Medical Plastics Market Expected To Witness A Substantial Growth Of $87.58 Billion By 2030: Grand View Research Inc.
San
Francisco, 17 June 2024: The Report
Medical Plastics Market Size, Share & Trends Analysis
Report By Product (PE, PP, PC, LCP, PPSU, PES, PEI, PMMA), By Process
Technology (Extrusion, Injection Molding), By Application, By Regions, And
Segment Forecasts, 2024 - 2030
The global medical plastics market
size is expected to reach USD 87.58 billion by 2030, registering a CAGR of 7.4%
from 2024 to 2030, according to a new report by Grand View Research, Inc. The
demand for medical device packaging is likely due to the increased need for
in-house and advanced medical devices. Plastics including polyethylene,
polypropylene, and polycarbonate are increasingly being utilized in the medical
device manufacturing The growth of the home healthcare sector on account of the
low costs involved as compared to hospital care and intensive care contributes
to a rise in the demand for medical devices and multiple hospital associated
tests as well.
The growth of the home healthcare
sector on account of the low costs involved as compared to hospital care and
intensive care has resulted in a rise in the demand for medical devices. The
increasing demand for medical devices can also be attributed to the various
types of medical tests conducted by hospitals for diagnostic purposes.
Healthcare spending in the country is
likely to accelerate in the near future owing to the growing awareness about
healthcare. The rise in demand is driven by the aging population (65 years of
age or above), growing prevalence of chronic diseases, infrastructure
enhancements and technological advancements in medical plastics market.
The strengthening of the Western
European economies is expected to result in an increased provision of
healthcare expenditure in the annual budgetary proposals. Moreover, Northern
European economies such as Germany, the UK, and Sweden are projected to exhibit
an increase in healthcare expenditure, thereby leading to a growth in the
production of medical devices. However, the growth is expected to be supported
by political unrest in Europe’s transition economies such as Russia and
Ukraine.
This growth can be attributed to the
development of advanced plastics and plastic composites used in medical
components such as catheters, surgical instrument handles, and syringes. The
demand for medical device packaging is likely to be driven by a rise in demand
for in-house and advanced medical devices. Plastics including polyethylene,
polypropylene, and polycarbonate are increasingly being utilized for the
manufacturing of medical devices. The growth of home healthcare due to its low
costs compared to hospital care and intensive care has resulted in a rise in
demand for medical devices.
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According to the latest U.S. census,
16.8% of the U.S. population is over the age of 65 years and this number is
anticipated to reach 74 million by 2030. People aged over 85 need the most care
and their population is growing rapidly. In March 2021, the U.S. President, Joe
Biden, proposed spending USD 400 billion on Medicaid over eight years to fund
at-home care for elderly and disabled people as well as increase the wages of
caregivers.
Medical Plastic
Market Report Highlights
- Based on product, the Polyphenylsulfone
(PPSU) resin dominated product segmentation for 2023 in terms of revenue
share above 51.0%, due to the heat and chemical resistance of PPSU. These
plastics possess high strength and durability, making essential surgical
tools.
- Asia Pacific possessed a high market
share in 2023, due to increasing healthcare expenditure. However,
Governments in China, India and Japan are investing heavily, to prevent
rising chronic diseases and upgrading healthcare infrastructures. Per
capita healthcare spending is elevating, setting the stage for healthcare
revolution in the region.
- Regulations are the key factor
influencing the medical device industry, thereby influencing the medical
plastics market in Europe and North America. Rising government concerns
regarding the offering of high-quality, safe, and effective medical
devices are expected to have a negative impact on the market growth over
the forecast period.
In the U.S., the frequent increment in
costs and reduced margins have severely impacted healthcare providers and health
plans. This compelled the government to ensure a significant transformation of
healthcare funding and insurance coverage segments in the country through the
introduction of ACA and Medicaid.
The COVID-19 pandemic has made in-home
care more appealing than nursing home facilities as home care reduces
healthcare costs and is more convenient for patients. According to Medicaid and
CHIP Payment and Access Commission (MACPAC), it costs about USD 26,000 a year
for home care compared to USD 90,000 a year for a nursing home. Increasing
investment in healthcare by the government and rising preference for home care
are expected to drive the medical plastics market in the U.S. over the forecast
period.
The presence of key manufacturers such
as Dow, Inc., Eastman Chemical Co., and DuPont can be regarded as one of the
major factors driving the market for medical plastics in the country.
Medical Plastics Market Report Scope
Report
Attribute |
Details |
Market size
value in 2024 |
USD 57.2
billion |
Revenue
forecast in 2030 |
USD 87.58
billion |
Growth rate |
CAGR of 7.4%
from 2024 to 2030 |
Historical data |
2018 - 2022 |
Forecast period |
2024 - 2030 |
Market growth stage is high, and pace
of market growth is accelerating owing to overly consolidated market. Medical
plastic manufacturers are actively implementing challenging strategic
initiatives such as mergers & acquisitions, new product launches,
production expansion, among others.
Some key market players include BASF
SE; Celanese Corporation; Evonik Industries AG; SABIC; Dow, Inc.; Solvay S.A.;
Trinseo S.A.; and Eastman Chemical Company.
- In November 2022, Celanese
Corporation announced
the acquisition of DuPont's Mobility & Material (M&M) business for
USD 11 billion. This strategic move enables Celanese to expand its global
reach and enhance its offerings in the environmental sector, particularly
in sustainable transportation.
Key Medical
Plastics Companies:
The following are the leading
companies in the medical plastics market. These companies
collectively hold the largest market share and dictate industry trends.
Financials, strategy maps & products of these medical plastics
companies are analyzed to map the supply network.
- Röchling SE & Co. KG
- Nolato AB
- Saint-Gobain
- SABIC
- Orthoplastics Ltd
- Eastman Chemical Company
- Celanese Corporation
- Dow, Inc.
- Tekni-Plex, Inc.
- Solvay S.A.
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