Medical Plastics Market Size, Share & Trends Report

Medical Plastics Market Size, Share & Trends Analysis Report By Application (Medical Components, Wound Care, Tooth Implants), By Region (North America, APAC, MEA), And Segment Forecasts, 2021 - 2028

  • Published Date: May, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-1-68038-823-7
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 166

Report Overview

The global medical plastics market size was valued at USD 25.3 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028. Enforcement & upgrading of various infection prevention standards coupled with a growing volume of surgical, hospital, and outpatient procedures are anticipated to drive the market growth over the forecast period. Fluctuation in oil prices has been a major factor responsible for volatility in the prices of Polyvinyl Chloride (PVC), Polyethylene (PE), Polypropylene (PP), and Polystyrene (PS). Capacity expansion and contraction have also contributed to price volatility in the market. In addition, rising overproduction in the Chinese market is expected to impact the raw material price.

U.S. medical plastic market size, by application, 2016 - 2028, (USD Million)

There is an ascending demand for plastic since it is a key ingredient used in the manufacturing of medical devices & equipment and medical packaging. This has resulted in the market growth over the past few years. Increasing demand for medical devices, growing aging population, and expanding home healthcare sector in North America and Europe are anticipated to emerge as the key factors responsible for the market growth over the forecast period.

The growing number of insured individuals in the U.S., coupled with the resultant demand for medical devices, is expected to have a positive impact on the industry growth over the forecast years. In addition, the market is characterized by the presence of a large number of companies involved in the production of advanced-grade plastics for use in the industry. The industry is also characterized by extensive integration through various stages of the value chain. HELM AG is integrated across all four stages in the value chain from raw material production to plastic production and the manufacturing of end-use products that are used by hospitals and healthcare institutions, including private clinics.

Medical plastics are regulated by numerous agencies across the globe. In Europe, medical devices fall under the EU Council Directive (93/42/EEC), which provides guidance for their usage. Restructuring of the European regulations for such devices is anticipated to emerge as one of the key factors affecting the industry growth in the region. The industry is subject to multiple technological advancements pertaining to the production of advanced plastics for use in the healthcare industry. The companies in the market resort to new product developments as one of the major strategies to achieve market growth. In addition, key market players invest significantly in R&D to develop advanced products.

Moreover, a high degree of competition in the industry is likely to bolster consumer buying power. Factors, such as product quality and cost competitiveness, are majorly impacting the buyer power decision. The governing agencies in the states in the U.S. have exhibited an increased affinity towards recycling plastics. The global COVID-19 pandemic is further fuelling the demand for masks, gloves, testing equipment, and ventilators. This, in turn, is positively propelling the growth of this market.

Application Insights

The medical components segment accounted for the largest revenue share of over 39% in 2020. The growing application scope of PP in the manufacturing of diagnostic devices, trays, pans, containers, syringes, implant trials, and medical cover sheets is expected to drive the demand. Polypropylene is expected to witness substantial growth in medical components application owing to its low weight, high bacterial and chemical resistance, and low cost. It has a wide scope of application in medical disposable manufacturing. Furthermore, it can be molded easily in perfect dimensions as needed and thus has a high demand in the production of syringes.

In Europe, PVC is primarily used in the manufacturing of blood storage bags. European Pharmacopoeia has approved the use of PVC for this particular purpose owing to its property to help store blood in a safe condition over a longer duration. Increasing cases of COVID-19 across the world are creating a huge demand for testing equipment, ventilators, syringes, and medical trays, which will drive the segment growth. In addition, increased production capacities by several companies, such as 3M and Medtronic Plc, are creating lucrative opportunities for the segment.

Regional Insights

North America region led the global market in 2020 accounting for the largest revenue share of over 33% and is expected to continue its dominance over the forecast period. With the rising per capita health expenditure in the U.S., the demand for medical devices is expected to increase significantly over the coming years. This is likely to boost the product demand in the region. Furthermore, the presence of key manufacturers, such as Dow Inc., DuPont, Celanese Corp., and Eastman Chemical Co., in the region is expected to positively impact the overall market growth over the forecast period.

Global medical plastic market share, by region, 2020 (%)

Rising product demand in pharmaceutical packaging applications and rapid growth of pharmaceutical industries in Mexico and Canada are further expected to drive the regional market. For instance, the elimination of stringent regulations by the Mexican government, which had earlier restricted the establishment of new manufacturing units, has resulted in the development of new pharmaceutical manufacturing facilities of major companies, such as Takeda and Astellas, in the country. This strategy has played an important role in driving the domestic pharmaceutical sector, which, in turn, is likely to fuel the product demand in the coming years. In addition, rising cases of COVID-19 in the region are expected to result in an increased demand for generic drugs and medical devices, thereby positively influencing the overall market growth.

Key Companies & Market Share Insights

New product development was observed as the prime growth strategy adopted by the major manufacturers. In addition, companies also resorted to capacity expansion to increase their market share and revenue. Major companies rely heavily on their extensive distribution network to operate their business. The market is characterized by continuous technological advancements to produce refined products. For instance, Celanese Corp. and Dow Inc. introduced enhanced PE resins, which are marketed under the trade name ELITE. Some prominent players in the global medical plastics market include:

  • Rochling Group

  • Nolato AB

  • GW Plastics, Inc.

  • Saint-Gobain Performance Plastics

  • SABIC

  • Eastman Chemical Company

  • Celanese Corporation

  • Dow Inc.

  • Solvay S.A.

  • Trelleborg Sealing Solutions,

  • Trinseo S.A.

Medical Plastics Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 29.2 billion

Revenue forecast in 2028

USD 48.3 billion

Growth Rate

CAGR of 7.5% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in kilotons, revenue in USD million/billion, and CAGR from 2021 to 2028

Report coverage

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; MEA

Country scope

U.S.; Canada; Mexico; Germany; U.K.; Italy; France; China; India; Japan; Brazil; Saudi Arabia

Key companies profiled

Rochling Group; Nolato AB; GW Plastics, Inc.; Saint-Gobain Performance Plastics; SABIC; Eastman Chemical Company; Celanese Corp.; Dow, Inc.; Solvay S.A.; Trelleborg Sealing Solutions; Trinseo S.A.

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global medical plastics market report on the basis of application and region:

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

    • Medical Device Packaging

    • Medical Components

    • Orthopedic Implant Packaging

    • Orthopedic Soft Goods

    • Wound Care

    • Cleanroom Supplies

    • BioPharm Devices

    • Mobility Aids

    • Sterilization & Infection Prevention

    • Tooth Implants

    • Denture Base Material

    • Other Implants

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • Italy

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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