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Medical Plastic Compounds Market Size Worth $80.40 Billion by 2025: Grand View Research, Inc.
SAN FRANCISCO, June 17, 2019 /PRNewswire/ -- The global medical plastic compounds market size is expected to reach USD 80.40 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 5.2% during the forecast period. Increasing aging population in economies such as China, India, Germany, and Austria is projected to remain a key driving factor. Growing demand for healthcare facilities and services coupled with government initiatives and support towards healthcare is projected to have a positive impact on the market growth. Increasing aging population in countries, such as Germany, Belgium, Austria, Denmark, and Japan is anticipated to prompt growth of the medical plastic compounds market. Increasing use of medical devices such as MRI, X-ray, robotic dispensing systems, and apheresis machines would further drive the demand over the forecast period.
Key suggestions from the report:
- Polyethylene was the second largest product segment, in terms of volume and accounted for over 18% market share in terms of revenue in 2017. Increasing usage of polyethylene for manufacturing surgical cables, artificial tendons, orthopedic sutures, and tubing is anticipated to compliment demand.
- Asia Pacific is expected to remain the fastest growing regional market with projected CAGR of 5.8% in terms revenue from 2016 to 2025. Developing healthcare infrastructure and rising disposable income in countries, such as China, India, and Japan is projected to propel the growth
- Drug delivery system is anticipated to register a CAGR of 5.4% in terms of revenue over the forecast period.Polymers are widely used in drug delivery system to enhance drug stability and to disguise the unpleasant taste of the drugs
- Major companies operating in the medical plastic compounds market include Baxter International, GW Plastics, Cyro Industries, Becton & Dickinson, Dow Chemical, Freudenberg Medical LLC, DuPont, ExxonMobil, Rochling Group, Medplast Inc., Nolato AB, Orthoplastics Ltd., and Saint Gobain Performance Plastics
- Baxter International Inc., has announced to increase production of components for disposable devices in Mountain Home, Arkansas.
Read 135 page research report with TOC on "Medical Plastic Compounds Market Size, Share & Trends Analysis Report By Product (PVC, PE, PP, PS, PC, PU), By Application (Disposables, Catheters, Implants, Drug Delivery System), And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/medical-plastic-compounds-market
Plastics have found a wide scope of usage in medical and healthcare industry owing to superior properties of the product, such as non-magnetism, impermeability, durability, and sustainability. Radiation resistance of this plastic would offer lucrative growth opportunities and new avenue for the manufacturers.
Surging demand for medical device plastics in applications, including surgical instruments, catheters, disposables, bags, implants, and drug delivery systems is anticipated to drive the demand. Rising R&D spending to produce bio-based plastics with superior properties, such as better quality and minimal health hazards is expected to further boost the medical plastic compounds market over the forecast period.
Stringent regulations associated with manufacturing and disposal of waste is expected to offer lucrative growth opportunities to the key players. Manufacturers are coming up with various innovative ideas to improve durability and quality and to reduce the cost of devices.
Grand View Research has segmented the global medical plastic compounds market on the basis of product, application, and region:
- Medical Plastic Compounds Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- Polyvinyl Chloride
- Medical Plastic Compounds Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- Surgical Instruments
- Medical Bags
- Drug Delivery System
- Medical Plastic Compounds Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Saudi Arabia
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
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- Silicon Sealants Market – Growth in commercial and residential construction activities in emerging economies of Asia Pacific, including India and China, is likely to fuel silicon sealants market over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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