"Increasing demand from the Medical Device Industry is projected to drive the growth of the Global Medical Plastic Market during the forecast period 2019-2023"
Global Medical Plastics Market Information- by Type (Polyvinyl Chloride, Polypropylene, Engineering, Plastics, Polyethylene, Polystyrene, Silicones), by Application (Disposables, Implants, Drug Delivery Devices, Syringes, Diagnostic Instruments, Catheters, Surgical Instruments) Forecast till 2023
The Global Medical Plastics Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, North America holds the major portion of the global market and is anticipated to continue its dominance due to rising demand for Medical Plastics Market in various applications. Countries such as the U.S., Canada, and Mexico are the major players in this region. The Asia Pacific region is estimated to witness a higher growth in China, Japan, and India owing to increasing demand for lightweight materials in packaging, health care aid, and medical instruments. The enactment of new rules and regulations set by the European Union has driven the manufacturers to produce high standard medical devices in the industry. Moreover, it is projected that the advancing research & development of product in the market has propelled this region to witness a significant growth in Germany, the U.K. and Italy.
The Middle East & Africa is estimated to observe a significant growth due to increasing consumption of plastics in drug delivery systems, syringes, diagnostic instruments, and catheters. Additionally, the growing demand for polyvinyl chloride, polyethylene in the medical industry is projected to boost the market in the Latin American region.
Some of the major players functioning in the Global Medical Plastics Market are 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.) among others.
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The Global Medical Plastics Market is segregated into Type and Application.
On the basis of the Type, the market is further categorized into polyvinyl chloride, polypropylene, engineering, plastics, polyethylene, polystyrene, and silicones. The polyvinyl chloride is the most widely used type in the market due to its growing consumption in flexible containers, medical sutures, and tubing. Moreover, exceptional chemical stability, inert, and versatility are the major factors behind the popularity of this segment. The polyethylene segment is set to drive the market on account of its extensive consumption in surgical cables and orthopedic sutures during the assessment period.
On the basis of the Application, the market is segmented into disposables, implants, drug delivery devices, syringes, diagnostic instruments, catheters, and surgical instruments. Between these, the disposables is the leading segment in the market and is anticipated to observe a rapid growth due to an increased demand for Medical Devices such as disposable enemas, dialysis disposables, medical and cleaning gloves, and others. Additionally, it is predicted that the extraordinary features offered by the product such as flexibility, transparency and resistance to the electromagnetic waves are set to drive the Medical Plastics Market during the assessment period.
Medical Plastics comprises of large number of macromolecules, which are used to design safe and reliable devices in the industry. It has various significant properties such as excellent flexibility, durability and it is also cost-effective. Furthermore it provide flexibility, strength, and sterility to the product.
The Global Medical Plastics Market has been driven by the scope of its application in various sectors such as disposables, implants, drug delivery devices, syringes, diagnostic instruments, catheters, surgical instruments, and others. Moreover, it is estimated that the disposables segment is set to witness the highest growth in the market due to the growing consumption of medical devices over the forecast period.
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Increasing demand from the Medical Device Industry is projected to drive the growth of the Global Medical Plastic Market during the forecast period 2019-2023
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