Global Medical Plastics Market Growth Opportunities

Global Medical Plastics Market Growth Opportunities

Increasing Healthcare Expenditure Enhances Future Growth Potential in Developing Economies

RELEASE DATE
18-May-2023
REGION
Global
Research Code: PE68-01-00-00-00
SKU: CM02027-GL-MT_27684
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Description

Medical plastics are largely used across the healthcare sector for manufacturing diagnostic and therapeutic medical devices, equipment, surgical/non-surgical instruments, labware, prosthetics, implants, and healthcare packaging products. These offer various advantages over conventional materials such as metals, paper, and glass, including light weight, transparency, enhanced elasticity, and cost-effectiveness. In this context, the market offers many growth opportunities for resin producers, feedstock suppliers, compounders/converters, and end consumers (considering vertical expansion in the market).

The global medical plastics market will grow in tandem with the pharmaceutical and medical device industries. The increasing healthcare expenditure and healthcare infrastructure upgrade initiatives across countries are largely driving the demand for medical supplies and are expected to drive the growth of the medical plastics market, predominantly in the Middle East, ASEAN countries, and India. The rising prominence of outpatient facilities, mobile units, and home-based healthcare increases the demand for portable and easy-to-use medical devices. These trends further influence the adoption of medical plastics.

Accounting for a significant proportion of the market, commodity thermoplastics (CTP) are much preferred across numerous medical applications mostly due to their low costs, performance benefits, and broader availability. Mainly employed in packaging, these are used in the mass manufacturing of products such as medical bottles, containers, prefilled syringes, caps and closures, blister packaging, blood bags, and other pharma and medical packaging products. The medical plastics market in the Americas is highly mature owing to the significant consumption of CTP for manufacturing various medical products.

From an application standpoint, medical devices, equipment, and instruments are largely manufactured using plastic components due to trends such as lightweighting and miniaturization. The increasing switch from traditional surgical techniques to minimally invasive surgical techniques compels OEMs to develop plastic-based, single-use, sterile surgical instruments. Polycarbonate, among other engineering thermoplastics, is widely used for such applications. Additionally, the increasing demand for diagnostics, recently boosted by the COVID-19 pandemic, further propels the demand for plastics in the medical devices, equipment, and instruments segment.

The medical plastics market is highly fragmented, with the presence of global players and several regional and local manufacturers. Manufacturers fundamentally compete based on price and material quality. Regulations also play an important role in material development owing to the critical nature of its downstream applications. Price-sensitive countries like India and ASEAN countries are witnessing a strategic increase in medical supply manufacturing and are expected to attract material manufacturers. Moreover, the developed markets of North America and Europe are largely focusing on high-quality plastics, defining medical/regulated grade plastic, and are therefore expected to see a rising demand for premium products complementing revenue growth. While plastics in medical applications offer relatively more lucrative profit margins than other applications, numerous players continue to cater the healthcare OEMs.

RESEARCH: INFOGRAPHIC

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Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Medical Plastics Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Scope of Analysis

Segmentation

Segmentation (continued)

Geographic Scope

Key Competitors

Growth Metrics

Value Chain

Value Chain Analysis

Circular Economy

Growth Drivers

Growth Driver Analysis

Growth Driver Analysis (continued)

Growth Driver Analysis (continued)

Growth Driver Analysis (continued)

Growth Driver Analysis (continued)

Growth Driver Analysis (continued)

Growth Driver Analysis (continued)

Growth Driver Analysis (continued)

Growth Driver Analysis (continued)

Growth Driver Analysis (continued)

Growth Driver Analysis (continued)

Growth Restraints

Growth Restraints Analysis

Growth Restraints Analysis (continued)

Growth Restraints Analysis (continued)

Growth Restraints Analysis (continued)

Graphical Summary of Drivers and Restraints for the Medical Plastics Market

Forecast Assumptions

Revenue and Volume Forecast

Revenue and Volume Forecast Analysis

Revenue Forecast by Plastic Types

Volume Forecast by Plastic Types

Revenue and Volume Forecast Analysis by Plastic Type

Pricing Trends and Forecast

Pricing Trends and Forecast by Plastic Types

Pricing Trends and Forecast Analysis

Revenue Forecast by End Products

Volume Forecast by End Products

Revenue Forecast by Region

Volume Forecast by Region

Revenue and Volume Forecast Analysis by End Product

Competitive Environment

Revenue Share

Revenue Share by Plastic Types

Revenue Share by Plastic Types (continued)

Revenue Share Analysis

Segment Characteristics and Overview

Growth Metrics

Revenue and Volume Forecast

Forecast Analysis

Revenue Forecast by End Products

Volume Forecast by End Products

Forecast Analysis by End Product

Forecast Analysis by End Product (continued)

