The North America Medical plastic market was valued at US$ 7,893.8 million in 2019 and is projected to reach US$ 14,249.6 million by 2027; it is expected to grow at a CAGR of 7.7% during the forecast period. Factors driving the market growth advantages of using medical plastic and growing demand from packaged and processed food industry. However, the availability of substitutes is likely to have a negative impact on the market growth.
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Major Companies and Sources
Key players in the North America medical plastic market include:
Celanese Corporation
Eastman Chemical Company
GW Plastics
Orthoplastics Limited
Aran Biomedical
Röchling
SABIC
Saint-Gobain
Solvay
Dow
Market Introduction
Medical plastics are composed of a wide range of macromolecules used to manufacture durable and safe instruments for the healthcare industry. These materials are highly resilient, flexible, and cost-effective, contributing to their widespread adoption. The performance, sterility, and quality of medical plastics play a crucial role in driving market growth. These plastics are utilized in various applications, including diagnostic instruments, implants, disposables, drug delivery devices, surgical tools, syringes, and catheters.
As the global population continues to grow, the prevalence of diseases and infections is also increasing. The rising geriatric population further fuels the expansion of the healthcare sector. Additionally, medical plastics are extensively used in prosthetics, providing life-changing solutions for individuals with physical disabilities.
Key Market Segments
By Type:
Standard Plastic (largest market share in North America, 2019)
Engineering Plastic
High-Performance Plastic (HPP)
Silicone
Others
By Application:
Medical Disposables
Prosthetics
Medical Instruments and Tools (largest market share by 2027)
Drug Delivery
Others
By Country:
United States
Canada
Mexico
Impact of COVID-19 on the Medical Plastic Market
The COVID-19 pandemic significantly impacted the medical plastic market in North America. Italy, one of the hardest-hit countries, experienced severe economic setbacks due to disruptions across various industries. Travel restrictions and border closures imposed by other nations also contributed to market fluctuations. These factors are expected to influence the growth trajectory of the medical plastic industry in the region.
Reasons to Buy This Report
Gain insights into the medical plastic market landscape and identify high-return market segments.
Stay ahead of industry trends by understanding the evolving competitive landscape.
Strategically plan mergers, acquisitions, and partnerships by identifying the most promising market segments.
Make informed business decisions based on a detailed analysis of market performance across various segments.
Access revenue forecasts for different market segments from 2018 to 2027.
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About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications
Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights