Medical Plastics Market Trends | Segmentation, Outlook, Industry Report 2032

 


During the forecast period ranging from 2022-2032, the medical plastics market is expected to grow at a value of 7.8%. In 2021, this market was predicted to have a global valuation of US$ 46.5 Billion, and is expected to reach a sum of US$ 106.23 Billion by 2032, according to a recent report published by Future Market Insights. The market is going to face increasing demand owing to the increase in growing geriatric population and various advancements in the field of medical science.

From 2017 to 2021, the Medical plastics industry grew at a CAGR of 6.3%. Since medical plastic does not permeate and is shatter-proof, it is an excellent choice for transporting biohazardous materials. Dangerous pathogens can be kept at bay by properly disposing of medical waste. Furthermore, these plastics have higher levels of safety and antimicrobial properties than other raw materials. Because medical plastics aid in decontaminating samples and securely containing them, the medical plastic market is gaining significant traction in the healthcare sector.

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.

Key Takeaways from the Market Study

In 2022, the global medical plastics market is estimated to have a global market size of US$ 50.13 Billion.

Medical plastics market in North America acquired 34% of the global market share in 2021.

Asia Pacific is expected to grow with a 5% CAGR during 2022-2032.

By product, the Polyphenylsulfone segment took over 52% of the global Medical plastics market share in 2021.

By application, the medical components segment acquired 42% of the global market share in 2021.

“The demand for medical plastics is expected to rise in the future due to the growing geriatric population and the increased need to find better alternatives to steel and glass medical instruments and equipment. Various technological advancements in this field, especially for prosthetics, will create new opportunities during the forecast period. ,” comments a Future Market Insights analyst.

Click For More Info: https://www.futuremarketinsights.com/reports/medical-plastics-market

 

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