High Performance Medical Plastics Global Market Report 2024

The global high performance medical plastics market has grown strongly in recent years. It will grow from $0.96 billion in 2023 to $1.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to the increased demand for minimally invasive procedures, regulatory compliance, a growing aging population, advancements in healthcare infrastructure, and the rise in chronic diseases.

The global high performance medical plastics market is expected to see strong growth in the next few years. It will grow to $1.45 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to the expanding markets in emerging economies, a heightened focus on sustainability, growing demand for biocompatible materials, a shift towards home healthcare, and advancements in material biocompatibility. Major trends expected in this period include advancements in nanotechnology, a continued emphasis on sustainability practices, a trend towards customization and personalization in healthcare solutions, and the increasing adoption of precision medicine approaches.

The high-performance medical plastics market is experiencing substantial growth, propelled by the increasing healthcare expenditure in emerging economies. Nations like India and China are significantly boosting their investments in healthcare infrastructure, public health improvement, and responses to global health crises such as the recent COVID-19 pandemic. This surge in healthcare spending enables a broader population to opt for implants and prosthetic procedures, prominently featuring high-performance medical plastics. A survey by Willis Towers Watson reveals a notable increase in global healthcare benefit costs, from 8.2% in 2021 to 8.8% in 2022, with expectations to reach a high global average of 10% in 2023. This escalating healthcare expenditure in emerging economies serves as a key driver for the robust growth of the high-performance medical plastics market.

The growth trajectory of the high-performance medical plastics market is further accentuated by the continuous advancements in medical plastic technology. Recent years have witnessed notable progress in technologies such as injection molding and insert molding, coupled with innovative ideas and materials, particularly in the healthcare sector. High-performance medical plastics, characterized by their inert nature and lack of reactivity with biological substances, are witnessing increased production due to the advantages offered by these technological advancements to manufacturers. The American Hospital Association's data highlights the impact of technology, with the use of 3D anatomic models reducing surgery time by 62 minutes and decreasing the length of complicated surgeries by 1.5 to 2.5 hours. As medical plastic technology continues to advance, the high-performance medical plastics market is expected to register significant growth during the forecast period.

A prominent trend in the high-performance medical plastics market is the emphasis on product innovations by major industry players. Companies are consistently focusing on the development of technologically advanced products to fortify their market positions. Avient, a key player in the market, introduced two new products as part of its MEVOPUR line of medical-grade materials in October 2021. These products were specifically designed to assist pharmaceutical packaging and medical device manufacturers in achieving their sustainability goals more efficiently. This trend underscores the commitment of industry leaders to staying at the forefront of innovation, meeting evolving customer needs, and driving the growth of the high-performance medical plastics market.

Major companies in the high-performance medical plastics market are focusing on the development of cutting-edge products, such as osteoconductive PEEK (polyether ether ketone), to enhance their market positions. Osteoconductive PEEK is an implant-grade material known for its ability to improve fusion between bone and implants. In March 2022, Evonik, a leading specialty chemicals company, expanded its medical technology portfolio with the introduction of VESTAKEEP iC4800 3DF, a novel osteoconductive PEEK filament designed for 3D printing. This high-performance polymer aims to accelerate patient recovery in healthcare applications by enhancing the fusion between bone and implants. The introduction of such innovative materials underscores the commitment to advancing healthcare solutions and is poised to contribute to the sustained growth of the high-performance medical plastics market.

In December 2021, Material & Design Solutions (MDS), a U.S.-based provider of sealing components designed for high-temperature and high-pressure environments, successfully acquired the assets of APS Plastics and Manufacturing for an undisclosed amount. This strategic acquisition encompasses APS Plastics and Manufacturing's substantial machining capabilities, enabling MDS to transition from resins to a finished components business. This move positions MDS to enhance its competitiveness in terms of pricing. APS Plastics and Manufacturing is a U.S.-based company specializing in the manufacturing of custom plastic, metal, and components for various industries, including the medical sector.

Major companies operating in the high performance medical plastics market report are Atlas Copco Group, Ingersoll Rand Inc., Hitachi Ltd., Kaeser Compressors Inc., Elgi Equipments Ltd., Howden UK Limited, Kobelco Construction Machinery America LLC, IHI Rotating Machinery Engineering Co. Ltd., Anest Iwata Corporation, Fu Sheng Industrial Co. Ltd., Eaton Compressor & Fabrication Inc., Rotorcomp Verdichter GmbH, MAN Energy Solutions SE, Bauer Kompressoren GmbH, Boge Kompressoren Otto Boge GmbH & Co. KG, Baker Hughes a GE company, Siemens AG, KAESER Kompressoren SE, Aerzener Maschinenfabrik GmbH, Sullivan-Palatek Inc., VMAC Global Technology Inc., Rogers Machinery Company Inc., Gardner Denver Holdings Inc., Quincy Compressor LLC, Sullair LLC, Mattei Compressors Inc., Mitsui Seiki (U.S.A.) Inc., Hanbell Precise Machinery Co. Ltd., GHH RAND GmbH, Ceccato Aria Compressa S.r.l., Mark Compressors S.p.A., Hertz Kompressoren GmbH, Airpol Inc., ABAC S.p.A., Worthington Creyssensac S.A., Alup Kompressoren GmbH, Bolaite (Beijing) Compressor Co. Ltd., Fuda Air Compressor Co. Ltd., Kaishan Compressor Co. Ltd., Denair Compressor Co. Ltd.

North America was the largest region in the high performance medical plastics market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the high performance medical plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the high performance medical plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The major types of high-performance medical plastics include fluoropolymers (FP), high-performance polyamides (HPPA), polyaryletherketones (PAEK), polyphenylene sulfides (PPS), polyetherimide (PEI), and others. Fluoropolymers are polymers with strong carbon-fluoride bonds, providing high rigidity and strength. Raw materials used in these plastics include polycarbonate, polypropylene, polysulfone, polytetrafluoroethylene, polyphenylene sulfide, and others. These materials are applied in diverse medical applications such as medical equipment and tools, medical supplies, drug delivery, prostheses and implants, therapeutic systems, and more.

This report provides high performance medical plastics market statistics, including high performance medical plastics industry global market size, regional shares, competitors with a high performance medical plastics market share, detailed high performance medical plastics market segments, market trends and opportunities, and any further data you may need to thrive in the high performance medical plastics industry. This high performance 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 high-performance medical plastics market consists of sales of polyether ether ketone (PEEK), and fluorinated ethylene propylene. 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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