Medical Plastics Market to Garner $37.2 Billion, Globally, By 2027 at 5.6% CAGR, Says Allied Market Research

- Robust investment in healthcare, increase in the aging population, and change in consumer lifestyle drive the growth of the global medical plastics market.

News provided by

Allied Market Research

Mar 10, 2021, 08:00 ET

PORTLAND, Ore., March 10, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Medical Plastics Market by Type (Polyvinyl Chloride (PVC), Polypropylene (PP), Engineering Plastics, Polyethylene (PE), Polystyrene (PS), Silicones, and Other), Application (Disposables, Drug Delivery Devices, Diagnostic Instruments, Catheters, Surgical Instruments, and Others): Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global medical plastics industry generated $24.1 billion in 2019, and is expected to garner $37.2 billion by 2027, witnessing a CAGR of 5.6% from 2020 to 2027.

Prime determinants of growth

Robust investment in healthcare, increase in the aging population, and change in consumer lifestyle drive the growth of the global medical plastics market. However, variations in global fuel price and presence of toxic elements hinder the market growth. On the other hand, rise in demand for bioplastics in the medical sector presents new opportunities in the coming years.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/5854

Covid-19 Scenario

There has been a considerable increase in demand for exam gowns, face masks, and gloves. In addition, the preferences shifted to utilization of disposable masks and gloves as safety tools, which in turn, impacted the demand for medical plastics.
The extended lockdown lowered down the speed of production of medical plastics along with hindering cross-border export and import activities. Owing to these restrictions, different countries focused on strengthening their domestic supply chains to cater to rise in demand.
Many automotive and manufacturing companies undertook the task of producing disposable plastics for medical equipment. This is expected to cater to the domestic demand.

The polyvinyl chloride (PVC) segment to maintain its leadership status during the forecast period

Based on type, the polyvinyl chloride (PVC) segment accounted for nearly one-third of the global medical plastics market in 2019, and is expected to maintain its leadership status during the forecast period. This is attributed to rise in demand for various transparent and cost-effective medical plastics. However, the polypropylene (PP) segment is expected to witness the highest CAGR of 7.6% from 2020 to 2027. This is due to increase in demand for diverse steam-sterilized devices.

Get Detailed COVID-19 Impact Analysis on the Medical Plastics Market @ https://www.alliedmarketresearch.com/request-for-customization/5854?reqfor=covid

The disposables segment to maintain its lead position by 2027

Based on application, the disposables segment contributed to the highest share, holding more than one-fourth of the global medical plastics market in 2019, and is estimated to maintain its lead position by 2027. This is attributed to surge in demand for plastic surgeries and orthopedic applications. However, the surgical instruments segment is expected to portray the largest CAGR of 7.3% during the forecast period. This is due to increase in the aging population and rise in disposable income in countries like U.S. and Canada.

Asia-Pacific, followed by Europe and North America, to maintain its dominance by 2027

Based on region, Asia-Pacific, followed by Europe and North America, accounted for the largest market share in terms of revenue in 2019, holding nearly half of the global medical plastics market, and will maintain its dominance throughout the forecast period. Moreover, this region is projected to manifest the fastest CAGR of 6.0% from 2020 to 2027. This is due to expansion of production capacities in countries such as India, China, and South Korea.

Leading Market Players

Arkema S.A.
BASF SE
Celanese Corporation
Solvay SA
Covestro AG
Sabic
Evonik Industries AG
Ensinger
DSM
Lubrizol Corporation

Interested in Procuring This Report? Visit Here: https://www.alliedmarketresearch.com/medical-plastics-market/purchase-options

Avenue Basic Plan | Library Access | 1 Year Subscription |

Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.

Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter

Get more information: https://www.alliedmarketresearch.com/library-access

Plastic Coatings Market: Global Opportunity Analysis and Industry Forecast 2020-2027

Plastic Compounding Market: Global Opportunity Analysis and Industry Forecast, 2019–2026

Reinforced Plastics Market: Global Opportunity Analysis and Industry Forecast 2020–2027

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Contact
David Correa
5933 NE Win Sivers Drive#205
Portland, OR 97220
United States
Toll Free: 1-800-792-528
5UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter