“Global Medical Plastics Market to reach a market value of USD 84.4 Billion by 2030 growing at a CAGR of 7.1%”
The Global Medical Plastics Market size is expected to reach $84.4 billion by 2030, rising at a market growth of 7.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 15,117.9 Kilo Tonnes, experiencing a growth of 3.3% (2019-2022).
PE is relatively inexpensive compared to other medical plastics, making it a cost-effective choice for disposable devices and packaging. Thus, the polyethylene (PE) segment generated 13.5% revenue share in 2022. It is also durable and suitable for long-term use in medical devices such as implants and orthopedic braces. PE is lightweight, which can be advantageous for this that need to be portable or worn by patients, such as prosthetics or orthopedic braces. Therefore, the segment will grow in the coming years owing to the increasing use of PE.
The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, July, 2023, SABIC joined hands with Saudi Aramco, a state-owned petroleum and natural gas company, and TotalEnergies SE, a French multinational integrated energy and petroleum company. Under this collaboration, the companies converted the oil produced from plastic waste into circular polymers. Additionally, the collaboration assisted in strengthening the value chain for the conversion of recycled plastics into circular polymers in Saudi Arabia. Additionally, in 2023, May, The Dow Chemical Company teamed up with New Energy Blue LLC, a bio-conversion company. Under this collaboration, the companies manufactured bio-based ethylene utilizing renewable agricultural residues. Additionally, this collaboration helped the companies satisfy the demand of customers for bio-based plastics and strengthen the landscape for renewable solutions.
Companies such as Saint-Gobain Group, Celanese Corporation, Solvay SA are some of the key innovators in Market. In January, 2024, Celanese Corporation expanded its collaboration with Biesterfeld AG, a distributor for plastics and chemicals. Under this extended collaboration, the companies strengthened their joint product portfolio. Additionally, the collaboration assisted in the development of new markets.
The pandemic increased demand for it and equipment, such as ventilators, diagnostic equipment, and protective gear, all of which require this. Additionally, it generated advancements in the sector, which resulted in the creation of novel technologies and products to tackle the obstacles presented by COVID-19. The pandemic underscored the criticality of healthcare systems being well-prepared and resilient. This factor is anticipated to propel the market's long-term expansion as healthcare facilities make investments in novel technologies and infrastructure. As a consequence, the market was generally unaffected by the pandemic.
Rising healthcare expenditures globally increase the demand for it and equipment. Increased healthcare expenditures are influenced by a number of factors, including population expansion, aging populations, the prevalence of chronic diseases on the rise, and technological advances in the medical field.
Additionally, musculoskeletal disorders (129%), HIV/AIDS (128%), depressive disorders (61%), and low back pain (47%) are prevalent from adolescence to old age. For instance, the number of DALYs attributed to ischaemic heart disease increased by over 400% in the Philippines between 1990 and 2019, whereas the number of DALYs attributed to diabetes increased by over 1000% in the United Arab Emirates. Elevated rates of illness pose a significant challenge to healthcare systems that are inadequately prepared to manage the chronic ailments that accompany the aging and expansion of populations.
The market faces competition from alternative materials, such as metals, ceramics, and natural materials, also used in this and equipment. These materials may offer different properties or advantages, posing a challenge to the dominance of plastics in certain applications. Metals like stainless steel and titanium are valued for their strength and durability, making them suitable for implants and surgical instruments. Thus, all these factors may obstruct the expansion of the market.
By application, the market is divided into it packaging, medical components, orthopedic implant packaging, orthopedic soft goods, wound care, cleanroom supplies, BioPharm devices, mobility aids, sterilization & infection prevention, tooth implants, denture base material, other implants, and others.
Based on product, the market is characterized into polyethylene (PE), polypropylene (PP), polycarbonate (PC), liquid crystal polymer (LCP), polyphenylsulfone (PPSU), polyethersulfone (PES), polyethylenimine (PEI), polymethyl methacrylate (PMMA), and others. The polyphenylsulfone (PPSU) segment garnered 22.1% revenue share in the market in 2022. PPSU is highly resistant to chemicals, including harsh disinfectants, as well as cleaning agents, utilized in healthcare settings.
On the basis of process technology, the market is classified into extrusion, injection molding, blow molding, and others. The extrusion segment garnered 28.3% revenue share in the market in 2022. Extrusion is a highly adaptable manufacturing technique that finds application in the production of an extensive array of this and components—such as profiles, catheters, and tubing.
Free Valuable Insights: Global Medical Plastics Market size to reach USD 84.4 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment garnered 29.9% revenue share in 2022. North America has one of the highest healthcare expenditures globally, driven by factors such as an aging population, technological advancements, and the prevalence of chronic diseases.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 49.6 Billion |
| Market size forecast in 2030 | USD 84.4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 7.1% from 2023 to 2030 |
| Number of Pages | 529 |
| Number of Table | 970 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Million, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Process Technology, Product, Application, Region |
| Country scope |
|
| Companies Included | Röchling SE & Co. KG, Saint-Gobain Group, SABIC (Saudi Arabian Oil Company), Eastman Chemical Company, Celanese Corporation, The Dow Chemical Company, Solvay SA, Avantor, Inc., Trinseo PLC, Evonik Industries AG (RAG-Stiftung) |
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Process Technology (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $84.4 billion by 2030.
Rising adoption due to the cost-effectiveness of medical plastics are driving the Market in coming years, however, Constant competition from alternative materials restraints the growth of the Market.
Röchling SE & Co. KG, Saint-Gobain Group, SABIC (Saudi Arabian Oil Company), Eastman Chemical Company, Celanese Corporation, The Dow Chemical Company, Solvay SA, Avantor, Inc., Trinseo PLC, Evonik Industries AG (RAG-Stiftung)
In the year 2022, the market attained a volume of 15,117.9 Kilo Tonnes, experiencing a growth of 3.3% (2019-2022).
The Injection Molding segment is leading the Market by Process Technology in 2022; there by, achieving a market value of $41.8 billion by 2030.
The Asia Pacific region is anticipating the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $20.1 billion by 2030.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 