Surge in Global Demand Propels Medical Plastics Market Forecasted to Reach US$ 32,293.4 million by 2033

The medical plastics market is expected to showcase a 7.0% CAGR in the assessment period from 2023 to 2033. It is likely to cross US$ 16,462.6 million in 2023 and top a valuation of US$ 32,293.4 million by the end of 2033.

The need for medical plastics is expected to increase as a result of medical technology and innovation advancements. Medical equipment that is more advanced, specialized, and strong is constantly needed as medical research advances.

Syringes, IV tubes, catheters, surgical equipment, and diagnostic tools are just a few of the products that are manufactured using medical plastics. These are anticipated to help in surging the demand.

The market for specialized medical equipment that is adaptable to different sterilization techniques can also grow. Plastics made for medical use are expected to provide the best answer. They can be sculpted into intricate shapes, added special characteristics, and kept functional under difficult medical conditions.

Global attention to patient safety and infection control has increased demand for medical plastics. Healthcare organizations such as hospitals are always looking for strategies to reduce the risk of infections and enhance patient outcomes.

Medical plastics are naturally antibacterial and are simple to clean and sterilize. They are a favored option for medical equipment and disposable products as they can reduce the risk of contamination and infection transmission.

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Demand for medical plastics can be significantly influenced by environmental factors as well. The need for environmentally friendly medical solutions is rising as sustainability becomes a top focus for several sectors, including healthcare.

Environmentally friendly medical polymers have developed over time. The adoption of recyclable and biodegradable materials by manufacturers is anticipated to lessen the environmental impact of medical waste.

Key Takeaways from Medical Plastics Market Study:

• The medical plastics industry observed significant growth at a CAGR of 0% in the historical period from 2018 to 2022.
• North America is estimated to hold around 1% of the global medical plastics industry share in 2023.
• The polyvinyl chloride (PVC) segment is estimated to hold around 2% of the medical plastics industry share in 2023.
• The medical parts and components segment held the largest revenue share of over 42% and dominated the end-user category in 2022.
• The top 5 countries are set to generate a collective share of around 2% in 2023.

“Medical plastics are frequently more readily produced and less expensive to manufacture than more conventional materials such as metals or glass. Consequently, these are regarded as a financially sensible option for medical tools and equipment. Their appeal to healthcare practitioners around the world is further increased by the fact that they are lightweight, which can also help with reduced shipping costs and ease of handling.” – says a lead analyst at Future Market Insights (FMI).

Competitive Landscape

Medical plastic producers are investing in research & development to produce cutting-edge medical plastics with distinctive features, increased usefulness, and enhanced performance. They might gain an edge over conventional products by creating innovative materials and technologies that enable them to provide cutting-edge solutions to healthcare practitioners.

They are placing more and more emphasis on providing tailored and individual solutions to address the unique requirements of healthcare facilities and end users. They might more effectively meet various demands of the healthcare sector and fortify their customer relationships by offering products & services that are built to order.

For instance,

• In March 2022, ABB Technology (ABB) automated NatureWorks’ brand-new bioplastics facility in Thailand to meet the growing need for alternatives to fossil-based products around the world. About 75,000 metric tons of Ingeo PLA (polylactic acid) biopolymer will be produced annually at the new factory.