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Medical
Plastics Market worth 21.06 Billion USD by 2022
As per the recent study on “
Medical Plastics Market “ by Type (PVC, PP, Engg, Plastics, PE, PS, Silicones),
Application (Implants, Disposables, Drug Delivery Devices, Syringes, Diagnostic
Instruments, Catheters, Surgical Instruments), and Region - Global Forecast to
2022 the medical plastics market is projected to grow from USD 13.85 Billion in
2016 to USD 21.06 Billion by 2022, at a CAGR of 7.3% . This growth can be
attributed to the aging population, increasing demand for existing and new
medical technologies, and growing application globally. New product launches and
agreements & joint ventures undertaken by the players operating in the market
are expected to fuel market growth.
The Highlights of the study are
as follows :
Polyvinyl Chloride was the
largest type segment of the medical plastics market in 2016.
PVC is the third most widely
produced synthetic plastic polymer after polyethylene and polypropylene. The
demand for PVC is high, as PVC is compatible with different kinds of additives
that make it a versatile polymer and thus, is suitable for use in the
manufacturing of medical plastics. PVC is widely used in the manufacturing of
Class I medical devices. Medical devices manufactured using PVC can be easily
sterilized using methods such as steam, radiation, or ethylene oxide. The two
main applications of medically approved PVC compounds are flexible containers
and tubing.
Disposables is the largest
application segment of the medical plastics market.
Disposable medical devices can be
disposed of once they are used. Medical devices such as contact lenses,
hypodermic needles, disposable enemas, dialysis disposables, medical and
cleaning gloves, and other medical products have been considered under this
segment. Among the major disposable medical devices, the dialysis disposables
sub segment is expected to witness the fastest growth rate globally, due to the
increasing end stage kidney disorder cases and high frequency of therapeutic
requirements. Polymers such as silicone hydrogel, polyethylene, polystyrene,
epoxy resins, and polypropylene are used for manufacturing disposable medical
devices.
Asia-Pacific was the largest
market for medical plastics in 2016.
Asia-Pacific was the largest
market for medical plastics in 2016. Emerging technologies such as minimally
invasive medical procedures in the region have allowed it to produce better
quality medical devices. The demand for medical devices has been increasing,
owing to the rising awareness of early diagnosis and treatment of countless
diseases in the Asia-Pacific countries.
Major players such as Lubrizol (U.S.) have adopted developmental strategies such
as expansions, agreements & collaborations, and new product developments to grow
in the medical plastics market.
(Ref :
http://www.marketsandmarkets.com/PressReleases/medical-plastics.asp)
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