Medical Plastics Market worth 6,978.03 Million USD by 2020

Browse 128 market data tables with 52 figures across 191 pages and in-depth TOC on “Medical Plastics Market – Forecast to 2020″

Dallas, United States – September 1, 2017 /MarketersMedia/ —

The global medical plastics market is expected to reach USD 6,978.03 Million by 2020. This growth is fueled by the aging population increasing the demand for existing and new medical technologies and growing application sectors globally. The increasing number of patents filed for medical devices & applications by global players, growing manufacturing industries, and continuous expansion and merger & acquisition activities undertaken by companies are key factors for the growth of global market.

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Polyvinyl Chloride – The largest medical plastics, by type

Polyvinyl chloride is the largest market in the medical plastics market. PVC is the third most widely produced synthetic plastic polymer, after polyethylene and polypropylene. The demand for PVC is more as PVC is compatible with different kinds of additives that make it a versatile polymer and thus suitable to be used in manufacturing of medical plastics. PVC is widely used in manufacturing of Class I medical devices. Medical devices that are manufactured using PVC can be easily sterilized using such methods as steam, radiation, or ethylene oxide. The two main applications for medically approved PVC compounds are flexible containers and tubing.

Disposable medical devices – The largest application market for medical plastics

Disposable medical devices can be disposed or can be thrown away once they are used. Medical devices such as contact lenses, hypodermic needles, disposable enemas, dialysis disposables, medical and cleaning gloves, and other medical products are considered in this segment. Among the major disposable medical devices, dialysis disposables witness the fastest growth rate globally, because of increasing end-stage kidney disorders and high frequency of therapeutic requirements. Polymers such as silicone hydrogel, polyethylene, polystyrene, epoxy resins, and polypropylene are used for manufacturing disposable medical devices.

The demand for disposable medical devices is more in the emerging economies as the health care sector in these economies has expanded and modernized. Abbott Laboratories (U.S.), Access Closure (U.S.), Advanced Medical Solutions Group plc (U.K.), Lohmann & Rauscher GmbH & Company KG (Germany), Medline Industries Incorporated (U.S.), and Medtronic Incorporated (Ireland) are some of the notable companies that are operating in the disposable medical devices market.

Europe – The largest market for medical plastics

The European Union has a positive outlook for the medical industry. The emerging technology in the region has allowed it to produce better quality medical devices. The demand for medical devices has been increasing owing to rising awareness for early diagnosis and treatment of countless diseases in European countries. The medical device manufacturers are attracted towards Europe, as it is easy to get fast approvals and the regulatory bodies are flexible. This acts as a great advantage for the manufacturers because this reduces the launch time of the device. Thus, Europe is witnessing a large number of acquisitions and expansions in the medical and healthcare industry.

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The companies such as Phillips-Medisize Corporation (U.S.), Freudenberg Medical (U.S.), Nolato AB (Sweden), Röchling Engineering Plastics (Germany), and West Pharmaceutical Services, Inc. (U.S.), are the dominant market players in the global market. The diverse product portfolio and strategically positioned R&D centers, continuous adoption of development strategies, and technological advancements are few factors that are responsible for strengthening the market position of these companies in market. They have been adopting various organic and inorganic growth strategies such as expansion, merger & acquisition, partnership, new product launch & product development to enhance the current market scenario of medical plastics. This would help the medical plastics market to evolve in further applications which would in turn help them to expand their global reach.

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