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The medical plastics market, measured in sales or resin volume,
will grow in the neighborhood of five - seven percent a year for the
next several years, according to several sources and studies. Although
it will not be a business without challenges, consolidation of medical
device makers and price pressures will continue to squeeze the industry.
Generally, advances in medical technology will keep pushing growth.
and studies conducted in the U.S. are modestly optimistic. The U.S.
medical device plastic component market, which generates sales of
about $two billion a year, is growing at about seven percent a year,
according to projections from Dow Chemical Co. of Midland, Mich. Resin
consumption in the total U.S. medical market will grow 5.8 percent
a year through 2004, says a study from Business Communications Co.
Inc. And, Cleveland-based Freedonia Group Inc. predicts 5.3 percent
annual growth in the same period for disposable medical products,
which include significant plastic applications. However price deflation
may cause producers of of disposable medical products to reduce the
thickness of parts, or try to substitute cheaper materials. A Freedonia
study of pharmaceutical packaging predicted annual growth under four
percent through 2004, less than overall projections for medical disposables.
A trend cited by several sources is the miniaturization of medical
technology.
Miniaturization of components is one of the things that will really
push the markets. Small to micro molding is finally going to start
seeing some growth. Increased use of electronics in medical devices
as a way to automate and save labor is also seen. For example, electronics
put into an IV can regulate fluid delivery. Freedonia's study said
the fastest-growing segment of medical disposables will be home health
care, growing 9.4 percent a year through 2004. Commodity markets are
probably growing four percent a year, while new devices are growing
faster. Medical devices are also expected to get more ergonomic and
there is a trend toward streamlining design such as more rounded corners
in the medical area. More companies are trying to make their products
more appealing to doctors. The health-care industry will offer more
products with finer lines, curves and more ergonomic designs. Design
issues will have to be paid more attention since about 70 percent
of a product's final cost is determined in the design phase.
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