A study published by Polaris Market Research claims that the global medical plastics market is predicted to reach over USD 37.5 billion by 2026, growing at a Compound Annual Growth Rate (CAGR) of 6.1%.
North America
The report suggests that North America will be the key revenue contributor during the forecast period, and lists key reasons for this growth as the increasing geriatric population and their demand for services, rising home healthcare services, and the surge in demand for minimally invasive procedures and technological advancements. The price of plastics such as polyvinyl chloride, polyethylene, polypropylene and polystyrene also plays a key role.
What impact does the government have on the sector?
The government heavily impacts the popularity of plastics through its promotion of quality healthcare services, as well as its rules which can sometimes hinder the growth of the plastics market.
As technology and healthcare develops, does plastic still play a key role?
The industry is characterised by multiple technological gains that result in an increase in the manufacture of advanced plastics in the market. High production volumes combined with the ease of availability of medical plastics are expected to help increase the popularity of the material.
Plastics role within implants will also have a positive impact on the medical plastics industry. This is due to high disposable incomes, and an increasing interest in surgical procedures such as cosmetic dentistry.
China
As well as America, China is projected to experience a substantial growth for the sector over the forecast period. This is thought to be because of high healthcare costs and the growing incidence of diseases. The increasing aged population in China is also a contributor to industry growth.
Key industry players
The report claims there are many key players within the medical plastics market and this includes but is not limited to: DuPont, HMC Polymers, Specialty Silicone Fabricators, Trinseo, GW Plastics, Eastman Chemical Company, Dow Chemical Company, Orthoplastics and Saint Gobain Performance Plastics.