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Medical Plastics Market Size Worth US$ 15 Billion by 2026

Acumen Research and Consulting, a global provider of market research studies in a recently published report titled “Medical Plastics Market Report 2019 - 2026”

LOS ANGELES, May 23, 2019 (GLOBE NEWSWIRE) -- The Global Medical Plastics Market is estimated to grow at CAGR above 7% over the forecast time frame 2019-2026 and reach the market value around USD 15 billion by 2026.

The global medical plastics market is growing in demand for medical plastics for medical equipment production. The increase in the use of medical plastics in disposable medical devices accounts for North America for a significant proportion of the global plastics market.

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Growing Demand for Plastics in Medical Industry

The global market for plastics is anticipated to boost demand for plastics to manufacture medical devices such as devices, diagnostic devices, catheters, tubes, masks and medical bags. Medical plastics' lightweight and economical efficiency draw many medical device manufacturers into investing in medical plastic. An increasing demand is likely to boost the market for medical plastics during the forecasting period in relation to disposable medical devices such as bed pens, inhalation masks, and intravenous plastic tubes. Low plastics density makes them ideal for application in applications such as orthopedic devices, artificial cornea and hearing aids. Applying tough regulations from governing bodies worldwide is anticipated to reduce health concerns related to the consumption of medical plastics. A large factor in demand is the long shelf-life of medical plastics.

Advances In 3D Technology For The Production Of Medical Equipment

A key factor driving the global health plastics market is the adoption of advanced technologies like 3D printing. 3D printing is used to create customized protheses for tissue & organoids, surgical tools and surgical models. Third party implants can be personalized with the use of 3D printing technology for body parts such as knees, hips, ankles, spine, and skull. The use of 3D printing technology can be used to produce sterile instruments like forceps, hemostats, scalpel handles, and clamps. 3D printing enables fast dental implants, hearing aids, prescription eyewear and headgear to be produced.

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Extrusion Technology High Focus Approach

Extrusion is a process in which various pieces with a continuous length and a cross section are made. Plastic is mixed, melted, and pushed through a die in the extrusion procedure, in the form of solid plastic material, pellet or powder. The obtained form is transferred by secondary work where it is refrigerated and cut into required forms. For the manufacture of different geometry structures, extrusion is preferred rather than other molding technologies.

Regional Stance

North America is expected to maintain a dominant share of the world market for medical plastics during the forecast period in terms of demand. Increasing Geriatric populations and lifestyle disease penetration are the main factors that fuel the regional medical plastics market. Operational units are available in the region to major manufacturers such as BASF SE, Dow DuPont and Evonik Industries AG. The medical plastics market in North America is further driven by significant investments in research and development and government-funded initiatives. Investments in the U.S. in medical and health care development increased by 20.6% from 2013 to 2016, according to a research survey conducted by research america. Increasing investments in R&D in the healthcare sector are likely to boost demand for North American medical plastics.

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Key Players & Strategies

Capacity expansion and fusions are key players on the global market for medical plastics. In turn, this is likely to boost the world market during the forecast period. In the global medical plastics industry, the number of players, particularly small and medium-sized producers, operates substantially. The market is therefore highly divided. Dow DuPont, Exxon Mobil Corporation, BASF SE, Covestro AG, Evonik Industries AG, Arkema SA, Solvay, Celanese Corporation and Lubrizol corporation are the leading manufacturers operating on the global medical plastics market.

The market is marked by the presence, in the local and international markets, of several manufacturers. These players are engaged in the production of differentiated products in terms of performance. The presence in the market of many companies leads to an increase in consumer purchasing power.

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