The global medical plastics market size is projected to reach USD 54.29 billion by 2027, exhibiting a CAGR of 7.1% during the forecast period. The meteoric rise in the demand for personal protective equipment (PPE) across countries will inevitably fuel the uptake of these plastics, finds Fortune Business Insights™ in its report, titled “Medical Plastics Market Size, Share & COVID-19 Impact Analysis, By Application (Medical Disposables, Medical Instruments, Prosthetics & Implants, Drugs Packaging, and Others), and Regional Forecast, 2020-2027”. PPE is made from plastics and other polymers and the on-going COVID-19 pandemic has escalated the demand for such equipment among frontline health workers worldwide.
In Texas, for instance, the request for PPE from healthcare facilities surged from less than 2,000 in the third week of June to more than 22,000 in the last week of the same month. In India, the Apparel Export Promotion Council (AEPC) estimates that the domestic demand for PPE will be worth INR 10,000crore in the upcoming year and worldwide, the business will stand at an estimated value of USD 60 billion. Thus, the outbreak of the COVID-19 pandemic is expected to prove beneficial for this market in the immediate future.
The report states that the global market value stood at USD 29.93 billion in 2019 and answers the following questions:
- What are the primary growth drivers for this market?
- What challenges does the market face?
- Which are the top market trends and upcoming opportunities?
- Who are the major players and what are their key strategies?
- Which are the most promising regions for the market?
List of the Leading Companies Profiled in the Medical Plastics Market Research Report are:
- Eastman Chemical Company (United States)
- GW Plastics (United States)
- Solvay (Belgium)
- Evonik (Germany)
- Celanese Corporation (United States)
- Nolato AB (Sweden)
- Röchling (Germany)
- Covestro AG (Germany)
- BASF SE (Germany)
- SABIC (Saudi Arabia)
Market Driver
Deferment of EU MDR to Support Medical Plastics Market Growth
The European Medical Device Regulation (EU MDR) is an updated batch of regulations framed to monitor and govern the production and distribution of medical devices sold in Europe. The new regulations are focused on adopting a life-cycle approach to medical devices owing to the rapidly aging population in the continent. The regulations are based on the rationale that the probability of malfunctions and accidents associated with medical devices used to treat aging people is higher than normal. The EU MDR was expected to create a major turmoil in the medical plastics industry in Europe. However, with the coronavirus raging across the globe, the European Parliament has decided to postpone the enactment and implement of this regulation to May 2021 so that companies can focus on prioritizing the production of medical devices to battle the pandemic. This decision, therefore, augurs well for this market.
Industry Developments:
- April 2020: US-based Celanese Corporation is supporting healthcare workers by enhancing its production of specialty materials for applications such as PPE, ventilators, and other medical devices.
- February 2020: Pirouette Medical designed and developed a novel auto-injector, featuring improved portability and affordability, along with lower costs, for the delivery of epinephrine and other medications in patients. The unique device has been injection-molded with Covestro’s Makrolon® 2458 polycarbonate.
Browse Detailed Summary of Research Report https://www.fortunebusinessinsights.com/medical-plastics-market-102136
