COVID‐19 pandemic has forced medical industries to develop useful and supply products that meet the demands of health care workers across the world. Health care providers want effective, flexible, and cost‐efficient solutions to patients’ needs.
The Global Plastic Recycling Market is estimated to be USD 42.3 Bn in 2020 and is expected to reach USD 60.7 Bn by 2025, growing at a CAGR of 7.5%. After a tumultuous 2020 for the global recycled plastics markets that saw production margins pressured and bearish prices causing buyers to shun recycled plastics.
However, the first half of 2021 may see a step change, at least in Europe and the US, in reaction to newly signed legislation that may provide an impetus to increased demand. Additionally, The growing use of properties‐rich thermoplastics like polyetheretherketone (PEEK) is leading to the substitution of high‐performance polymers for titanium and other conventional materials in implantables.
Rush for materials in Europe
In Q4 2020 buyers rushed to the recycled HDPE market as they looked to ensure they can access the supply they need. Recyclers towards the end of 2020 reported high production rates, nearing 100% in some cases, in comparison to around 50-60% over the summer, in order to meet this extra demand.
In the future, some medical technology companies might assist health systems and hospitals to use 3D printers to produce some devices or parts on‐site. The medical industry could help develop technologies and products that allow certain inpatient procedures to take place in lower‐acuity environments—and even in the home.
Health care and medical plastics have been permanently altered as a result of the COVID‐19 pandemic & medical innovation has rapidly changed due to COVID‐19. Moreover, adverse conditions such as the current global pandemic are accelerating growth in medical plastics.
So it’s crucial that we develop manufacturing chains that will keep stoking the progress of innovation in medicine, continue to create possibilities, and with them new opportunities to improve physical properties as well as economy.