July 18, 2022 14:10 ET | Source: Straits Research Straits Research
New York, United States, July 18, 2022 (GLOBE NEWSWIRE) -- The medical plastics industry is reshaping the healthcare sector. Previously made of steel, ceramic, or glass, this long-lasting, low-cost material is now used to manufacture equipment. Medical plastic is now used in a wide range of patient treatment procedures. Medical plastic is designed to withstand heat, chemicals, and corrosion. As a result, it can withstand multiple sterilization cycles and any other medical or bodily fluids that it comes into contact with. Medical-grade polypropylene and polycarbonate are two common polymers used in various applications ranging from MRI casings to surgical tools.
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Growing Utilization of Medical Devices Propels the Medical Plastic Market
The rise of the home healthcare sector has increased demand for medical devices, owing to the lower costs involved compared to hospital and intensive care. Hospitals' various medical tests to diagnose patients have also contributed to the rising demand for medical devices. The growing demand for better healthcare facilities and an increase in hospitals have also fueled the medical devices sector's growth. Hence, medical device availability, awareness, affordability, and adaptability are essential factors influencing demand.
Rise in Healthcare Expenditure to Create New Market Opportunities Worldwide
Healthcare expenditure is rising. The rising incidence of chronic diseases, combined with the expansion of insurance coverage in the United States, is expected to drive North American healthcare expenditure. Due to rising government investment in healthcare infrastructure, Mexico will likely emerge as a significant factor driving the market in North America.
Brazil's healthcare industry strengthening is expected to drive Central and South American healthcare expenditure. Furthermore, rising consumer wealth in economies like China and India is expected to fuel the Asian healthcare industry. The solid healthcare industry in India, coupled with the expansion of medical tourism, is expected to drive demand for medical plastics, resulting in market growth.
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North America holds the largest share of medical plastic and is expected to grow at a CAGR of 7.7%. One of the major trends influencing the North American market is the rise in per capita healthcare spending on health insurance in the United States. This is expected to boost demand for generic drugs and medical devices in the coming years, propelling the North American medical plastics market over the forecast period.
Asia-Pacific is the fastest-growing region. It is expected to reach USD 15,890 million at a CAGR of 8.7% by 2030. The region's medical plastics market is anticipated to increase substantially as plastics are growing in packaging, wound care, and mobility aids, among other applications. Likewise, surging hospital service and safety norms should drive the medical plastics market over the forecast period.
Europe stands second in the global medical plastic market. Plastics are used in the medical industry to manufacture various products such as catheters, prosthetic legs, artificial corneas, hearing aids, and pill capsules. Plastics are used for manufacturing implants in different skin grafting surgeries such as reduction, augmentation, and corrective. The growing use of these implants in advanced medical facility infrastructure in Europe is expected to drive the product demand over the forecast period.
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Key players in the global medical plastic market
Global Medical Plastic Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/medical-plastic-market/toc
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