Between 2022 and 2032, the medical plastics market is expected to grow at a 7.8% annual rate. According to a recent Future Market Insights report, this market is expected to have a global valuation of US$ 46.5 billion in 2021 and a total of US$ 106.23 billion by 2032. The market would see increased demand as a result of the growing geriatric population and significant advances in medical science.
Between 2017 and 2021, the Medical Plastics industry grew at a CAGR of 6.3%. Because it does not penetrate and is shatter-proof, medical plastic is an excellent choice for transporting biohazardous chemicals. Dangerous organisms can be kept at bay by properly disposing of medical waste. Furthermore, these polymers are safer and more antibacterial than traditional raw materials. Because it aids in decontaminating samples and securely retaining them, the medical plastic industry is gaining popularity in the healthcare sector.
The United States’ growing elderly population, as well as the growing demand for home healthcare services, are driving the medical plastics demand in North America. Furthermore, the pharmaceutical sector in Mexico and Canada is expected to rapidly expand, driving product demand in the pharmaceutical packaging market. At the same time, due to significant investments in R&D and digitization in the healthcare ecosystem, APAC is expected to be the leading market for medical plastics during the forecast period.
The Market Study’s Key Findings
- In 2022, the global medical plastics market is expected to be worth US$ 50.13 billion.
- In 2021, the North American medical plastics market will account for 34% of the global market.
- Asia Pacific is expected to grow at a 5% CAGR between 2022 and 2032.
- In 2021, the Polyphenylsulfone segment accounted for 52% of the global Medical plastics market.
- In 2021, the medical components segment accounted for 42% of the global market.
“Demand for medical plastics is expected to rise in the future as the geriatric population grows and there is a greater need to find better alternatives to steel and glass medical instruments and equipment.” During the forecast period, various technological advancements in this field, particularly in prosthetics, will create new opportunities,” says a Future Market Insights analyst.
Because of strong distribution networks and a diverse range of products offered by large and small companies in emerging and developing economies, the global medical plastics market is fragmented. Between 2017 and 2022, market players used new product launches, agreements and collaborations, expansions and investments, and mergers and acquisitions to expand their regional presence and meet the growing demand for medical plastics in emerging economies. Through research and development, established players are developing new medical products.