.00 billion. This strategic move enables Cleanse to expand its global reach and enhance its offerings in the environmental sector, particularly in sustainable transportation.

In June 2023, SABIC acquired Clariant's 50% stake in Scientific Design, a renowned catalysis leader. This acquisition bolstered the non-cyclical, technology-driven business and brought it closer to becoming a leading global specialist

Order a free sample PDF of the Medical Plastics Market Intelligence Study, published by Grand View Research.

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