The global medical plastics market is projected to reach USD 54.29 billion by 2027, exhibiting a CAGR of 7.1% during the forecast period. The sharp increase in demand for personal protective equipment (PPE) globally is expected to drive the adoption of medical plastics, according to Fortune Business Insights™ in its report, titled “Medical Plastics Market Size, Share & COVID-19 Impact Analysis, By Application (Medical Disposables, Medical Instruments, Prosthetics & Implants, Drugs Packaging, and Others), and Regional Forecast, 2020-2027”. PPE, which is made from plastics and other polymers, has seen a surge in demand due to the ongoing COVID-19 pandemic, particularly among frontline health workers around the world.
Eastman Chemical Company (United States)
GW Plastics (United States)
Solvay (Belgium)
Evonik (Germany)
Celanese Corporation (United States)
Nolato AB (Sweden)
Röchling (Germany)
Covestro AG (Germany)
BASF SE (Germany)
SABIC (Saudi Arabia)
In Texas, for instance, the demand for PPE from healthcare facilities skyrocketed from fewer than 2,000 requests in the third week of June to over 22,000 in the last week of the same month. In India, the Apparel Export Promotion Council (AEPC) predicts that domestic PPE demand will be worth INR 10,000 crore in the next year, while globally, the market is expected to reach approximately USD 60 billion. Consequently, the COVID-19 pandemic is anticipated to significantly benefit this market in the near future.
The report highlights that the global market value was USD 29.93 billion in 2019 and addresses the following questions:
What are the primary growth drivers for this market?
What challenges does the market face?
What are the top market trends and upcoming opportunities?
Who are the major players and what are their key strategies?
Which regions hold the most promise for the market?
Market Driver:
Postponement of EU MDR to Support Medical Plastics Market Growth
The European Medical Device Regulation (EU MDR) comprises updated regulations designed to oversee the production and distribution of medical devices in Europe. These new regulations adopt a life-cycle approach to medical devices, considering the continent's rapidly aging population. The rationale is that the risk of malfunctions and accidents with medical devices used for aging people is higher than normal. Initially, the EU MDR was expected to cause significant disruption in the European medical plastics industry. However, due to the ongoing coronavirus pandemic, the European Parliament has delayed the enactment of these regulations to May 2021, allowing companies to focus on the production of medical devices needed to combat the pandemic. This decision is thus favorable for the market.
Regional Insights:
Changing Dynamics of Health Industry in Asia Pacific to Fuel Market Growth
Asia Pacific is expected to dominate the medical plastics market share in the coming years due to evolving healthcare industry dynamics and preferences. Increased awareness about sanitation and hygiene in healthcare facilities in India and China is driving the adoption of advanced medical plastics in the region.
In North America, where the market size was USD 5.36 billion in 2019, the market is anticipated to benefit from high healthcare spending and robust R&D infrastructure for medical research. The European market is also projected to grow considerably, supported by favorable government policies that promote the use of these plastics, particularly during the current pandemic.
Source: https://www.fortunebusinessinsights.com/medical-plastics-market-102136
Competitive Landscape:
Prioritization of COVID-19 Response to be Central Focus for Key Players
As the coronavirus continues to impact the global health landscape, leading companies in the medical plastics market size are focusing on responding to this unprecedented health crisis. Many companies are increasing their production to supply essential equipment for frontline health workers, while others are boosting their R&D investments to develop innovative solutions for the healthcare industry.