Medical Plastics Market Size, Share, Trends, Industry Analysis Report: By Product (Polyethylene, Polypropylene, Polycarbonate, Liquid Crystal Polymer, Polyphenylsulfone, Polyethersulfone, Polyethylenimine, and Others), Process Technology, End Use, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2024–2032
- Published Date:Oct-2024
- Pages: 112
- Format: PDF
- Report ID: PM1378
- Base Year: 2023
- Historical Data: 2019-2022
Medical Plastics Market Overview
The global medical plastics market size was valued at USD 53.02 billion in 2023. The market is projected to grow from USD 55.85 billion in 2024 to USD 85.77 billion by 2032, exhibiting a CAGR of 5.5% during 2024–2032.
The medical plastics market is witnessing robust growth owing to the rising awareness regarding its various benefits, including its longevity, ease of operation, and potential to safeguard people from disease contact. The growing concerns about cross-contamination among re-used devices and rising need to follow sterilization guidelines are creating a favorable environment for the market. Additionally, growing urbanization is one of the factors causing higher patient volumes in hospitals and clinics, emphasizing the importance of adopting convenient healthcare tools.
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The expanding healthcare and diagnostics sector is another primary contributor to the expansion of the medical plastics market. The availability of diagnostic equipment and biomarkers is essential to determine the patient's health conditions and offer a potential treatment plan. The growing safety concern about reutilizing existing equipment among patients with the evolution of viral infections is promptly fueling the production of single-use testing kits. In addition, the COVID-19 pandemic accelerated the adoption of medical plastic for the production of surgical gowns, masks, and gloves to safeguard healthcare professionals from viral infections. According to the Centers for Disease Control and Prevention (CDC), around 99,000 Americans are estimated to have died due to infections that occurred in hospitals. To avoid such incidents, the preference for disposable equipment is rising in healthcare settings, which is fostering the use of plastic in the healthcare sector.
Medical Plastics Market Trends
Growing Development of Sustainable Products
The medical plastics market is witnessing significant growth, driven by the increasing development of sustainable products. With rising environmental concerns, healthcare providers are prioritizing eco-friendly alternatives to traditional plastics. Key driving factors include government regulations aimed at reducing plastic waste, such as the European Union's directive to ban single-use plastics, which has prompted manufacturers to innovate.
According to a report by the World Health Organization, approximately 16 billion medical syringes are used annually, contributing significantly to plastic waste. In response, companies are developing biodegradable and recyclable medical plastics driving the market revenue.
Increasing Investments in Development of Medical Devices
Advanced plastics are increasingly used to manufacture syringes, catheters, prosthetics, and surgical equipment. The growing demand for home care is expected to drive the use of medical devices, disposable kits, and other equipment, thereby increasing the need for plastics in both production and packaging. Additionally, the emphasis on delivering highly functional equipment and rising investments in medical plastics to foster innovation are anticipated to propel market growth in the coming years.
In April 2024, Springboard Pro announced its start-up funding program, aimed at supporting new players in the medical device market with GBP 20,000 for initial design and development phases. This initiative reflects a strong commitment to advancing innovation in medical plastics, underscoring the importance of fostering new solutions in this vital sector.
Medical Plastics Market Segment Insights
Medical Plastics Market Breakdown – Product Insights
The global medical plastics market, based on product, is segmented into polyethylene (PE), polypropylene (PP), polycarbonate (PC), liquid Crystal Polymer (LCP), polyphenylsulfone (PPSU), polyethersulfone (PES), polyethylenimine (PEI), polymethyl Methacrylate (PMMA), and others. In 2023, the polyethylene segment dominated the market. This is mainly driven by its potential to limit moisture absorption and resistance to harsh weather conditions, chemical reactions, and corrosion. Polyethylene is often used to manufacture surgical implants due to its flexibility and strength, as it can withstand rigorous sterilization procedures.
