The medical plastics market is predicted to increase at a 7.8% annual rate between 2022 and 2032. According to a recent analysis published by Future Market Insights, this market is estimated to have a global valuation of US$ 46.5 billion in 2021 and to reach a total of US$ 106.23 billion by 2032. Because of the growing geriatric population and significant developments in medical science, the market would see increased demand.

The Medical Plastics industry increased at a CAGR of 6.3% between 2017 and 2021. Medical plastic is an ideal alternative for carrying biohazardous chemicals because it does not penetrate and is shatter-proof. By appropriately disposing of medical waste, dangerous organisms can be kept at bay.

Furthermore, these polymers are safer and have better antibacterial qualities than conventional raw materials. The medical plastic industry is gaining popularity in the healthcare sector since it aids in decontaminating samples and securely retaining them.

The growing elderly population in the United States, as well as the growing demand for home healthcare services, are driving medical plastics demand in North America. Furthermore, the pharmaceutical sector in Mexico and Canada is expected to expand rapidly, fueling product demand in the pharmaceutical packaging market.

At the same time, APAC is estimated to be the leading market for medical plastics during the forecast period, owing to strong investments in R&D and digitization in the healthcare ecosystem.

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Competitive Landscape

The global medical plastics market is fragmented due to strong distribution networks and a wide range of products offered by large and small companies in emerging and developing economies. The major growth strategies employed by market players to expand their regional presence and meet the growing demand for medical plastics in emerging economies between 2017 and 2022 were new product launches, agreements & collaborations, expansions & investments, and mergers & acquisitions. Establishment players are creating new medical products through research and development.

More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the global Medical plastics market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of product type (Polyethylene (PE), Polycarbonate (PC), Polypropylene (PP), Polyphenylsulfone (PPSU), Liquid Crystal Polymer (LCP), Polyethylenimine (PEI), Polyethersulfone (PES), Polymethyl Methacrylate (PMMA) others), by application size (Medical Device Packaging Orthopedic Implant Packaging, Medical Components, Orthopedic Soft Goods, Cleanroom Supplies, Wound Care and Others), and across five major regions (North America, South America, Europe, Asia Pacific and Middle East & Africa).

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