Frost & Sullivan’s recent analysis, Transformative Mega Trends Power the Global Medical Plastics Market, finds that the surge in demand for medical plastics will drive the industry. Medical plastics offer remarkable benefits such as cost-effectiveness, flexibility, durability, biocompatibility, chemical inertness, resistance to wear and tear lightness, and recyclability over conventional materials—metals, glass, and ceramics.
The market is segmented by plastic-type—commodity thermoplastics, engineering thermoplastics, and other plastics—and is estimated to garner a revenue of $29.93 billion by 2027 from $19.95 billion in 2020, up at a compound annual growth rate of 6%.
“Unlike traditional materials, plastics are highly flexible and can be easily molded into endless products and complex shapes while maintaining the structural integrity of the end products. Due to this, the penetration of plastic-based medical components in the healthcare industry is on the rise,” said Sayantan Sengupta, Chemicals, Materials and Foods Research Analyst at Frost & Sullivan.
“With an increasing push toward miniaturization, the healthcare industry is expected to witness increasing utilization of plastic-based micro-components for minimally invasive surgeries, robotic surgery devices, electro-medical devices, short-term implants, pump friction bearings, portable diagnostic machines, and home monitoring devices.”
Sengupta added: “Both by value and volume, commodity thermoplastics, including polyolefins, polyvinyl chloride, polyethylene terephthalate, and polystyrene will have the highest share in the global medical plastics market over the forecast period. Further, to address the COVID-19-induced supply chain disruptions and reduce the dependency on Chinese imports, countries located in the Middle East, Africa, and South Asia (MEASA), Asia-Pacific (APAC), and Latin America will focus on expanding domestic production capabilities for medical devices, equipment, instruments, and other medical supplies. The mature markets of North America and Europe focus on acquiring sustainable value-added medical plastics while providing improved performance across diverse domains.”
Key Focus Areas
To retain their position in the supply chain and ensure a smooth product supply, medical plastic manufacturers need to focus on the following for growth:
- Continuous demand for cost-effective medical plastics in developing economies: Strengthening ties with regional and local distributors is expected to cater to the demand from end-user tiers and sectors (both formal and informal) to reap benefits in the long run.
- Inorganic growth strategies and value-driven pricing approach for both developed and developing economies: Acquisition of regional and local participants will strengthen their market position and ensure the development of operational synergies.
- Investment in high-quality medical plastics for the developed world: Manufacturers should cater to regulated grades of commodity thermoplastics due to the increasing stringency of regulations worldwide and a rising focus on infection control in the healthcare industry.
Transformative Mega Trends Power the Global Medical Plastics Market is the latest addition to Frost & Sullivan’s Chemicals, Materials and Foods research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Source: Frost and Sullivan