The global medical plastic compounds market size is expected to reach US$80.40 bln by 2025, according to a new report by Grand View Research, Inc, at a CAGR of 5.2% during the forecast period. Increasing ageing population in economies such as China, India, Germany, and Austria is projected to remain a key driving factor. Growing demand for healthcare facilities and services coupled with government initiatives and support towards healthcare is projected to have a positive impact on the market growth. Increasing aging population in countries, such as Germany, Belgium, Austria, Denmark, and Japan is anticipated to prompt growth of the medical plastic compounds market. Increasing use of medical devices such as MRI, X-ray, robotic dispensing systems, and apheresis machines would further drive the demand over the forecast period.
Polyethylene was the second largest product segment, in terms of volume and accounted for over 18% market share in terms of revenue in 2017. Increasing usage of polyethylene for manufacturing surgical cables, artificial tendons, orthopedic sutures, and tubing is anticipated to compliment demand.
Asia Pacific is expected to remain the fastest growing regional market with projected CAGR of 5.8% in terms revenue from 2016 to 2025. Developing healthcare infrastructure and rising disposable income in countries, such as China, India, and Japan is projected to propel the growth.
Drug delivery system is anticipated to register a CAGR of 5.4% in terms of revenue over the forecast period. Polymers are widely used in drug delivery system to enhance drug stability and to disguise the unpleasant taste of the drugs.
Plastics have found a wide scope of usage in medical and healthcare industry owing to superior properties of the product, such as non-magnetism, impermeability, durability, and sustainability. Radiation resistance of this plastic would offer lucrative growth opportunities and new avenue for the manufacturers. Surging demand for medical device plastics in applications, including surgical instruments, catheters, disposables, bags, implants, and drug delivery systems is anticipated to drive the demand. Rising R&D spending to produce bio-based plastics with superior properties, such as better quality and minimal health hazards is expected to further boost the medical plastic compounds market over the forecast period. Stringent regulations associated with manufacturing and disposal of waste is expected to offer lucrative growth opportunities to the key players. Manufacturers are coming up with various innovative ideas to improve durability and quality and to reduce the cost of devices.