Medical Grade Plastics Market Outlook 2031
The global medical grade plastics market was valued at US$ 41 Bn in 2021
It is estimated to register at a CAGR of 7.2% from 2022 to 2031
The global medical grade plastics market is expected to reach cross value of US$ 76.6 Bn by the end of 2031
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Analysts’ Viewpoint on Medical Grade Plastics Market Scenario
Demand for medical plastics increased during the COVID-19 pandemic to support mission-critical applications that require ample stock for disposables, single-use medical devices, and surgical instruments, among others. Therefore, the market is estimated to grow at a CAGR of 7.2% from 2022 to 2031. Increased use of polymers in medical devices has transformed the healthcare marketplace, with plastic medical devices steadily replacing other materials such as glass, ceramics, and metals, wherever applicable. Medical grade polymers can vary, but possess certain characteristics and properties in common, along with complying with regulatory standards and requirements. Medical grade plastics should have a lower level of toxicity due to their chemical inertness and non-solubility in water. In order to achieve this, manufacturers should increase R&D in materials sciences and make use of high performance medical plastics to design medical devices.
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Overview of Medical Grade Plastics Market
Medical grade plastics refer to plastics used to make medical products, products for in vitro diagnostics, and primary packaging for pharmaceuticals. National and international standards, such as EU Regulation 2017/745 (MDR) or ISO 10993, define the specifications for materials that can be utilized in medical devices. In theory, manufacturers of medical can utilize any polymeric material as long as it complies with the regulations and standards.
Medical plastic products are revolutionizing the medical industry. A rise in usage of medical grade plastic is associated with an increase in the utilization of plastic in the medical industry as catheters, syringes, surgical instruments, and disposables, which are a few of the numerous applications of medical grade plastics. Manufacturers should take advantage of incremental opportunities in emerging technologies for molding medical grade plastics in order to diversify their revenue streams. Furthermore, manufacturers are teaming up with researchers, experts, and technicians to develop medical grade plastics that are useful for designing orthopedic devices and drug delivery devices.
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High Demand for Catheters and Syringes to Propel Market Growth
In terms of application, the global medical grade plastics market has been split into disposables, diagnostic instruments, catheters & syringes, implants, dental tools, surgical instruments, medical bags, drug delivery devices, and others.
Disposables bags and catheters & syringes segments are likely to propel at a similar growth rate of 6% during the forecast period. Disposable medical items, such as bedpans, breathing masks, and IV tubing, have been witnessing a shift from other traditional materials to plastic for the last few years. Plastic is currently being employed in pill casings as well as a variety of internal implants, including catheters and joint replacements. Most of what is witnessed in a typical hospital ward are made up of medical grade plastics.
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Analysis of Key Market Players
The global medical grade plastics market is consolidated with a fragmented market controlling a majority of the market share. An increasing number of firms are spending significantly on comprehensive research and development, primarily to develop high-quality medical grade plastics, as it is a primary requirement in the medical industry.
Diversification of product portfolios and mergers & acquisitions are important strategies adopted by key market players. Arkema S.A., BASF SE, Celanese Corporation, Covestro AG, Royal DSM, DowDuPont Inc., Solvay SA, Exxon Mobil Corporation, Trinseo S.A., Trelleborg AB, The Lubrizol Corporation, Saint-Gobain S.A., Tekni-Plex, Inc., and Röchling SE & Co. KG are a few prominent entities operating in the global medical grade plastics market.
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