Medical Plastics Market Latest Trends and Competitive Strategies by 2027
The global medical plastics market size is projected to reach USD 54.29 billion by 2027, exhibiting a CAGR of 7.1% during the forecast period. The meteoric rise in the demand for personal protective equipment (PPE) across countries will inevitably fuel the uptake of these plastics, finds Fortune Business Insights™ in its report, titled “Medical Plastics Market Size, Share & COVID-19 Impact Analysis, By Application (Medical Disposables, Medical Instruments, Prosthetics & Implants, Drugs Packaging, and Others), and Regional Forecast, 2020-2027”. PPE is made from plastics and other polymers and the on-going COVID-19 pandemic has escalated the demand for such equipment among frontline health workers worldwide.
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In Texas, for instance, the request for PPE from healthcare facilities surged from less than 2,000 in the third week of June to more than 22,000 in the last week of the same month. In India, the Apparel Export Promotion Council (AEPC) estimates that the domestic demand for PPE will be worth INR 10,000crore in the upcoming year and worldwide, the business will stand at an estimated value of USD 60 billion. Thus, the outbreak of the COVID-19 pandemic is expected to prove beneficial for this market in the immediate future.
The report states that the global market value stood at USD 29.93 billion in 2019 and answers the following questions:
What are the primary growth drivers for this market?
What challenges does the market face?
Which are the top market trends and upcoming opportunities?
Who are the major players and what are their key strategies?
Which are the most promising regions for the market?
List of the Leading Companies Profiled in the Medical Plastics Market Research Report are:
Eastman Chemical Company (United States)
GW Plastics (United States)
Celanese Corporation (United States)
Nolato AB (Sweden)
Covestro AG (Germany)
BASF SE (Germany)
SABIC (Saudi Arabia)
Deferment of EU MDR to Support Medical Plastics Market Growth
The European Medical Device Regulation (EU MDR) is an updated batch of regulations framed to monitor and govern the production and distribution of medical devices sold in Europe. The new regulations are focused on adopting a life-cycle approach to medical devices owing to the rapidly aging population in the continent. The regulations are based on the rationale that the probability of malfunctions and accidents associated with medical devices used to treat aging people is higher than normal. The EU MDR was expected to create a major turmoil in the medical plastics industry in Europe. However, with the coronavirus raging across the globe, the European Parliament has decided to postpone the enactment and implement of this regulation to May 2021 so that companies can focus on prioritizing the production of medical devices to battle the pandemic. This decision, therefore, augurs well for this market.
Changing Dynamics of Health Industry in Asia Pacific to Fuel Market Growth
Asia Pacific is expected to lead the medical plastics market share in the coming years owing to evolving dynamics and preferences in the healthcare industry in the region. For example, there is growing awareness about sanitation and hygiene in healthcare facilities in India and China, which is spiking the adoption of advanced medical plastics in the region.
In North America, where the market size was at USD 5.36 billion in 2019, the market is anticipated to be characterized by high healthcare spending and excellent R&D infrastructure for medical research. The market in Europe is also expected to register considerable growth owing to favorable government policies promoting the adoption of these plastics, especially during the current coronavirus pandemic.
Prioritization of Response to COVID-19 to be Central Focus for Key Players
As the coronavirus continues to wreak havoc around the world, key players in the market for medical plastics are focused on prioritizing their response of this unprecedented health crisis. Many companies have boosted their production to produce essential equipment for frontline health workers, while some others are ramping up their R&D spending to launch innovative solutions for the health industry.
April 2020: US-based Celanese Corporation is supporting healthcare workers by enhancing its production of specialty materials for applications such as PPE, ventilators, and other medical devices.
February 2020: Pirouette Medical designed and developed a novel auto-injector, featuring improved portability and affordability, along with lower costs, for the delivery of epinephrine and other medications in patients. The unique device has been injection-molded with Covestro’s Makrolon® 2458 polycarbonate.