Plastic Market - Trends and Forecast by 2024
The Europe medical plastic market
is expected to reach USD 4.84 billion by 2024, according to a new report by
Grand View Research, Inc. Growing demand for medical plastics in applications
such as disposables, surgical instruments, diagnostic components, implants, and
orthopedics is expected to drive demand. Rising demand for healthcare services
and facilities coupled with increasing government support to the medical
industry in the Europe is expected to have a positive impact on the industry
Rising R&D expenditure related to
the manufacture of biocompatible medical plastics with superior quality, low
cost, and minimal health hazards is anticipated to propel demand. However,
stringent regulatory scenario associated with the medical device manufacturing
and waste disposal are anticipated to be key challenges for the industry in the
Europe medical plastic industry
is highly competitive and fragmented owing to the presence of numerous players.
Manufacturers are coming up with various innovative technologies in order to
reduce cost and improve product quality and durability. Price volatility of the
feedstock and stringent government regulations associated with the medical
device manufacturing are expected to be the key factors affecting the industry
growth. Competition in the medical plastic market is likely to help consumers in
terms of cost, quality and product innovation. Cost competitiveness and product
quality are anticipated to be the key factors influencing buyer power decision.
High production volumes and ease of availability of the product is expected to
propel demand over the projected period.
Polyethylene was the largest
product segment for Europe medical plastic industry in terms of volume in 2015
and is expected to grow at a CAGR of over 5% from 2016 to 2024. Rising demand
for the product for manufacturing artificial tendons, surgical cables, tubing
and orthopedic sutures is expected to drive growth.
Disposable was the key
application segment for the industry, accounting for 25% of the total market in
2015 and this trend is expected to continue over the forecast period. Growing
demand for devices such as disposable enemas, cleaning gloves, contact lenses,
hypodermic needles and Dialysis disposables is anticipated to drive demand for
various plastic materials such as PVC, silicones, and PE.
In the UK, demand for silicon for
surgical instrument manufacturing was valued over 3 million in 2015 and is
expected to grow at a CAGR of over 5% over the projected period. Silicone
furnishes medical device manufacturers with numerous choices for improvement of
new items. Rising demand for silicone in surgical instrument manufacturing owing
to its biocompatibility, bioinactivity, and superior physical properties is
expected to have a positive impact on the industry growth.
Engineering plastics demand for
implants in France was valued over USD 6 million in 2015 and is expected to grow
at a CAGR of over 7%, from 2016 to 2024.
Polyetheretherketone (PEEK), an
engineered plastic material finds wide application scope in the implants.
Biocompatibility, strength, and inertness offered by the product is expected to
open new avenues for the market growth over the forecast period.
Germany is a key market for the
medical plastic industry in the Europe and is expected to grow at a CAGR of over
5% from 2016 to 2024. The country is one of the leading business locations for
medical technology in the world. The manufacturers in country invest over 9% of
their total income in the R&D and product innovation, which is likely to open
new avenues for the industry growth over the projected period.
Key players in the industry
include Rochling Group, Nolato AB, GW Plastics, Saint-Gobain Performance
Plastics Corporation, Orthoplastics Ltd., Eastman Chemical Company, Celanese
Corporation, The Dow Chemical company and Tekni-Plex.
For more details : Orbis Research
(orbisresearch.com ) - Hector Costello , Senior Manager – Client Engagements ,
4144N Central Expressway, Suite 600, Dallas, Texas–75204, U.S.A. P.N.
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