Medical Plastics Market to be Worth $88.40 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Sept. 22, 2022 /PRNewswire/ -- The global medical plastics market is anticipated to reach USD 88.40 billion by 2030, registering a CAGR of 7.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market is primarily driven by the increasing demand for existing and new medical technologies, the aging population, and the growth in medical device applications. Plastics are increasingly becoming a vital part of medical devices as they offer better biocompatibility and optical clarity, and are economical to use.
Key Industry Insights & Findings from the report:
- Medical components application is expected to witness the highest CAGR of 8.5% over the forecast period in terms of revenue. The significant CAGR growth is attributed to the increasing home healthcare services and growing health expenditure.
- Polyphenylsulfone dominated the product segment and accounted for more than 51.0% of the overall revenue in 2021. This high share is attributed to its properties of high chemical and heat resistance and suitable material for metal replacement in medical applications.
- North America accounted for more than 33.0% of the overall revenue in 2021. It is expected to witness a growth rate of 7.8% from 2022 to 2030.
Read 173-page full market research report for more Insights, "Medical Plastics Market Size, Share & Trends Analysis Report By Product (Polyethylene, Polypropylene, Polycarbonate, Liquid Crystal Polymer, Polyphenylsulfone, Polyethersulfone), By Application, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Medical Plastics Market Growth & Trends
Plastics exhibit good chemical resistance, have good sterilization capability and are biocompatible. Although, on the contrary, a very selective number of polymers qualify for application in this segment as a medical-grade plastic. Multiple regulatory frameworks are now in place globally that decide which grades of plastics qualify for medical applications following research on the effect of such plastics after they come in contact with body fluids, internal and external tissue, etc.
New product development, capacity development, and acquisitions are the three major strategies adopted by the companies to capture the market share. From 2019 to 2022, new product development was observed as the prime growth strategy adopted by the major medical plastic manufacturers such as SABIC, Solvay S.A., Celanese Corporation, Eastman Chemical Company, and Dow Inc. In addition, companies such as Solvay S.A., Rochling Group, Dow Inc, HMC Polymers, and Trelleborg also resorted to capacity expansion in order to increase their market share and revenue.
In November 2020, SABIC introduced new polycarbonate-based CRX copolymer resins at BIOMEDigital 2020. This new product innovation is intended to reduce the premature failure from environmental stress cracking (ESC) in medical equipment housings and devices.
The market also saw numerous acquisitions by major players. For example, Nolato AB acquired GW Plastics Inc in September 2020, Saint-Gobain Life Sciences acquired MS Techniques and Transluminal in September 2020, Tekni-Plex Healthcare acquired precision extrusion manufacturer Johnson Plastic Group in October 2021, Proxy Biomedical Ltd and Aran Biomedical were acquired by Integer holdings in April 2022.
Medical Plastics Market Segmentation
Grand View Research has segmented the medical plastics market based on product, application, and region:
Medical Plastics Market - Product Outlook (Volume, Kilotons & Revenue, USD Million, 2019 - 2030)
- Polyethylene (PE)
- Polypropylene (PP)
- Polycarbonate (PC)
- Liquid Crystal Polymer (LCP)
- Polyphenylsulfone (PPSU)
- Polyethersulfone (PES)
- Polyethylenimine (PEI)
- Polymethyl Methacrylate (PMMA)
Medical Plastics Market - Application Outlook (Volume, Kilotons & Revenue, USD Million, 2019 - 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
Medical Plastics Market - Regional Outlook (Volume, Kilotons & Revenue, USD Million, 2019 - 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
List of Key Players of Medical Plastics Market
- Röchling SE & Co. KG
- Nolato AB
- Saint-Gobain Performance Plastics
- Orthoplastics Ltd
- Eastman Chemical Company
- Celanese Corporation
- Solvay S.A.
- HMC Polymers
- Aran Biomedical Teoranta
- Trelleborg AB
- Avantor Inc
- Evonik Industries AG
Check out more related studies published by Grand View Research:
- India Medical Plastics Market - The India medical plastics market size is anticipated to reach USD 712.0 million by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.2% from 2020 to 2030. Expanding healthcare expenditure in the country owing to the rising income level, increased prevalence of lifestyle diseases, growing health awareness, and improved access to insurance is expected to drive the medical devices and components market, thereby leading to an increase in the demand for medical plastics in the country.
- Medical Plastic Compounds Market - The global medical plastic compounds market size is expected to reach USD 80.40 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 5.2% during the forecast period. Increasing aging population in economies such as China, India, Germany, and Austria is projected to remain a key driving factor.
- Plastic Market - The global plastic market size is anticipated to reach USD 811.57 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to advance at a CAGR of 3.7% between 2022 and 2030. The increasing automotive production and subsequent rise in plastic consumption in automotive component fabrication, because of regulatory policies regarding vehicular weight reduction and fuel efficiency, are expected to drive the market during the forecast period.
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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