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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.

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