Global Medical Plastics Market Overview: —
Medical Plastics are used to manufacture safe and reliable devices in the medical industry. These are composed of a significant number of macromolecules and are highly flexible, durable, as well as cost-effective. Confidence in the quality, sterility, and performance of Medical Plastics has influenced a positive ascension in the growth chart of the Global Medical Plastics Market through the forecast period. Owing to this, the application of Medical Plastics can be found in many applications such as disposables, drug delivery devices, syringes, implants, catheters, surgical instruments, and diagnostic instruments.
As per the MRFR analysis published in the form of a market research report, the Global Medical Plastics Market is anticipated to exhibit a significant CAGR through the forecast period of 2017-2023. Ascension in the Medical Plastics Market is also caused by the burgeoning demand and consumption of medical devices. Further, enforcement and upgradations in many infection prevention standards have led to favorable government regulations, which are directly impacting the use of Medical Plastics positively.
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Furthermore, a growing number of insurance policies sold has led to a rise in the expectations of better healthcare services. This growth has pushed the demand for medical plastics to a great extent. Mounting prevalence of geriatric population has confirmed an intensifying need for the availability of medical attention around the clock, contributing to the growth of the global medical plastics market through the forecast period.
Röchling Group (Germany), The Lubrizol Corporation (U.S.), Eastman Chemical Company (U.S.), The Dow Chemical Company.(U.S.), Saint-Gobain Performance Plastics (France), Solvay (Belgium), BASF SE(Germany), NUSIL(U.S.), Tekni-Plex (U.S.), and Celanese Corporation (U.S.) are some of the most prominent market players profiled in the report.
June 2019: The Korea Research Foundation announced that a research team from Seoul National University has developed a bio transplantation device that delivers medicine using infrared radiation. The research team has developed a system where medicine containers can be transplanted into the skin, with the drug released one after another using near-infrared radiation.
The Global Medical Plastics Market is segmented on the basis of Type, Application, and Region. The Global Medical Plastics Market is segmented into polyvinyl chloride, engineering, polypropylene, plastics, polyethylene, polystyrene, and silicones on the basis of Type. The polyvinyl chloride segment holds the largest share in the Global Medical Plastics Market owing to the proliferating consumption in flexible containers, medical sutures, as well as, tubing. Additionally, due to its exceptional chemical stability, inert, and versatility are some other significant factors contributing to the remarkable growth of the segment. The polyethylene segment is also estimated to register significant growth through the review period due to its extensive consumption in surgical cables and orthopedic sutures.
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On the basis of Application, Global Medical Plastics Market is segmented into implants, disposables, drug delivery devices, diagnostic instruments, syringes, and surgical instruments. Among these segments, the disposables segment is likely to lead the market and exhibit rapid progress during the evaluation period, because of the growing demand for medical devices such as disposable enemas, dialysis disposables, and medical and cleaning gloves. Also, the disposables segment is projected to drive the Global Medical Plastics Market owing to its remarkable features such as transparency, resistance to the electromagnetic waves, and flexibility.
Detailed Regional Analysis:
The Global Medical Devices Market is studied for the regional segments of Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa. Among these regional segments, North America is assessed to lead the Global Medical Plastics Market, similar to its market domination at the beginning of the forecast period owing to the rising demand for medical devices in various applications. The U.S., Canada, and Mexico are anticipated to spearhead the country-specific Medical Plastics Market through the assessment period.
Asia Pacific is estimated to exhibit substantial growth in the Medical Plastics Market throughout the forecast period. China, India, and Japan are projected to lead the country-specific market in the region owing to the rising demand for lightweight materials in packaging, healthcare aid, and medical instruments.
Enactment of new rules and regulations set by the European Union has pushed manufacturers to produce high quality and standard medical devices using Medical Plastics. Apart from that, the advancements noticed in the research and development of Medical Plastics has promoted market growth in Europe exponentially. Germany, Italy, and the U.K. are assessed to lead the country-specific Medical Plastics Market in the region.
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