Medical Grade Plastic is an essential part of the modern healthcare system complying with global regulatory requirements engineered for medical use. According to BlueQuark Research & Consulting, the global Medical Grade Plastic market is expected to witness a significant growth rate during the forecast period. Factors such as the surging demand in the medical industry due to its extensive use in Covid-19 treatment drives the demand for Medical Grade Plastic. The increasing demand for Medical Grade Plastic in the Medical and Healthcare Sector due to technological advancement and innovation is expected to propel the future Medical Grade Plastic market. With the introduction of 3-D printing technology, the use of plastic material is growing exponentially in the medical sector. Owing to the great malleability of plastic, it could be molded into precise medical instruments. However, high fluctuation in raw materials' price of Medical Grade Plastic is likely to obstruct the Medical Grade Plastic Market's growth.
The Medical and Healthcare Industry is the prime consumer of Medical Grade Plastic globally and is expected to drive the future market. The medical and healthcare industry is the fastest growing industry in the world. The growth is attributed to increasing health awareness amongst citizens and increasing technological advancements in the healthcare sector. Medical Grade Plastic has been used in the medical industry for a long time, replacing conventional metal and ceramic parts. In March 2020, the World Health Organization announced COVID-19 to be a pandemic. Since then, the COVID-19 cases have surged, affecting almost the entire global population directly or indirectly. Being spread by touch, medical plastics act as the first form of defense by-products such as gloves, face shields, personal protection equipment, etc., and are propelling the demand for medical plastic in recent times. The sterility property of medical plastics makes it a preferred choice to manufacture medical tools like surgical gloves, insulin pens, IV tubes, etc. These products are one-time useable products that prevent the spread of dangerous diseases. Medical plastic has proven to be a cost-effective material for the medical industry with many applications. Plastics can endure stress, wear, and corrosion compared to conventional metal-based medical devices, thus driving the demand for plastic in the medical sector.
Major global players in the industry wereSABIC, BASF, Celanese Corporation, Evonik, Solvay SA, Covestro, among others.
The Asia Pacific is expected to be the largest market for Medical Grade Plastic in the forecasted year. The Indian Healthcare industry is expected to reach USD 372 billion by 2022, driven by better health awareness and lifestyle diseases. India also aims to create 1 million skilled healthcare providers by 2022. The Indian Government has also introduced the ‘NHP Scheme,’ the World’s largest government-funded healthcare program. Furthermore, the Indian Government has signed a loan of USD 32 million with the World Bank intending to improve healthcare services in the North-Eastern State of Mizoram. The World Health Organization (WHO), in September 2020, advised the governments to increase the manufacture of personal protective equipment by 40% to meet the increasing demand during the COVID-19 period. Healthcare is the best prospect industry sector for China, with it being the second-largest healthcare market. China’s medical market continues to witness double-digit growth rates and is expected to maintain this growth. This increasing demand for medical-grade plastic in the surging medical and healthcare industry is expected to drive the market in the forecasted years. This increase in production has resulted in the surge in demand for Medical Grade Plastic.
Dan*na, in June 2021, has expanded its facility in Barcelona dedicated to developing advanced bioplastics and biomaterials for the biomedical and biotechnological sectors.
Global Medical Grade Plastic Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Medical Grade Plastic market by segmenting based on the Type (Acrylic (PMMA), Polycarbonate Plastic (PC), Polyether Ether Ketone (PEEK), Polypropylene (PP), Acetal Copolymer (POM-C), Polyvinyl Chloride (PVC), Others), Application (Electro-medical equipment, Surgical and medical instruments, Dental equipment and supplies, Medical disposable, Prosthetics, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.