Global Medical Plastics market research 2024, Forecast To 2033
6 Feb, 2024
The medical plastics market has exhibited strong growth, increasing from $32.58 billion in 2023 to $35.75 billion in 2024, indicating a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period is attributed to biocompatibility and sterilization, aging population, minimally invasive procedures, global health preparedness, and customized implants. Anticipating rapid growth in the next few years, the market size is expected to reach $52.36 billion in 2028, supported by an expected CAGR of 10.0%. This growth in the forecast period is linked to patient-centric care, lightweight and durable materials, single-use devices, cost-efficiency, and sustainable and eco-friendly plastics. Major trends in the forecast period include 3D printing advancements, nanotechnology integration, smart and connected devices, advanced materials, and medical device innovation.
Global Medical Plastics Market Key Driver
Advancements in medical plastic technology significantly contribute to the growth of the medical plastics market. Innovations in injection molding, insert molding, and 3D printing enhance medical plastics' popularity. According to the American Hospital Association, 3D anatomic models reduced surgery time by 62 minutes, saving $3,720 per case. The advantages of advanced medical plastic technology drive the medical plastics market in 2023, 2024, and 2028.
Get A Free Sample Of The Global Medical Plastics Market ReportGlobal Medical Plastics Market Segments
The global medical plastics market covered in this report is segmented –
1) By Type: Polyvinyl Chloride (PVC), Polypropylene (PP), Engineering Plastics, Polyethylene (PE), Polystyrene (PS), Silicones, Other Types
2) By Process Technology: Extrusion, Injection Molding, Blow Molding, Other Process Technologies
3) By Application: Medical Disposables, Medical Instruments, Prosthetics & Implants, Drugs Packaging, Other Applications
By Geography: The regions covered in the Medical Plastics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacificwas the largest region in the medical plastics market in 2023. The regions covered in the medical plastics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Medical Plastics Industry Players
BASF SE, Celanese Corporation, Solvay S.A., Arkema SA, Eastman Chemical Company, Dow Inc., Saudi Arabia's Basic Industries Corporation, Evonik Industries AG, Röchling SE & Co. KG, Nolato AB, Saint-Gobain Performance Plastics, Orthoplastics Ltd., Tekni-Plex Inc., HMC Polymers Co. Ltd., ARAN BIOMEDICAL TEORANTA, Trelleborg AB, Raumedic AG, Ensinger GmbH, RTP Company Inc., Foster Corporation, PolyOne Corporation, DSM Engineering Plastics Pvt. Ltd., Covestro AG, DuPont de Nemours Inc., Exxon Mobil Corporation, Lubrizol Corporation, Trinseo LLC, Mitsubishi Chemical Corporation, Sumitomo Chemical Co. Ltd., Kuraray Co. Ltd.
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Medical Plastics Market Overview
Medical plastics refer to plastic products specifically used in the healthcare industry. Medical plastics are resistant to temperature, corrosion, and chemicals making them the right fit for use in medical applications. Medical plastics are used for manufacturing and packaging applications in medical products.
Medical Plastics Global Market Report 2023 provides data on the global medical plastics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The medical plastics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.