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Increasing Ageing Population To Drive Global Medical Plastic Compounds Market
Past US$80 Bln By 2025
The global medical plastic compounds market size is
expected to reach US$80.40 bln by 2025, according to a new report by Grand View
Research, Inc, at a CAGR of 5.2% during the forecast period. Increasing ageing
population in economies such as China, India, Germany, and Austria is projected
to remain a key driving factor. Growing demand for healthcare facilities and
services coupled with government initiatives and support towards healthcare is
projected to have a positive impact on the market growth. Increasing aging
population in countries, such as Germany, Belgium, Austria, Denmark, and Japan
is anticipated to prompt growth of the medical plastic compounds market.
Increasing use of medical devices such as MRI, X-ray, robotic dispensing
systems, and apheresis machines would further drive the demand over the forecast
period.
Polyethylene was the second largest product segment,
in terms of volume and accounted for over 18% market share in terms of revenue
in 2017. Increasing usage of polyethylene for manufacturing surgical cables,
artificial tendons, orthopedic sutures, and tubing is anticipated to compliment
demand.
Asia Pacific is expected to remain the fastest
growing regional market with projected CAGR of 5.8% in terms revenue from 2016
to 2025. Developing healthcare infrastructure and rising disposable income in
countries, such as China, India, and Japan is projected to propel the growth.
Drug delivery system is anticipated to register a
CAGR of 5.4% in terms of revenue over the forecast period. Polymers are widely
used in drug delivery system to enhance drug stability and to disguise the
unpleasant taste of the drugs.
Plastics have found a wide scope of usage in medical
and healthcare industry owing to superior properties of the product, such as
non-magnetism, impermeability, durability, and sustainability. Radiation
resistance of this plastic would offer lucrative growth opportunities and new
avenue for the manufacturers. Surging demand for medical device plastics in
applications, including surgical instruments, catheters, disposables, bags,
implants, and drug delivery systems is anticipated to drive the demand. Rising
R&D spending to produce bio-based plastics with superior properties, such as
better quality and minimal health hazards is expected to further boost the
medical plastic compounds market over the forecast period. Stringent regulations
associated with manufacturing and disposal of waste is expected to offer
lucrative growth opportunities to the key players. Manufacturers are coming up
with various innovative ideas to improve durability and quality and to reduce
the cost of devices.
http://www.plastemart.com/news-plastics-information/increasing-ageing-population-to-drive-global-medical-plastic-compounds-market-past-us$80-bln-by-2025/52290
(06-Jul-19).
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