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Medical Plastics Market
Analysis By Application (2014 - 2025)
The orthopedic soft goods segment
exhibits a high demand for PEEK and propylene plastics.
due to high strength coupled with superior resistance
against adverse environmental conditions. In addition, the
demand for the product is expected to grow in the wake of
rising efforts of the orthopedic goods manufacturers
towards the reduction in the overall weight of the
products.
The demand for high strength materials
such as ABS for heel & finger protection, finger & toe
splints, and leg splints is expected to register growth
over the next eight years. In addition, the use of ABS for
the products is facilitated by easier availability coupled
with the superior impact resistance.
The use of plastics in wound care is
niche application segment due to high quality sterilized
product requirements and is expected to reach USD 1,089.8
million by 2025 due to superior performance such as
absorption of wound exudates and aid in blood clotting in
severe wounds. The market for wound care plastics is
expected to exhibit high levels of R&D carried out by key
manufacturers.
Improved flexibility, high
transparency, and resistance to the electromagnetic waves
offered by engineering plastic materials is expected to
drive demand for use in biopharma devices over the
forecast period. In addition, the demand for the product
in vials, prefilled syringes, biopharma delivery device
subsystems, and cartridges is expected to drive the market
growth.
Regional Insights
Germany was one of the major markets
for medical plastics in Europe accounting over for 16.0%
of the total market in 2016 and expected to reach 17.9% by
2025. Increasing aging population and rising occurrence of
chronic diseases in the country has resulted in an
increased healthcare expenditure leading to market growth.
The industry in Asia Pacific is
expected to grow at a CAGR of 6.6% from 2017 to 2025 on
account of the increasing applications of plastics in
wound care, packaging, and mobility aid among others.
Furthermore, the increasing demand for high quality
medical devices and components by hospitals in major
economies such as China, India, Singapore is likely to
drive growth.
The market in India is expected to
witness high growth owing to the increased government
efforts to improve public health conditions. In addition,
the increasing private participation in the healthcare
industry is expected to increase the demand for high
quality healthcare devices and components in the country.
The industry in Central & South America
is projected to witness a growth of 4.5% during the
forecast years, driven primarily by the increasing
consumption of the products in key applications such wound
care, denture base materials, and disposable components.
The industry is likely to grow on account of economic
development in Brazil and Argentina.
Competitive Insights
The industry is highly competitive with
the presence of a number of companies across the major
economies. Key players are involved in the production of
various grades of plastics for use in myriad applications.
The market exhibits a high volume of raw material
procurement from the manufacturers located in Asia
Pacific.
The companies in the industry operate
their businesses through strategic tie-ups with the
medical device and component manufacturing companies which
result in an ensured demand for the product by the
manufacturers. In addition, a number of players provide
price discounts in a bid to attract the consumers and
increase the annual revenues.
The market in Asia Pacific is expected
to grow at a CAGR of 6.6% from 2017 to 2025 on account of
the increasing applications scope of the product in wound
care, packaging, and mobility aid among others.
Furthermore, the increasing demand for high quality
medical devices and components by hospitals in major
economies such as China, India, Singapore is likely to
drive growth.
The market in India is expected to
witness high growth owing to the increased government
efforts to improve public health conditions. In addition,
the increasing private participation in the healthcare
industry is expected to increase the demand for high
quality healthcare devices and components in the country.
The Central & South America medical
plastics industry is projected to witness a growth of 4.5%
during the forecast years, driven primarily by the
increasing consumption of the products in key applications
such wound care, denture base materials, and disposable
components. The industry is likely to grow on account of
economic development in Brazil and Argentina.
(Ref:
https://www.grandviewresearch.com/industry-analysis/medical-plastics-market)
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