New report highlights promising prospects for plastics

A Plastics Market Watch report titled, 'Watching: Plastics’ Contribution to Healthcare' by the Plastics Industry Association (PLASTICS) has been released.

Plastics have become a dominant material in health for patient care, innovation, safety and affordability following their introduction into the healthcare sector 70 years ago. The report states that medical equipment and supplies production were projected to increase 3.7% year over year in the second quarter of 2019 and 4.8% in the first quarter of the year.

From machine manufacturers and resin companies to moulders and processors, the plastics industry is now fully engaged with the healthcare sector. There is also a greater understanding of the role plastics and polymers can play in medicine and healthcare. The report demonstrates a growing demand for plastics in a number of healthcare sectors including pharmaceuticals, surgical equipment and tools, vision/dental/hearing and research laboratories.

Tony Radoszewski, PLASTICS president and CEO commented: “This report is significant in that it highlights the advances plastics machinery manufacturers have made with medicine, how our moulding and extruder equipment are on the frontlines of healthcare innovation.”

“Plastic is vital to supporting pharmaceutical advances, new medical equipment development and public health initiatives.”

The National Institutes of Health and National Library of Medicine have highlighted the vital role of plastics in human health, and it is also worth noting how the material also helps control costs which is a priority of all healthcare participants. Costs can be lowered through reducing infection, the costs of supplies and materials or improving the lifecycle of a medical device.

PLASTICS Chief Economist Perc Pineda added: “Since the demand for healthcare is fairly inelastic (not sensitive to price changes compared to other products and services) we expect that spending on healthcare will rise, particularly as population ages. Since plastic is an essential material in medical devices, equipment and supplies, the prospects for companies throughout the plastics industry supply chain remains promising.”

The Market Watch report explains how some of the greatest medical innovations in the past 50 years have been shaped, interconnected, moulded and encased with plastics. Emerging innovation reportedly includes the Internet of Medical Things (IoMT) and wearable or implanted medical devices as well as personalised medical equipment.

You can download the full report here.