The Global Medical Plastic market is estimated to grow at a CAGR of 7.1% through 2025, owing to escalating demand for innovative medical devices from the geriatric population and increase in the investment for the healthcare sector in emerging economies such as China and India. Besides these, significant changing lifestyles, growth in disposable income of the people, intensifying technological advancements in the medical devices, and introduction of affordable and effective healthcare systems are some of the key factors projected to boost the demand for medical plastics globally in the forecast period.
According to MarkNtel Advisors’ research report titled “Global Medical Plastics Market Analysis, 2020”, the Global Medical Plastics market is anticipated to grow at a CAGR of around 7.1% during 2020-25. The emergence of COVID-19 has accelerated the demand of medical plastics worldwide due to increase in the demand for polypropylene (PP), polyolefin (PE), and polycarbonate (PC) etc. from OEM and medical equipment company for manufacturing of critical medical equipment such as ventilators, thermal scanners, respirators, etc. These equipment are widely used for the treatment of patients suffering from the virus. Moreover, the escalating awareness among the people for maintaining proper health & hygiene is also proliferating the medical plastics market growth.
“Global Medical Plastics Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Medical Plastics providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Exhibited the Majority Market Share
Asia-Pacific captured the largest market share in the Global Medical Plastic market on an account of increasing customer spending on healthcare, accessibility of the minimal expense of medical procedures making the region a favorable location for medical tourism, and the development of new product and strategic alliances among the key players. Furthermore, the outbreak of COVID-19 in countries such as China, India, Japan, etc., is generating a tremendous demand of medical plastic for testing equipment, medical bags, gloves, masks, ventilators, and personal protective equipment (PPE), etc. Hence, the increasing number of COVID-19 cases in the region is predicted to significantly propel the Asia-Pacific Medical Plastics market in the forthcoming period. For instance, the COVID-19 cases in India has surged to 440,215 in June 2020 as stated in the MarkNtel Advisors’ research report “Global Medical Plastics Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global Medical Plastics market are SABIC, BASF, Eastman, Covestro, Saint-Gobain, Celanese, Tekni-Plex, Solvay, Arkema, Trinseo, DuPont, Lubrizol, Ensinger, GW Plastics, DSM etc. In order to acquire the majority market share, these companies are introducing new products in the Medical Plastic market to deal with the COVID-19 pandemic in order to gain a competitive edge over the other market players.
Moreover, Celanese Corporation, a global chemical company, promised to prioritize production of those materials which are used for the manufacturing of ventilators, respirators, and other critical medical equipment and supplies in 2020.
1. By Material (Engineering Plastics (Polycarbonate (PC), Polyethylene terephthalate (PET), Acrylonitrile Butadiene Styrene (ABS), Polyoxymethylene, Others (polyamide, etc.)), Standard Plastics (Polyvinyl chloride (PVC), Polypropylene (PP), Polystyrene (PS), Polyolefin (PE), Poly(Methyl Methacrylate) (PMMA)), High Performance Plastic (HPP) (Polyetheretherketone (PEEK), Polytetrafluoroethylene (PTFE), Polyphenylsulfone (PPSU), Polyetherimide, Others (Polyethersulfone, etc.) Silicon (Others (Biodegradable Polymers, etc.)))
2. By Application (Medical Tools & Instruments (Dental Tools, Surgical Instruments, Diagnostic Instruments & Devices), Prosthetics, Medical Disposables (Medical Bags, Syringes, Catheters, Mask, Gloves, Others), Drug Delivery Devices (Others (medical trays, sterilization trays, and lab wares, etc.))
3. By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
4. By Country (US, Canada, Mexico, Brazil, Argentina, UK, Germany, Italy, France, Spain, The Netherlands, Russia, Belgium, China, Japan, South Korea, India, South-East Asia, Australia, UAE, Saudi Arabia, Turkey, South Africa),
5. By Company (SABIC, BASF, Eastman, Covestro, Saint-Gobain, Celanese, Tekni-Plex, Solvay, Arkema, Trinseo, DuPont, Lubrizol, Ensinger, GW Plastics, DSM etc.)
Key questions answered in the study:
1. What are the current and future trends of the Medical Plastics industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Medical Plastics industry?
5. What is the customer orientation, purchase behavior, and expectations from the Medical Plastics firms across various regions?