The India medical plastics market size was valued at USD 156.6 million in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 15.2% from 2020 to 2030. Rising healthcare expenditure, increasing government support to improve the healthcare sector, coupled with the rising positive coronavirus cases in the country, is expected to positively influence the demand for medical devices, thereby propelling the demand for medical plastics in the country. Amid the global COVID-19 pandemic situation, the country is witnessing a significant demand for medical devices, such as ventilators, drug delivery devices, and medical monitoring equipment. Several automotive manufacturers including Ashok Leyland, Hyundai India, MG Motors, and Maruti Suzuki turned to produce ventilators in order to meet the rising demand with the increasing corona positive cases in the country. Thus, the growing medical device industry in India is anticipated to propel the demand for medical plastics during the forecast period.
India depends on imports for approximately 86% of its domestic requirements of medical devices. The country imported medical devices worth USD 6,644.3 million in FY2019. The government interventions have helped the medical devices industry to expand production during the pandemic. Manufacturers of medical devices and components have witnessed a surge after the outbreak of COVID-19.
In July 2020, the Ministry of Chemicals and Fertilizers launched four programs for the Department of Pharmaceuticals for the promotion of domestic manufacturing of medical devices and bulk drug parks in the country. This program was initiated in line with the vision for making India self-reliant. Thus, the increasing focus and support of the Indian government on promoting self-reliance in the pharma sector is anticipated to propel the local production of medical devices and components. This, in turn, is further projected to create lucrative opportunities for medical plastics in India over the forecast period.
The rigid plastics segment led the market and accounted for more than 72.0% share of the overall revenue in 2019. This is attributed to properties such as excellent mechanical, chemical, and biocompatibility levels, making it suitable for producing a wide range of medical products, such as electronic housings, surgical tools, drug delivery systems, oxygen masks, and ventilators. Amid the global COVID-19 pandemic, the demand for healthcare products, such as oximeters, thermometers, and blood pressure monitors, has increased, which is also driving the demand for rigid plastics in India.
Polystyrene possesses properties such as resistance to gamma radiation and photolysis, rigidity, and transparency. Polystyrene offers easy sterilization, which makes it suitable for use in the manufacturing of test tubes, tissue culture trays, diagnostic components, Petri dishes, housings for test kits, and medical devices. Polystyrene is also used in the manufacturing of cabinets and housings for electronics, such as computers. Additionally, polystyrene is used in various industries, such as automotive, packaging, building and construction, and consumer goods.
Soft plastics are often used for manufacturing seals and gaskets, pipe and tubing, catheters, drug delivery systems, and various others. Amid the global COVID-19 pandemic, the demand for drug delivery systems and tubing used in ventilators has increased, thus propelling the demand for soft plastics in the market.
The medical and monitoring equipment housings application segment led the market and accounted for more than 34.0% share of the overall revenue in 2019. These medical equipment housing products are used in the assembling of a wide range of medical devices, such as ventilation monitoring systems, heart rate monitors, breath monitors, ECG machines, electronic thermometers, and medical robotic enclosures. Amid the global COVID-19 pandemic situation, the demand for oximeter has increased, which is expected to drive the segment over the forecast period.
Drug delivery devices are a more effective method of medication compared to the conventional oral methods of medication. Acrylonitrile butadiene styrene (ABS), thermoplastic elastomer (TPE), and polycarbonate are primarily used in the manufacturing of drug delivery systems. These plastics offer properties such as biocompatibility, high impact resistance and toughness, stiffness, lower level of residual monomer and oligomer, and a wide range of color options from completely transparent to opaque. Drug delivery devices are used in insulin delivery for diabetes, pain management, vaccine delivery, pediatric injections, and various others.
Nasal dilators are used to improve the flow of air through the nose while sleeping, which effectively reduces snoring. The internal nasal dilators and external nasal dilators are the two types of nasal dilators. Nasal dilators are non-medicated and easy to use and provide instant relief with absolutely no side effects.
Factors such as changing demographics and increasing government expenditure on public health have contributed to a higher demand for medical care in the country. Since the outbreak of COVID-19 in the country, the medical device market is witnessing substantial growth.
Key players in the market aim to achieve optimum growth and strengthen their position through various market expansion strategies, such as the development of new products and acquisition. For instance, in February 2020, SABIC launched its new family of LNP ELCRES CRX polycarbonate (PC) copolymers featuring improved chemical resistance compared to conventional polycarbonate to prevent stress cracking and mitigate crack propagation of medical device. Some prominent players in the India medical plastics market include:
ATV Projects India Pvt. Ltd.
Market size value in 2020
USD 173.3 million
Revenue forecast in 2030
USD 712.0 million
CAGR of 15.2% from 2020 to 2030
Base year for estimation
2016 - 2018
2020 - 2030
Volume in tons, revenue in USD million, and CAGR from 2020 to 2030
Volume forecast, revenue forecast, competitive landscape, growth factors and trends
Key companies profiled
Covestro AG; SABIC; Celanese Corporation; Avient Corporation; ATV Projects India Pvt. Ltd.
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This report forecasts revenue and volume growth at the country level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2030. For the purpose of this study, Grand View Research has segmented the India medical plastics market report on the basis of product and application:
Product Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2030)
Thermoplastic Elastomer (TPE)
Thermoplastic Polyurethane (TPU)
Thermoplastic Polyolefin (TPO)
Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2030)
Medical & Monitoring Equipment Housings
Drug Delivery Devices
IV System, Cannula & Stop Cock
Water Trap Gaskets
Test Tube Cap
b. The rigid plastics product segment dominated the India medical plastics market with a share of 72.2% in 2019. This high share is attributable to properties such as excellent mechanical, chemical, and biocompatibility levels, making it suitable for producing a wide range of medical products such as electronic housings, surgical tools, drug delivery systems, oxygen masks, and ventilators.
b. Some of the key players operating in the India medical plastics market include Covestro AG, SABIC, Celanese Corporation, Avient Corporation, and ATV Projects India Pvt. Ltd.
b. Key factors driving the India medical plastics market growth include rising healthcare expenditure, growing medical devices industry coupled with government initiatives like Make in India.
b. The global India medical plastics market size was estimated at USD 156.5 million in 2019 and is expected to reach USD 173.3 million in 2020.
b. The global India medical plastics market is expected to grow at a compound annual growth rate of 15.2% from 2020 to 2030 to reach USD 712.0 billion by 2030.
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