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Medical Plastics Market to Reach $33.51 billion by 2025
posted on Sep 4, 2019
From prosthetic parts to heart valves, syringes, gloves, surgical equipment, and MRI casings, plastics have played a huge role in revolutionizing the medical industry. They have time and again proven to meet the advancements of the medical industry and adapt to its dynamic nature. For instance, plastics are used to produce numerous disposable medical devices that thrive in mitigating contamination. The sterility accompanied by cost-effectiveness and performance is significantly contributing to the growth of the market.
According to a research study, the global medical plastics market is anticipated to reach $33.51 billion at a CAGR of 6.1% by 2025. The market is segmented by applications and types. Listed below is the market divided into types.
Due to the multipurpose nature and chemical solidity, the PVC sector is predicted to be the biggest segment in the upcoming years. The polyethylene segment is also anticipated to grow owing to its demand in orthopedic sutures, surgical cables, and tubing. Another reason for market growth is the rising need to upgrade to various infection prevention standards combined with the hospital, surgical and outpatient procedures.
There has been a rising demand for medical equipment with a better shelf life and disposable sterilized instruments. Furthermore, the increasing need for advanced prosthetic and non-magnetic instruments around devices like the MRI are driving the market. The rising need for medical devices at economical prices is also fueling market growth. The market is also witnessing a noteworthy boost due to an increasing number of insured individuals.
Moving onto the application, the global market is divided into implants, syringes, diagnostic instruments, catheters, and disposables. Due to the growing demand for medical instruments such as cleaning gloves, dialysis disposables, and disposable enemas, the disposable segment is bound to witness a substantial boost in the next few years.
The North American market is expected to witness a market surge owing to the rising number of insured people and the growing demand for medical devices. The Asia-Pacific region, on the other hand, is anticipated to dominate the market. This is owing to the early analysis and treatment of illnesses accompanied by developing technologies to create improved medical equipment.