Medical Plastics Process Market Breakdown – Process Technology Insights
The global medical plastics market, based on process technology, is segmented into extrusion, injection molding, blow molding, and others. In 2023, the injection molding segment led the market in revenue, primarily due to its strong mechanical strength and dry lubrication properties, making it ideal for producing diagnostic equipment. This technique enables manufacturers to create complex shapes with precision and efficiency. For instance, in April 2024, Nylon Corporation of America announced the launch of its new amorphous 6I/6T nylon specifically designed for precision molding and packaging applications at the NPE 2024 event. This innovative material utilizes an injection molding process that offers enhanced stability and compatibility with extrusion tasks, further underscoring the growing importance of advanced plastics in the medical industry.
Medical Plastics Market Regional Insights
By region, the study provides market insights into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America will dominate the global medical plastics market owing to the increasing adoption of healthcare tools and the growing frequency of healthcare check-ups. The rising investment projects to boost research and development activities in medical equipment tend to provide ample demand for medical plastics over the long run.
In May 2024, Trelleborg Medical Solutions, a US-based biopharmaceutical firm, unveiled its innovation center in Plymouth, Minnesota. This will ease the prototyping, designing, and development of medical devices at a single plant and propel innovations.
The Europe medical plastics market accounts for the second-largest market share due to the presence of established players working to optimize the plastic in the manufacturing of protective equipment such as gloves and masks. As per the CDC, over 3.5 million people develop infections in hospitals across the region. This is creating a crucial need to adopt plastic-based disposable gloves to avoid cross-contamination in clinical settings. In January 2024, IGIN Global, a UK-based healthcare technology provider, announced the launch of a tool that automates glove fitting to enhance the sterility and efficiency of disposable gloves.
The German medical plastics market held the largest regional market share and is expected to be the fastest growing country in Europe. This is attributable to the expanding healthcare industry.
The Asia Pacific medical plastics market is expected to register the highest CAGR from 2024 to 2032 due to the presence of larger populous nations and the increasing aging population at a faster rate, particularly in India and China. This demonstrates the huge demand for healthcare facilities, as people have a higher risk of getting infected, significantly supporting the development of medical containers, drug delivery tubes, scalpels, and diagnostic equipment. Plastic is used to produce such medical instruments due to its unique characteristics. For instance, polyethylene is widely employed in producing surgical implants because of its durability, potential to withstand chemical reactions, and biocompatibility.
According to the United Nations Population Fund India, the elderly population in India (i.e., people aged 60 years and above) is estimated to be 153 million in 2023 and expected to reach 347 million by the end of 2050.
In 2023, China held the largest share of the Asia Pacific medical plastics market, driven by increasing government expenditure on healthcare to enhance access to hospitals, clinics, and allied nursing services. According to the World Health Organization, China's healthcare spending has grown significantly since the reforms proposed in 2019, rising from approximately $69 billion (RMB 482 billion) in 2019 to about $230 billion (RMB 1,640 billion) in 2023. This substantial increase is expected to boost demand for healthcare equipment from providers, thereby fueling the production of medical plastics in the coming years. Meanwhile, the Japanese medical plastics market is projected to continue its sustainable growth throughout the forecast period, reflecting ongoing investments in healthcare innovation.
Medical Plastics Market – Key Players and Competitive Insights
Leading market players are investing heavily in R&D to expand their product offerings, driving the medical plastics market growth. Market players are also adopting several strategic initiatives to expand their global footprint and enhance market share through key market developments, including new product innovations, collaborations, mergers, and acquisitions with other organizations. The medical plastics industry must offer cost-effective items to stand out in the stringent competition in the marketplace.
In the global medical plastics industry, manufacturers are showing interest in producing products domestically to reduce costs, enhance affordability among clients, and fuel market growth. In recent years, the industry has been equipped with advanced technologies. Major players in the medical plastics market include ARAN BIOMEDICAL TEORANTA; Avantor, Inc.; Celanese Corporation; Dow, Inc.; Eastman Chemical Company; Evonik Industries AG; HMC Polymers Company Limited; Nolato AB; Orthoplastics Ltd; Röchling SE & Co. KG; SABIC; Saint-Gobain; Solvay S.A.; Tekni-Plex, Inc.; and Trelleborg Group.
Wacker Chemie AG is a chemical company offering services globally. The company produces a wide range of specialty chemical products, including semiconductor wafers, biotech products, vinyl acetate-based polymers, silicones, and hyperpure polysilicon for the electronics and solar industries. In June 2024, Wacker Chemie AG completed the acquisition of Bio Med Sciences to enhance its potential in manufacturing silicon-based healthcare products.
