Medical Plastics Market
Number of pages: 100 | Report Format: PDF | Published date: March 07, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 47.0 billion |
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Revenue Forecast in 2031 |
US$ 87.9 billion |
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CAGR |
7.2% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global medical plastics market was valued at US$ 47.0 billion in 2022 and is expected to register a revenue CAGR of 7.2% to reach US$ 87.9 billion by 2031.
Medical Plastics Market Fundamentals
Medical plastics are polymers used to produce medical devices, equipment, and packaging. These plastics have specific properties, such as biocompatibility, durability, and resistance to sterilization techniques, that make them suitable for medical applications. Some common types of medical plastics include polyvinyl chloride. This plastic is widely used in medical devices due to its flexibility, low cost, and ease of processing. It is commonly used in tubing, bags, and IV bags. Polyethylene plastic is used to produce disposable syringes, surgical gloves, and packaging materials due to its biocompatibility and ease of processing. Polypropylene is a durable plastic utilized in the production of medical devices, such as syringes, medical containers, and surgical instruments. Polycarbonate finds application in the manufacturing of medical equipment, such as incubators, surgical instruments, and laboratory equipment, due to its strength and transparency. Acrylic is a transparent plastic used in the production of medical equipment, such as lenses for eyeglasses, surgical instruments, and dental materials.
Some examples of medical plastic applications include surgical instruments, catheters, syringes, implants, and diagnostic equipment. Medical-grade plastics are selected for their biocompatibility, strength, and resistance to sterilization methods. Medical plastics help in developing sterile packaging for medical devices, medicines, and other healthcare products. These materials are gaining traction due to their ability to withstand sterilization and barrier properties, which protect against contamination. Dental plastics are used for various applications, such as dentures, dental implants, and orthodontic brackets. These materials are selected due to their biocompatibility, strength, and durability. Plastics, such as inhalers, transdermal patches, and microspheres, are used in drug delivery systems, owing to their ability to release drugs over a controlled period of time. Medical plastics are used to create implants, such as knee and hip replacements and other prosthetic devices, due to their biocompatibility, strength, and durability. These materials are also used in the development of tubing for various applications, such as blood transfusions, intravenous therapy, and peritoneal dialysis, owing to their flexibility, strength, and ability to withstand sterilization. Medical plastics must meet stringent regulatory standards to ensure their safety and effectiveness in medical applications.
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Medical Plastics Market Dynamics
The rising demand for medical devices, such as disposable syringes, catheters, and implantable devices, is driving the revenue growth of the medical plastics market. The development of new and innovative medical plastics that offer improved properties, such as biocompatibility, transparency, and flexibility, is fueling revenue growth in the market. The aging population has led to a rise in chronic diseases and medical conditions, propelling the demand for medical devices and plastics. The increasing healthcare expenditure by governments and private organizations is augmenting the demand for medical plastics. The stringent regulations regarding the usage of medical devices and materials have led to an increased demand for medical plastics compliant with these regulations. The growth of the healthcare sector in emerging markets, such as China, India, and Brazil, is boosting the demand for medical plastics. The increasing awareness about environmental sustainability and the need to reduce plastic waste also drive the demand for sustainable medical plastics that can be recycled or reused.
However, the medical plastics market is heavily regulated due to the critical nature of the products and their impact on patient safety. As a result, manufacturers must comply with stringent regulations regarding the quality, safety, and performance of their products, which can increase the cost and time required to develop and market new medical plastic products. Medical plastics are generally more expensive than traditional materials used in medical devices, such as metals and ceramics. This can limit the adoption of medical plastics in some applications, particularly in low-income countries with limited healthcare budgets.
Medical Plastics Market Ecosystem
The global medical plastics market has been analyzed from three perspectives: product type, application, and region.
Medical Plastics Market by Product Type
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Based on product type, the global medical plastics market has been segmented into polypropylene (PP), polycarbonate (PC), liquid crystal polymer (LCP), polyethylene (PE), polyphenylsulfone (PPSU), polyethersulfone (PES), polyethylenimine (PEI), polymethyl methacrylate (PMMA), and others.
The polyphenylsulfone segment accounts for the largest revenue share of the global medical plastics market. Due to its excellent heat and chemical resistance, polyphenylsulfone is ideally suited to replace metals in medical applications. These plastics are excellent for creating single- and multiple-use surgical instruments as they have great flexural strength, impact resistance, and durability. Its tolerance to high temperatures makes it useful for medical instruments that must be frequently steam sterilized. Surgical robots and biopharmaceuticals are two areas where these plastics are increasingly utilized.
