Medical Plastics Market Size, Share & Trends Report

Medical Plastics Market Size, Share & Trends Analysis Report By Application (Medical Components, Wound Care, Cleanroom Supplies, BioPharm Devices, Mobility Aids, Tooth Implants), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Jun, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-1-68038-823-7
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 166

Report Overview

The global medical plastics market size was valued at USD 23.5 billion in 2019 and is projected to expand at a compound annual growth rate (CAGR) of 8.6% from 2020 to 2027. Enforcement and upgrading of various infection prevention standards coupled with a growing volume of surgical, hospital, and outpatient procedures are anticipated to drive the market growth. 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. 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 plastics market size

There is an ascending demand for plastic since it is a key ingredient used for manufacturing medical devices, equipment, and packaging. This has resulted in the steady market growth over the past few years. Factors such as increasing demand for medical devices, growing aging population, and expanding home healthcare sector in North America and Europe are anticipated to drive the demand for medical-grade polymers 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 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 medical plastics market is 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 used by the 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 consumption. Restructuring of the European regulations for such devices is anticipated to emerge as one of the key factors affecting the regional market growth. The market 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, the key players invest significantly towards R&D to develop advanced products.

High degree of competition in the industry is likely to bolster consumer buying power. Factors such as product quality and cost competitiveness are the major factors impacting the buyer power decision. High production volumes coupled with the ease of availability of medical plastics is expected to be the increase buyer power in the next few years. The governing agencies in the states in the U.S. have exhibited an increased affinity towards recycling the plastics.

The recent outbreak of COVID-19 across the globe is further fuelling the demand for medical components such as masks, gloves, testing equipment, and ventilators. This, in turn, is positively propelling market growth. Increasing number of positive cases in countries, such as the U.S., Italy, Spain, France, Germany, the U.K., and Iran, are triggering the demand for medical components, thereby creating lucrative growth opportunities.

Application Insights

Medical components segment accounts for the largest revenue share of over 35% in 2019. Growing application scope of polypropylene in manufacturing 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 lightweight, high bacterial and chemical resistance, and low cost. It finds wide application scope in medical disposable manufacturing. Furthermore, it can be molded easily in perfect dimensions as needed and thus has a high demand for manufacturing 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 people affected by COVID-19 across the world are creating a huge demand for medical plastics in medical component applications such as testing equipment, ventilators, syringes, and medical trays. In addition, increasing the production capacity of these medical components by several companies, such as 3M, Medtronic Plc, and others, is further creating lucrative growth opportunities.

Regional Insights

North America accounted for the largest revenue share of over 30% in 2019 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 in the forthcoming years. This is likely to boost regional product demand. Furthermore, the presence of key manufacturers such as Dow Inc.; DuPont; Celanese Corporation; and Eastman Chemical Co. in the region is expected to positively impact the overall market growth over the forecast period.

Global medical plastics market share

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 growth. 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 Mexico. This strategy has played an important role in driving the domestic pharmaceutical industry, which, in turn, is likely to fuel the demand for medical plastics in the forthcoming years. In addition, rapidly rising COVID-19 positive cases in the region are expected to result in an increased demand for generic drugs and medical devices, thereby positively influencing the market growth.

Key Companies & Market Share Insights

The companies operating in the market recorded the highest strategy adoptions coupled with a diverse product portfolio, leading to a strong market position. New product development was observed as the prime growth strategy adopted by the major medical plastic manufacturers such as Solvay S.A.; Celanese Corporation; Eastman Chemical Company; and Dow Inc. In addition, companies such as GW Plastics, Solvay S.A., and Rochling Group also resorted to capacity expansion in order to increase their market share and revenue.

Major companies such as Dow Inc. and Saint-Gobain rely heavily on their extensive distribution network to operate their business. The market is characterized by continuous technological advancements to produce refined products. The companies are also introducing technologically advanced products. For instance, Celanese Corporation and Dow Inc. introduced enhanced polyethylene resins, which are marketed under the trade name ELITE. Companies such as Eastman Chemical Company; Solvay; and Dow Inc. benefit from their vast distribution network, which aids in decreasing the sales and distribution costs, making them leading players. Some prominent players in 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 2020

USD 23.3 billion

Revenue forecast in 2027

USD 45.2 billion

Market size volume in 2020

7,667.6 Kilo Tons

Volume forecast in 2027

13,041.3 Kilo Tons

Growth Rate

CAGR of 8.6% (revenue-based) from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Volume in Kilotons, Revenue in USD million and CAGR from 2020 to 2027

Report coverage

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

Segments covered

Application and Region

Regional scope

North America; Europe; Asia Pacific; South America; and 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 Corporation; Dow Inc.; Solvay S.A.; Trelleborg Sealing Solutions; Trinseo S.A.

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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 2027. 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 - 2027)

    • Medical Device Packaging

    • Medical Components

    • Orthopedic Implant Packaging

    • Orthopedic Soft Goods

    • Wound Care

    • Cleanroom Supplies

    • BioPharm Devices

    • Mobility Aids

    • Sterilization and Infection Prevention

    • Tooth Implants

    • Denture Base Material

    • Other Implants

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • The U.K.

      • Italy

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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