Wittmann Battenfeld, Inc. is a global company that produces industrial machinery products. It provides micro injection molding, CNC robots, toggle machines, blending, fast runners, and other related goods. In August 2024, Wittmann Battenfeld, Inc. announced its plan to showcase its injection molding technology at the Fakuma 2024.
Key Companies in Medical Plastics Market
- Avantor, Inc.
- Celanese Corporation
- Dow, Inc.
- Eastman Chemical Company
- Evonik Industries AG
- HMC Polymers Company Limited
- Nolato AB
- Orthoplastics Ltd
- Röchling SE & Co. KG
- SABIC
- Saint-Gobain
- Solvay S.A.
- Tekni-Plex, Inc.
- Trelleborg Group
Medical Plastics Industry Developments
June 2024: Evertis, a PET medical-grade film manufacturer, introduced a new brand, Evercare, to cater to the healthcare packaging sector. It aims to offer sustainability, performance, and supply chain reliability.
May 2024: Cormica, a global medical device testing services provider, announced the acquisition of TPM Laboratories, a contract testing laboratory, to augment its R&D potential in Europe and the US. This will drive the development of safe and effective medical devices in the marketplace.
March 2024: Rinco Ultrasonics, a welding company, introduced its new eMotion welding system at the NPE 2024, the plastic show for medical device manufacturing. This is cost-effective and available at 35 kHz & 20 kHz frequencies with user-friendly interface.
Medical Plastics Market Segmentation
By Product Outlook
- Polyethylene (PE)
- Polypropylene (PP)
- Polycarbonate (PC)
- Liquid Crystal Polymer (LCP)
- Polyphenylsulfone (PPSU)
- Polyethersulfone (PES)
- Polyethylenimine (PEI)
- Polymethyl Methacrylate (PMMA)
- Others
By Process Technology Outlook
- Extrusion
- Injection Molding
- Blow Molding
- Others
By End Use Outlook
- Medical Parts & Components
- Dropper Bulbs
- Drip Chambers
- Gaskets & Stoppers
- Orthopedics
- Blood Collection Chambers
- Medical Containers
- Others
- Tubing
- Catheter Tubing
- Drug Delivery
- Gas Supply
- Peristaltic Pump
- Oxygen Tubing
- Blood Transport & Delivery
- Others
- Film and Bags
- Biopharmaceutical Storage
- Saline Bags
- Waste Bags
- Others
- Surgical Tools
- Scalpels
- Forceps
- Scissors
- Others
- Medical Cables and Connectors
- Diagnostic Equipment
- Prosthetics
- Others
By Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Medical Plastics Market Report Scope
|
Report Attributes |
Details |
|
Market Size Value in 2023 |
USD 53.02 billion |
|
Market Size Value in 2024 |
USD 55.85 billion |
|
Revenue Forecast in 2032 |
USD 85.77 billion |
|
CAGR |
5.5% from 2024 to 2032 |
|
Base Year |
2023 |
|
Historical Data |
2019–2022 |
|
Forecast Period |
2024–2032 |
|
Quantitative Units |
Revenue in USD billion and CAGR from 2024 to 2032 |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
|
|
Regional Scope |
|
|
Competitive Landscape |
|
|
Report Format |
|
|
Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
FAQ's
The global medical plastics market size was valued at USD 53.02 billion in 2023 and is projected to grow to USD 85.77 billion by 2032.
The global market is projected to register a CAGR of 5.5% during 2023–2032.
North America held the largest share of the global market in 2023.
ARAN BIOMEDICAL TEORANTA; Avantor, Inc.; Celanese Corporation; Dow, Inc.; Eastman Chemical Company; Evonik Industries AG; HMC Polymers Company Limited; Nolato AB; Orthoplastics Ltd; Röchling SE & Co. KG; SABIC; Saint-Gobain; Solvay S.A.; Tekni-Plex, Inc.; and Trelleborg Group are among the key market players.
The polyethylene segment dominated the market in 2023.
The injection molding segment accounted for the largest share in the global market in 2023.
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