According to a new report, published by KBV research, 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).
The Medical component segment would register a CAGR of 3.3% during (2023 - 2030). Medical plastics are easy to process using common manufacturing techniques, such as injection molding and extrusion, allowing for the efficient production of complex medical components. They can be produced to be flexible or rigid, depending on the requirements of the medical component. This flexibility allows for designing medical components that conform to the body's contours or maintain their shape as needed. Medical plastics are often more cost-effective than materials such as metal or glass. This cost-effectiveness allows for the production of affordable medical components without compromising quality or performance.
The Injection Molding segment is leading the Global Medical Plastics Market by Process Technology in 2022; thereby, achieving a market value of $41.8 billion by 2030. Injection molding facilitates the production of complex and intricate designs. This is important for medical devices requiring precise dimensions and tight tolerances. The process is compatible with a wide range of medical-grade plastics, allowing for the production of medical devices that meet regulatory standards. The segment is growing as injection molding can be a sustainable manufacturing option, as it can minimize material waste and energy consumption.
The Liquid Crystal Polymer (LCP) segment would showcase a CAGR of 8% during (2023 - 2030). LCP has a high heat deflection temperature, meaning it can endure high temperatures. This property is important for medical devices that undergo autoclaving or other high-temperature sterilization processes. It also has low water absorption, reducing the risk of bacterial growth and making it suitable for medical devices requiring high cleanliness levels. The unique combination of properties offered by LCP makes it a viable choice for various medical applications, driving its increasing demand in the healthcare industry.
Full Report: https://www.kbvresearch.com/medical-plastics-market/
The Asia Pacific region is anticipating the Global Medical Plastics Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $20.1 billion by 2030. The North America region would exhibit a CAGR of 6.7% during (2023 - 2030). Additionally, The Europe region is experiencing a CAGR of 6.9% during (2023 - 2030).
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)
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