San Francisco, 10 September
2018: According to a report by Grand View Research, Inc., global medical
plastics market is estimated to value USD 33.6 billion by 2025.
Growing need for less infectious and cost-effective raw material to manufacture
medical devices and components is anticipated to propel demand for medical
plastics. Such plastics are likely to offer durability, impact resistance, and
moisture resistance in medical devices to reduce treatment costs and prevent
infections.
Upgradation and enforcement of
several infection prevention standards coupled with increasing number of
surgical procedures is expected to stimulate growth of the market. Growing
volume of surgical procedures attributed to increasing number of geriatric
population can fuel growth of market in the forthcoming years. High demand for
quality raw materials which can act as a substitute for metal for manufacture
of medical devices owing to stringent infection prevention standards can boost
market growth. Continuous technological advancements to develop advanced
materials with improved performance and strength can influence growth of the
market during the forecast period (2014 to 2025).
Access
Research Report of Medical
Plastic Market@ www.grandviewresearch.com/industry-analysis/medical-plastics-market
Volatility in prices of oils
used to manufacture different types of plastics such as polyethylene,
polypropylene, and polystyrene can hinder market growth. In addition,
increasing adoption of product in alternative applications can further obstruct
market growth during the forecast period.
The medical plastics market
can be segregated on the basis of application and region. Based on application,
the market can be classified into medical components, orthopedic soft goods,
orthopedic implant packaging, medical device packaging, cleanroom supplies,
wound care, biopharma devices, mobility aids, sterilization and infection
prevention, tooth implants, denture base material, other implants, and others.
The medical device packaging segment is anticipated to witness maximum growth
with CAGR of 6.3% from 2017 to 2025 owing to effective properties exhibited by
plastics such as moisture and oxygen resistance. In addition, high strength and
impact resistance offered by polypropylene can influence its demand for
packaging medical devices.
Increasing use of
polypropylene in orthopedic soft goods credited to its useful properties such
as impact resistance and superior strength can spur growth of the segment in
the forthcoming years. Orthopedic soft goods such as ankle-foot orthosis (AFO)
can control motion and position of ankle and correct minor deformities in the
foot.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/bulk-chemicals
Regional segmentation incudes
Europe, Asia Pacific, North America, Central & South America, and the
Middle East & Africa. In North America, the market is expected to grow in
the coming years owing to increased healthcare spending among local patients
owing to increasing cases of lifestyle disorders and diseases. The market is
anticipated to grow at a CAGR of 5.9% from 2017 to 2025 attributed to high
demand for generic drugs, devices, and healthcare services. In addition, growth
of the pharmaceutical industry in countries such as Canada and Mexico can fuel
market growth owing to rising demand for product in pharmaceutical packaging.
Moreover, growing need for disposables attributed to high prevalence of
diseases can drive demand for medical plastics in the region.
In Europe, the market is
likely to grow well in the forthcoming years attributed to high demand for
dental services and body contouring implants. In addition, growing adoption of
cosmetic dentistry and increasing disposable income can spur demand during the
forecast period. Moreover, restructuring of European regulations regarding
consumption of medical devices can further drive growth of the market in the
forthcoming years.
In Middle East & Africa,
the market is anticipated to display significant growth owing to rising demand
for medical components such as syringes, catheters, and gloves. In addition,
rising preference for high-end medical facilities among consumers from lower
and middle-income groups can fuel market growth.
In Asia Pacific, the China
market is predicted to witness substantial growth attributed to increase in the
geriatric population in the region. In addition, increasing public and private
healthcare expenditure, rising cases of disorders, and high healthcare costs can
influence growth of market in the forthcoming years.
Some of the leading companies
offering medical plastics are Celanese Corporation, Dow Chemical Company,
Eastman Chemical Corporation, GW Plastics, and Rochling Group. Most companies
are likely to involve themselves in development of new products to achieve
market growth. In addition, companies can also invest in R&D activities to
innovate products offering advanced properties.
Access
Press Release of Medical Plastic Market@ www.grandviewresearch.com/press-release/global-medical-plastics-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco.The company
provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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