Overview:

The global market report with details of the medical plastic market predicts a rise of 5.9% CAGR during the forecast period of 2021 to 2028. Market Research Future (MRFR) included studies on several factors, including the durability, cost-efficiency, and other aspects as plastic as major driving forces for the market. The global market would gain much from the rising investment in the healthcare sector, which is creating scope to arm healthcare professionals with better accessories. The inclusion of disposable materials is also getting bolstered by the rising demand for better protection against viral diseases. 

Segmentation:

The global report on the Medical Plastics Market Revenue has been studied on the basis of a segmentation that includes type and application. Both these segments have data that have been collected by experts using scientific methods and other procedures.

By type, the report on the global plastics market has been segmented as polypropylene (PP), polyvinyl chloride (PVC), polyethylene (PE), engineering plastics, silicones, polystyrene (PS), and others. The PP segment held the largest market share and has the opportunity to record the fastest CAGR during the forecast period. The segment is getting followed by PVC, which find substantial use in the construction sector.

By application, the global report regarding the medical plastics market has been segmented into surgical instruments, drug delivery devices, disposables, catheters, diagnostic instruments, and others. The disposable segment has the maximum market coverage as the product has significant inclusion in medical devices such as cleaning gloves, and disposable enemas bags. The recent COVID-19 crisis is also backing the market as it has triggered a huge surge in the production of hazmat suits, plastic shields, gloves, and other protective gear. 

Competitive Landscape:

DuPont de Nemours, Inc. (US), Exxon Mobil Corporation (US), BASF SE (Germany), Covestro AG (Germany), Solvay (Belgium), Evonik Industries AG (Germany), Celanese Corporation (US), Tekni-Plex (US), Eastman Chemical Company (US), The Lubrizol Corporation (US), Röchling Group (Germany), Ensinger (Germany), Saint-Gobain Performance Plastics (France), Trinseo (US), and Fortune Medical Plastic Products Company (China) are some prominent names in the market that are impacting the market growth. 

Industry News:

In July 2020, Sumitomo Demag announced that they had opened a service and support office in Ireland’s Limerick. This endeavor has been made to explore the polymeric opportunities in Ireland. The company has a base in Ireland as a prominent manufacturing company. This effort is also to take advantage of the operational facilities of Ireland where various US companies have already invested substantially. This will help in connecting with various pharma, technology, and electronic firms. The company is already known as an injection molding company and it is a part of their post-Brexit insulation strategy.

In July 2020, Axial3D, a medical 3D printing firm, announced that they have teamed up with Corazon, a company known for its program development for the spine, neuroscience, heart and vascular, and orthopedic service lines. The intent is to fuse state-of-the-art technologies with expertise of Corazon. This partnership would definitely boost the global market for medical plastics manufacturer.

The recent demand for medical equipment to support the COVID-19 crisis is expected to boost the global medical plastic market. 

Regional Analysis:

Asia Pacific has the chance to register itself as both the largest and the fastest-growing market. The region is getting backed by the high inclusion of such products in developing healthcare sectors of India, China, South Korea, and others. North America has a huge market for these products as the superlative healthcare systems of the region are impacting the market in credible ways.