Medical Plastics Global Market Report 2024

Medical plastics refer to a category of plastic products specifically designed for use in the healthcare industry. These plastics exhibit resistance to temperature variations, corrosion, and chemicals, making them well-suited for various medical applications. Medical plastics find applications in the manufacturing and packaging of medical products.

The primary types of medical plastics include polyvinyl chloride (PVC), polypropylene (PP), engineering plastics, polyethylene (PE), polystyrene (PS), silicones, and others. Polyvinyl chloride (PVC) plastics, for example, are both economical and versatile thermoplastic polymers extensively utilized in the production of medical devices. The manufacturing processes for medical plastics include extrusion, injection molding, blow molding, and others, such as rotational molding and compression molding. Medical plastics play a crucial role in the production of medical disposables, medical instruments, prosthetics and implants, drug packaging, and various other applications within the healthcare sector.

The medical plastics market research report is one of a series of new reports that provides medical plastics market statistics, including medical plastics industry global market size, regional shares, competitors with a medical plastics market share, detailed medical plastics market segments, market trends and opportunities, and any further data you may need to thrive in the medical plastics industry. This medical plastics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The medical plastics market size has grown strongly in recent years. It will grow from $32.58 billion in 2023 to $35.75 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth observed in the historical period can be attributed to factors such as the emphasis on biocompatibility and sterilization, the impact of an aging population, the increasing adoption of minimally invasive procedures, global health preparedness initiatives, and the demand for customized implants.

The medical plastics market size is expected to see rapid growth in the next few years. It will grow to $52.36 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The anticipated growth in the forecast period can be attributed to the focus on patient-centric care, the utilization of lightweight and durable materials, the increasing adoption of single-use devices, emphasis on cost-efficiency, and the demand for sustainable and eco-friendly plastics. Key trends during this period encompass advancements in 3D printing, the integration of nanotechnology, the development of smart and connected devices, innovations in advanced materials, and continuous progress in medical device technology.

The significant advancement in medical plastic technology is playing a crucial role in the growth of the medical plastics market. Recent years have witnessed notable progress in medical plastics technology, including techniques like injection molding and insert molding, along with the introduction of new materials. These advancements, coupled with innovative ideas, have gained prominence in the healthcare sector. Medical plastics are characterized by their neutrality, as they do not react with the physical or chemical properties of the products they contain or when implanted in the human body. Technologies such as 3D printing have also become popular in medical plastics, offering manufacturers distinct advantages. For instance, the utilization of 3D anatomic models as surgical guides, as reported by the American Hospital Association, led to a reduction in surgery time by 62 minutes, resulting in savings of $3,720 per case. The ongoing progress in medical plastic technology is poised to drive substantial growth in the medical plastics market.

The anticipated rise in healthcare expenditure is set to drive the growth of the medical plastics market in the coming years. Healthcare expenditure encompasses the total amount spent on healthcare-related products and services, including medical equipment, pharmaceuticals, hospitalization, treatments, and other healthcare costs. Medical plastics find extensive use in sterile packaging, disposable devices, and implants due to their biocompatibility and durability. As reported by the Centers for Medicare & Medicaid Services in May 2023, healthcare spending in the United States is projected to increase by 2.7% to reach $4.3 trillion, equivalent to $12,914 per person in 2021. Consequently, the upward trend in healthcare expenditure is a significant driver for the medical plastics market.

The elimination of single-use plastics emerges as a noteworthy trend adopted by companies in the medical plastics market, driven by environmental concerns associated with single-use plastics. The move towards eliminating single-use plastics aligns with environmental conservation efforts. Companies are actively focusing on introducing products made from eco-friendly materials that can be recycled. This strategic shift not only enhances brand value but also provides a competitive edge in the market, capturing additional market share. Trvst Ltd. reports that hospitals generate over 5 million tons of waste annually, with approximately 25% of that waste attributed to plastic. In response, companies like EnviroPak LLC offer reusable steam sterilization pouch systems as an eco-friendly alternative to single-use pouches, contributing to a reduction in plastic waste. Additionally, NewGen Surgical provides a 100% plant-based, recyclable kit packaging tray that minimizes carbon dioxide emissions by 55% compared to traditional foam trays.

Major companies in the medical plastics market are actively engaging in strategic partnerships to drive revenue and foster innovation. These partnerships facilitate collaborative research, material innovation, and expanded market reach, contributing to advancements in healthcare product development. For instance, Eastman Chemical Company partnered with Ethicon Inc. in September 2022 to integrate Eastman Renew materials into medical device sterile-barrier packaging, contributing to a more sustainable approach within the healthcare sector. This collaboration marks Ethicon as a pioneer in incorporating medical-grade Eastman Renew materials in its product packaging.

In December 2021, Celanese Corporation acquired the Santoprene TPV elastomers business of Exxon Mobil Corporation for a total deal value of $1.15 billion. This strategic move enhances Celanese Corporation's portfolio by adding the Santoprene business, known for providing solutions in diverse markets, including healthcare, automotive, building and construction, industry, and consumer products. Exxon Mobil Corporation, a US-based oil and gas company, divested its Santoprene TPV elastomers business in this transaction.

Major companies operating in the medical plastics market include BASF SE, Celanese Corporation, Solvay S.A., Arkema SA, Eastman Chemical Company, Dow Inc., Saudi Arabia's Basic Industries Corporation, Evonik Industries AG, Röchling SE & Co. KG, Nolato AB, Saint-Gobain Performance Plastics, Orthoplastics Ltd., Tekni-Plex Inc., HMC Polymers Co. Ltd., ARAN BIOMEDICAL TEORANTA, Trelleborg AB, Raumedic AG, Ensinger GmbH, RTP Company Inc., Foster Corporation, PolyOne Corporation, DSM Engineering Plastics Pvt. Ltd., Covestro AG, DuPont de Nemours Inc., Exxon Mobil Corporation, Lubrizol Corporation, Trinseo LLC, Mitsubishi Chemical Corporation, Sumitomo Chemical Co. Ltd., Kuraray Co. Ltd.

Asia-Pacific was the largest region in the medical plastics market in 2023. The regions covered in the medical plastics market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the medical plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The medical plastics market consists of sales of polycarbonate, acrylonitrile butadiene styrene (ABS), polyethylene terephthalate glycol (PETG), and polymethyl methacrylate. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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