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Medical plastics are used to produce a variety of medical devices such as medical bags, bottles, catheters and implants. These plastics help provide strength, flexibility and durability to devices while ensuring sterility. They also serve as a lightweight and cost-effective alternative to traditional materials. Some key types of medical plastics include polyvinyl chloride (PVC), polyolefins, engineering plastics and silicone. Industries such as healthcare, pharmaceutical and diagnostics rely heavily on medical-grade plastics for various applications.
The global Medical Plastics Market is estimated to be valued at US$ 16,458.83 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing preference for single-use and disposable medical devices due to increasing awareness about infection control is driving sales of medical plastics. In addition, rising demand for minimally invasive surgical procedures is spurring innovations in medical device design that utilize advanced plastic materials. Advanced polymers are also enabling creation of smaller and more efficient medical implants and electronics. Meanwhile, ongoing R&D aimed at developing biodegradable and bioabsorbable plastics promises to revolutionize the delivery of healthcare over the coming years.
Porter’s Analysis
Threat of new entrants: The medical plastics industry requires high capital investment for setting up manufacturing facility. Regulations also pose significant entry barriers.
Bargaining power of buyers: The market has few number of large buyers, giving them higher negotiating power over suppliers. However, requirement of quality certifications limits options.
Bargaining power of suppliers: The suppliers have moderate power due to availability of substitutes and less differentiation in materials. Dependence over a few consistent material suppliers pose risks.
Threat of new substitutes: Alternatives include glass, silicone and metal, however plastics possess superior properties like impact resistance, lighter weight and variety of shaping which make it difficult to replace.
Competitive rivalry: The medical plastics market is consolidated with top players differentiating through branding and certifications. Price wars are unlikely due to emphasis on compliance.
Key Takeaways
The global Medical Plastics Market is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing regulations on use of plastics in medical devices and growing healthcare expenditure.
The North American region dominates the global medical plastics market, owing to presence of major players and stringent regulations regarding use of plastics in medical devices in the U.S. and Canada. Asia Pacific is expected to register fastest growth over the forecast period with increasing foreign investments in the healthcare sector and growing medical tourism in countries like India, China and Japan.
Key players operating in the Medical Plastics market are Arkema S.A., BASF SE, Celanese Corporation, Covestro AG, Royal DSM, DowDuPont Inc., Solvay SA, Exxon Mobil Corporation, Trinseo S.A., Trelleborg AB, The Lubrizol Corporation, Saint-Gobain S.A., Tekni-Plex, Inc., and Röchling SE & Co. KG. Major players are investing in R&D to develop novel solutions made from advanced plastics to gain a competitive advantage.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
