Medical Plastics Market By Type and By Region – Global Opportunities & Forecast, 2021-2028

 


Global Medical Plastics Market

The study by GMI Research shows that the Medical Plastics Market will expand at a rate of 7.5% over the period of analysis, i.e., 2021-2028. The acceleration in the per capita disbursement on healthcare and aggravating demand for medical plastics in the pharmaceutical packaging applications will raise the market share.

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Medical Plastics Market Dynamics

The growth in the global medical plastics market is attributed to the increasing accessibility of home healthcare services and the augmenting disbursement of healthcare to develop medicine, surgical instruments, and secure devices. Also, the diversified applications of medical plastics such as dental, surgical, anesthetic, sterilization trays, and diagnostic instruments because of the potency, product longevity, and biocompatibility will strengthen the market growth. According to the World Bank, the disbursement on healthcare was nearly 9.8% of the world's GDP in 2018 because of the intensified emphasis on the innovations of medical items and devices. As per Plastic Oceans International, more than 380 million plastics are produced each year. This is anticipated to raise the demand for medical plastics. Moreover, the growing implementation of sophisticated medical techniques, which include 3D printed implants and the usage of disposable plastics in drug delivery systems, tissue engineering, and surgical applications, such as joint replacements, will proffer huge opportunities for the market. The evolution of the coronavirus has elevated the medical industry, thereby stimulating the growth of the medical plastics market.

 However, fluctuations in the prices of raw materials and the complicated procedure of plastic polymer are anticipated to restrain the market growth. Furthermore, the lengthy procedure to acquire certification processes which include ISO 10993 by medical-grade plastics producers, will hinder the market growth.

Application Segment Drivers

By application, the disposables segment is likely to expand at a significant rate over the coming years. This is due to the growing usage of plastics to produce disposable medical products such as inhalation masks, bedpans, insulin pens, IV tubes, tube fittings, plastic cups, and pitchers.

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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