Medical Plastics Market-Numerous Features of the material makes it Popular among Medical Devices Manufacturers: TMR

- Medical plastics market is expected to weave a strong growth web during 2020 to 2030. This growth can be attributed to increased use of medical plastics in numerous devices due to their environmental-friendly, cost-effective, and highly flexible nature.

- On regional front, North America is dominant region of the market.

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Transparency Market Research

Feb 18, 2021, 09:30 ET

ALBANY, N.Y., Feb. 18, 2021 /PRNewswire/ -- Medical plastics refer to a polymers type. It is widely accepted product in the worldwide health care sector. Engineering plastics, PE, PVC, PS, PP, and silicone are some of the product types available in the market.

A latest study released by Transparency Market Research points out that the global medical plastics market is projected to expand at 7.2% CAGR during forecast period 2019–2027. With this growth rate, the market is likely to be valued at US$15.4 Bn by 2027.

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Medical Plastics Market: Major Takeaways

Expansion of Worldwide Healthcare Sector Fuels Demand Opportunities in Medical Plastics Market

Medical plastics are extensively used in the production of a wide range of healthcare products including dental tools, catheters and syringes, drug delivery devices, diagnostic instruments, medical bags, surgical instruments, and implants. Thus, the expansion of worldwide healthcare sector is likely to boost the demand for all these devices. This scenario highlights that the global medical plastics market will experience growth at decent pace in the years to come.

Recyclability: Key Feature Fueling Adoption of Medical Plastics

Medical plastics are recyclable. This is one of the key factors encouraging medical device manufacturers to use medical plastics in their production activities. As a result, the companies engaged in the medical plastics market are experiencing promising sales opportunities.

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Medical Plastics Market: Growth Boosters

The manufacturers in the medical plastics are gaining promising sales avenues. Some of the key factors driving this scenario include the cost-effectiveness, versatility, and safety of these medical-grade plastics.
In recent few years, the manufacturing companies engaged in healthcare sector are growing incorporation of high technology polymers in the production of devices, which are used in the management of a wide range of health issues. This aside, many enterprises are focused using plastics in place of titanium/stainless steel metals for the production of various medical devices including medical tubing. This scenario suggests that the global medical plastics market will expand at promising pace in the years to come.
In recent period, the healthcare professionals across the globe are growing inclination toward the use of disposable medical products, which are manufactured medical plastics. The list of disposable medical products manufactured using medical plastics includes inhalation masks, bed pans, and IV tubes. Thus, growing demand for all these products is likely to boost the market growth in the years to come.
Various medical products such as surgical wraps, tools, examination gloves, and irrigation bottles manufactured using medical plastics can be sterilized. The sterilization allows the reuse of all these products. Thus, increased use of all these products in healthcare sector is projected to fuel sales opportunities in the medical plastics market in the upcoming years.
Medical plastics are light in weight. As a result, they are increasingly used in the production of artificial cornea, orthopedic devices, thin tubes called catheters, and hearing aids. Therefore, increased demand for these products is likely to push the medical plastics market growth throughout tenure of 2020 to 2030.

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Medical Plastics Market: Well-Established Participants

The medical plastics market experiences presence of many well-entrenched players. As a result, the competitive landscape of this market seems to be highly intense. Some of the key players in this market are:

BASF SE
Exxon Mobil Corporation
Evonik Industries AG
Dow DuPont
Celanese Corporation
Arkema S.A.
Solvay
The Lubrizol Corporation

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