CHICAGO, April 24, 2020
CHICAGO, April 24, 2020 /PRNewswire/ -- Post COVID-19, the Report "COVID-19 Impact on Medical Plastics Market by Type (Engineering Plastics and Standard Plastics), Application (Medical Disposables, Prosthetics, Medical Instruments & Tools and Drug Delivery) and Region - Global Forecast To 2021", published by MarketsandMarkets™, the Medical Plastics Market size is projected to grow from USD 25.1 billion in 2020 to USD 29.4 billion by 2021, at a CAGR of 17.2% during the forecast period.
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Increased demand due to COVID-19 for medical plastics such as PP, PE, and PC, among others, from OEMs, medical disposables, and medical device/equipment manufacturers for production of critical care systems and disposables such as ventilators, thermal scanners, respirators, gloves, masks, and so on is driving the market. In addition, growing awareness around maintaining proper health & hygiene is driving medical plastics consumption.
The standard plastics segment is projected to lead the medical plastics market during the forecast period.
Based on type, the standard plastics segment is expected to lead the medical plastics industry during the forecast period. Standard plastics generally include PVC, PE, PP, PS, PMMA, and EVA have a higher demand compared to engineering plastics. The major applications of these plastics include the manufacturing of masks, gloves, drapes, gowns, trays, catheters, syringes, orthopedic devices, surgical tools, and lab wares. Increased requirements of PPEs such as gloves, masks, drapes, gowns, and others will boost the consumption of standard plastics such as PP, PE, PVC, and drive demand.
Due to the COVID-19 pandemic, the medical disposables segment is projected to register the highest CAGR during the forecast period.
Based on the application, the medical disposables segment is expected to register the highest CAGR between 2020 and 2021. The use of medical plastics is increasing due to their versatility, ease of disposal, and sterilization ability. Medical disposables can be defined as single-use products that are used in surgical as well as procedural applications. The use of these medical products in procedural applications and general checkup is increasing. In addition, the use of these disposables as instructed by various agencies, such as USFDA and Europe FDA, are propelling the demand for medical plastics globally. Increased requirement of PPEs and other medical disposables such as syringes, trays, and labware, will drive the market during this forecast period.
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Europe is projected to register the highest CAGR between 2020 and 2021 owing to being epicenter and enhanced local production.
The medical plastics market in Europe has immense demand potential driven by the increasing requirement for ventilators, respirators, thermal scanners, and other patient care systems. Europe consists of some profoundly affected countries such as Italy, Spain, Germany, France, and others, which have a large demand for patient care systems. In addition, growth in the requirement of PPEs will also drive demand for medical plastics in the region.
SABIC (Saudi Arabia), BASF (Germany), Celanese (US), Evonik (Germany), Solvay (Belgium), and Covestro (Germany) are some of the leading medical plastics market players benefitting due to rise in demand because of COVID-19. CSR activities, increased production, and partnerships were the major growth strategies adopted by the market players during this period to enhance their regional presence and meet the growing demand for medical plastics in the affected regions.
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