The polypropylene segment is expected to account for a significant revenue CAGR during the forecast period. Due to its extreme hardness and longevity, polypropylene is utilized to manufacture protective packaging and medical equipment. It is also suited for producing medical components, such as disposable syringes, connectors, finger-joint prostheses, non-absorbable sutures, reusable plastic containers, pharmacy prescription bottles, clear bags, beakers, and test tubes, due to the strong chemical bonding. In addition, polypropylene is employed as a transvaginal mesh and in repairing hernias and pelvic organ prolapses.
Medical Plastics Market by Application
Based on application, the global medical plastics market has been segmented into medical disposables, medical instruments & tools packaging, prosthetics & implants, drug packaging, wound care, sterilization, and infection prevention, cleanroom supplies, biopharma devices, mobility aids, and others.
The medical disposables segment accounts for the largest revenue share in the global medical plastics market. The dominance of disposable items, such as gloves, masks, and injections, is due to their relatively low costs, simplicity of sterilizing, and great efficacy. Products such as IV bags and devices used in wound care are included in the medical instruments section. The market for medical plastics is expanding as a result of an increase in the aging population and growth in the usage of plastic in medical operations.
The mobility aids segment accounts for the second-largest revenue share in the global medical plastics market. Due to the rising global geriatric population, plastic will increasingly be used to develop mobility aids. The market is projected to be further driven by technological developments and increased healthcare spending. This is predicted to raise demand for plastics such as acrylonitrile butadiene styrene (ABS), PEEK, and polycarbonate (PC) on a global scale. Due to their lightweight nature, plastics are predicted to replace metal in a variety of medical applications in addition to contributing to the spike in product demand for mobility aids, including wheelchairs, drinking aids, and bath seats. Also, the improved strength and fatigue resistance displayed by medical plastics is anticipated to fuel market expansion.
Due to rising disposable income and consumer awareness of cosmetic and aesthetic dentistry, the prosthetics and implants industry is anticipated to experience major growth. The increase in consumption is being fueled in part by the high accident rate in various nations. The pharmaceutical packaging market is predicted to expand due to the availability of innovative technology solutions such as self-administration medication delivery systems. In addition, the ease of manufacture, the need for inexpensive raw materials, and support from the drug administration association all contribute to the revenue growth in the market segment.
Medical Plastics Market by Region
Based on region, the global medical plastics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America accounts for the largest revenue share in the global medical plastics market. The growing aging demographic in the U.S. and the rising need 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 growth of the pharmaceutical industries in Canada and Mexico.
Europe accounted for the second position in the global medical plastics market. Medical plastics are governed by several international organizations in Europe. The regulation covers medical devices (EU) 2017/745 in Europe, which offers instructions for their use. One of the major elements expected to impact the industry revenue growth in the region significantly is the restructuring of the European regulations for such devices. Manufacturing advanced plastics for usage in the healthcare business is subject to several technological developments in the industry. Europe is home to some of the largest businesses, including Solvay S.A., Evonik Industries AG, and Röchling SE & Co. KG. New product development is one of the main techniques companies utilize to grow in the market. Also, major industry participants are making large R&D investments in developing products with cutting-edge technologies.
The market in Asia Pacific is projected to grow at a significant revenue CAGR during the forecast period, due to the rising consumer demand for sanitation and hygiene. The growing industrialization and globalization in developing nations, such as China, India, and Thailand, are expected to promote market revenue growth in this region. Significant demand for medical bags, masks, gloves, coveralls, surgical drapes, and other PPEs has been generated due to the recent COVID-19 outbreak in nations such as India, China, Australia, Singapore, Malaysia, and Japan. According to the Chinese Ministry of Health, about 90% of the population now has access to public health insurance.
Medical Plastics Market Competitive Landscape
The prominent players operating in the global medical plastics market are:
Medical Plastics Market Strategic Developments
The global medical plastics market is expected to register growth at a revenue CAGR of 5.8% during the forecast period.
GlaxoSmithKline Plc, Eli Lilly & Company, Bayer AG, Eisai Pharmaceuticals Pvt Ltd., and Merck & Company Inc. are among the key players in the global medical plastics market.
The polyphenylsulfone segment accounts for the largest revenue share in the global medical plastics market.
Asia Pacific is expected to observe the highest revenue growth in the global medical plastics market during the forecast period.
The global medical plastics market was valued at US$ 47.0 billion in 2022.
*Insights on financial performance are subject to the availability of information in the public domain