Global Medical Plastic market revenue to reach US$ 60 Bn by 2028: Ken Research
Global Medical Plastic Market By Geography
North America accounted for the largest market share in 2022 within the total Global Medical Plastics Market.
North America dominated the regional market and contributed a significant share of total sales in 2022. The growing older population in the USA and the rising need for home healthcare services are the main factors driving the market for medical plastics in North America.
The regional market is also anticipated to be driven by increasing product demand for pharmaceutical packaging applications and the swift expansion of the pharmaceutical industries in Mexico and Canada.
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Competition Scenario In Global Medical Plastic Market
The Global Medical Plastics Market is highly competitive with ~300 players, including globally diversified players, regional players, and many country-niche players.
Large global players constitute ~5% while regional players constitute ~45% of the competition. Some of the major players in the market include Evonik Industries AG, Solvay S.A., Dow, Eastman Chemical Company, Röchling Group, DuPont de Nemours Inc., BASF SE, Celanese Corporation, Mitsubishi Chemical Corporation, Nolato AB, Saint-Gobain Performance Plastics, and others.
What Is The Expected Future Outlook For The Overall Global Medical Plastic Market Across The Globe?
The Global Medical Plastic market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Medical Plastic market is driven by the rising awareness regarding personal hygiene, technological advancement, and high investment by the players in the development of medical plastics. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
Furthermore, with the increasing mergers and acquisitions, the Global Medical Plastic market is changing rapidly. For instance, In June 2021, Pawling Engineered Products, a New York-based manufacturer of specialized elastomeric inflated seals and extruded solutions, has been acquired by Minnesota Rubber and Plastics, a producer of highly engineered elastomer and thermoplastic solutions for the Medical, Water, and Industrial end industries. In January 2021,
Custom plastic injection molder PTA Plastics reported investing more than US$2 million in property and capital equipment to accommodate demand from current and potential clients in the medical industry.
In December 2020, Peel Master Medical Packaging Corporation was acquired by Spectrum Plastics Group, a market leader in specialized medical packaging, components, and contract manufacturing. Peel Master will strengthen the business’s position as a flexible and specialized packaging provider for the medical device industry.
The Global Medical Plastics Market is forecasted to continue a gradual growth. Key trends driving market expansion include the aging population’s demand for improved medical gadgets, rising healthcare spending in developing nations like China and India, and an increase in demand for inexpensive and effective healthcare systems. The market is highly competitive with ~300 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.
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Key Topics Covered in the Report
- Snapshot of the Global Medical Plastics Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Medical Plastics Market
- Historic Growth of the Overall Global Medical Plastics Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Medical Plastics Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- COVID-19 Impact on the Overall Global Medical Plastics Market
- Future Market Forecast and Growth Rates of the Total Global Medical Plastics Market and by Segments
- Market Size of Product / Application Segments with Historical CAGR and Future Forecasts
- Analysis of the Medical Plastics Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
Major Players Mentioned in the report
- Evonik Industries AG
- Solvay S.A.
- Dow
- Eastman Chemical Company
- Röchling Group
- DuPont de Nemours Inc.
- BASF SE
- Celanese Corporation
- Mitsubishi Chemical Corporation
- Nolato AB
- Saint-Gobain Performance Plastics
Notable Emerging Companies Mentioned in the Report
- Minnesota Rubber & Plastics
- Advantech Plastics, LLC
- Industrial Plastic Supply, Inc.
- Somerset Plastics Co., Inc.
- Total Plastics, Inc.
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Medical Machine and Equipment Manufacturers
- Plastics Manufacturers
- Laboratory Equipment Dealers
- Healthcare Products Manufacturers
- Medical Device Packaging Manufacturers
- Plastics Chemical Manufacturers
- Organic Polymers Manufacturers
- Implant Packaging Manufacturers
- Medical Soft Goods Manufacturers
- BioPharm Devices Manufacturers
- Government Healthcare Departments
- Environmental Protection Regulators
- Chemical Products Suppliers
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
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