Medical plastics’ demand to hasten growth: report
Frost & Sullivan’s recent analysis, Transformative Mega Trends Power the Global Medical Plastics Market, finds that the surge in demand for medical plastics will drive the industry.
The market is segmented by plastic type; commodity thermoplastics, engineering thermoplastics, and other plastics, and is estimated to garner a revenue of $29.93 billion by 2027 from $19.95 billion in 2020, up at a compound annual growth rate of six per cent.
“Unlike traditional materials, plastics are highly flexible and can be easily molded into endless products and complex shapes while maintaining the structural integrity of the end products. Due to this, the penetration of plastic-based medical components in the healthcare industry is on the rise,” said Sayantan Sengupta, Chemicals, Materials and Foods Research Analyst, Frost & Sullivan. “With an increasing push toward miniaturization, the healthcare industry is expected to witness increasing utilization of plastic-based micro-components for minimally invasive surgeries, robotic surgery devices, electro-medical devices, short-term implants, pump friction bearings, portable diagnostic machines, and home monitoring devices.”
To retain their position in the supply chain, medical plastic manufacturers need to focus on; continuous demand for cost-effective medical plastics in developing economies; inorganic growth strategies and value-driven pricing approach for developed and developing economies; and investment in high-quality medical plastics for the developed world.
“Both by value and volume, commodity thermoplastics, including polyolefins, polyvinyl chloride, polyethylene terephthalate, and polystyrene will have the highest share in the global medical plastics market over the forecast period,” said Sengupta. “Further, to address the COVID-19-induced supply chain disruptions and reduce the dependency on Chinese imports, countries located in the Middle East, Africa, and South Asia, Asia-Pacific, and Latin America will focus on expanding domestic production capabilities for medical devices, equipment, instruments, and other medical supplies. The mature markets of North America and Europe focus on acquiring sustainable value-added medical plastics while providing improved performance across diverse domains.”