Forecast Analysis by End Product (continued)

Revenue Forecast by Region

Volume Forecast by Region

Forecast Analysis by Region

Segment Characteristics and Overview

Growth Metrics

Revenue and Volume Forecast

Forecast Analysis

Revenue Forecast by End Products

Volume Forecast by End Products

Forecast Analysis by End Product

Forecast Analysis by End Product (continued)

Revenue Forecast by Region

Volume Forecast by Region

Forecast Analysis by Region

Segment Characteristics and Overview

Key Growth Metrics for Other Plastics

Revenue and Volume Forecast

Revenue and Volume Forecast Analysis

Revenue Forecast by End Products

Volume Forecast by End Products

Forecast Analysis by End Product

Forecast Analysis by End Product (continued)

Forecast Analysis by End Product (continued)

Forecast Analysis by End Product (continued)

Revenue Forecast by Region

Volume Forecast by Region

Forecast Analysis by Region

Growth Opportunity 1: OEMs Are Redesigning Medical Devices to Cater to the Changing End-user Base

Growth Opportunity 1: OEMs Are Redesigning Medical Devices to Cater to the Changing End-user Base (continued)

Growth Opportunity 2: Investment Opportunities in India and ASEAN Countries

Growth Opportunity 2: Investment Opportunities in India and ASEAN Countries (continued)

Growth Opportunity 3: Sustainable Materials Improve Product Visibility and Demand a Premium Price

Growth Opportunity 3: Sustainable Materials Improve Product Visibility and Demand a Premium Price (continued)

Growth Opportunity 4: Promoting Plastic Alternatives for PVC

Growth Opportunity 4: Promoting Plastic Alternatives for PVC (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

Legal Disclaimer

Medical plastics are largely used across the healthcare sector for manufacturing diagnostic and therapeutic medical devices, equipment, surgical/non-surgical instruments, labware, prosthetics, implants, and healthcare packaging products. These offer various advantages over conventional materials such as metals, paper, and glass, including light weight, transparency, enhanced elasticity, and cost-effectiveness. In this context, the market offers many growth opportunities for resin producers, feedstock suppliers, compounders/converters, and end consumers (considering vertical expansion in the market). The global medical plastics market will grow in tandem with the pharmaceutical and medical device industries. The increasing healthcare expenditure and healthcare infrastructure upgrade initiatives across countries are largely driving the demand for medical supplies and are expected to drive the growth of the medical plastics market, predominantly in the Middle East, ASEAN countries, and India. The rising prominence of outpatient facilities, mobile units, and home-based healthcare increases the demand for portable and easy-to-use medical devices. These trends further influence the adoption of medical plastics. Accounting for a significant proportion of the market, commodity thermoplastics (CTP) are much preferred across numerous medical applications mostly due to their low costs, performance benefits, and broader availability. Mainly employed in packaging, these are used in the mass manufacturing of products such as medical bottles, containers, prefilled syringes, caps and closures, blister packaging, blood bags, and other pharma and medical packaging products. The medical plastics market in the Americas is highly mature owing to the significant consumption of CTP for manufacturing various medical products. From an application standpoint, medical devices, equipment, and instruments are largely manufactured using plastic components due to trends such as lightweighting and miniaturization. The increasing switch from traditional surgical techniques to minimally invasive surgical techniques compels OEMs to develop plastic-based, single-use, sterile surgical instruments. Polycarbonate, among other engineering thermoplastics, is widely used for such applications. Additionally, the increasing demand for diagnostics, recently boosted by the COVID-19 pandemic, further propels the demand for plastics in the medical devices, equipment, and instruments segment. The medical plastics market is highly fragmented, with the presence of global players and several regional and local manufacturers. Manufacturers fundamentally compete based on price and material quality. Regulations also play an important role in material development owing to the critical nature of its downstream applications. Price-sensitive countries like India and ASEAN countries are witnessing a strategic increase in medical supply manufacturing and are expected to attract material manufacturers. Moreover, the developed markets of North America and Europe are largely focusing on high-quality plastics, defining medical/regulated grade plastic, and are therefore expected to see a rising demand for premium products complementing revenue growth. While plastics in medical applications offer relatively more lucrative profit margins than other applications, numerous players continue to cater the healthcare OEMs.
More Information
Author Saurabh Todi
Industries Chemicals and Materials
No Index No
Is Prebook No
Keyword 1 Medical Device Market Growth
Keyword 2 Medical Plastics Market
Keyword 3 Medical Equipment Market
Podcast No
WIP Number PE68-01-00-00-00