|Medical Plastic Compounds Market Size to Surpass US$ 79.56 Bn by 2027|
|By GLOBE NEWSWIRE|
|Tuesday, 18 May 2021 13:00|
OTTAWA, May 18, 2021 (GLOBE NEWSWIRE)
OTTAWA, May 18, 2021 (GLOBE NEWSWIRE) -- Medical plastic compounds refer to those polymers that are largely used in the manufacturing of medical devices because of their low cost and weight as compared to their counterparts. Disposable syringes, heart valves, and intravenous blood bags are manufactured using plastic compounds. Major application of medical plastics is in the production of personal protection equipment (PPE) kits that are registering prominent demand in recent times.
Previously, glass, metals, and ceramics were used in the production of medical devices and implants. On the other hand, presently, plastic compounds are the largely preferred material by the manufacturers of medical devices because it is lighter in weight and offers superior biocompatibility as well as lower cost.
Medical devices that can be implanted in a human body are prominently used by the ageing population having lower immunity. Italy, Japan, Germany, Portugal, and other developed countries such as the U.S. have significant population base of geriatric people. As per the World Health Organization (WHO) report, around 2 Billion people across the globe are predicted to be above 60 year of age by the end of year 2050, three times of the geriatric population in 2000. Medical advancements and high-end treatment facilities in the developed regions are the major factors behind the prominent growth of geriatric population in these regions. This in turn has also increases the healthcare budget of the country coupled with the demand for the implantable medical devices. Hence, the aforementioned factors are likely to augment the market size for medical plastic compounds in these countries.
Besides this, the outbreak of coronavirus has prompted governments of several regions to increase their investment in the healthcare sector along with developed medical infrastructure in order to protect their citizens from the upcoming uncertainties in the near future. Further, this outbreak of COVID-19has significantly surged the demand for PPE kits that further expected to boost the market growth for medical plastic compounds in the near future. Polypropylene plastics are largely utilized for the manufacturing of face shields, goggles, gloves, masks, head covers, coveralls or gowns, and shoe covers in accordance to minimize the risk of contamination. In addition to this, the shortage of these PPE kits across the globe has drastically uplifted the demand for medical grade plastics.
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North America is the front-runner in the medical plastic compounds industry owing to significant base of geriatric population along with high prevalence of lifestyle-oriented diseases such as diabetes, high blood pressure, and cancer. Apart from this, the region is highly impacted by the outbreak of COVID-19 that has significantly boosted the demand for PPE kits in the region and thus prospering the demand for the medical grade plastics in the region.
However, the Asia Pacific seeks lucrative growth over the upcoming years due to notable investment policies by the government in the healthcare sector in order to improvise their facilities and reduce the cost of hospital stay. This has also increased the consumer focus towards home healthcare kits and devices.
Key Players & Strategies
The global industry for medical plastic compounds is highly lucrative because of enormous opportunities offered by the advanced bio-based and environment-friendly medical grade plastic compounds. The market players are significantly grabbing this opportunity and focusing towards the expansion of their production capacity to capture major market share and customers. For instance, Baxter International Inc. announced to expand its production capacity of components for disposable medical devices in Mountain Home, Arkansas.
Some of the key players operating in the market are Nolato AB, Freudenberg Medical LLC, Rochling Group, GW Plastics Inc., MedPlast Inc., Phillips Medisisze Corporation, C&J Industries Inc., Tekni-Plex, Inc., Pexco LLC, and Medical Plastic Devices Inc. among others.
By Regional Outlook
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