ALBANY, N.Y., Feb. 18, 2021
- Medical plastics market is expected to weave a strong growth web during 2020 to 2030. This growth can be attributed to increased use of medical plastics in numerous devices due to their environmental-friendly, cost-effective, and highly flexible nature.
- On regional front, North America is dominant region of the market.
ALBANY, N.Y., Feb. 18, 2021 /PRNewswire/ -- Medical plastics refer to a polymers type. It is widely accepted product in the worldwide health care sector. Engineering plastics, PE, PVC, PS, PP, and silicone are some of the product types available in the market.
A latest study released by Transparency Market Research points out that the global medical plastics market is projected to expand at 7.2% CAGR during forecast period 2019–2027. With this growth rate, the market is likely to be valued at US$15.4 Bn by 2027.
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Medical Plastics Market: Major Takeaways
Medical plastics are extensively used in the production of a wide range of healthcare products including dental tools, catheters and syringes, drug delivery devices, diagnostic instruments, medical bags, surgical instruments, and implants. Thus, the expansion of worldwide healthcare sector is likely to boost the demand for all these devices. This scenario highlights that the global medical plastics market will experience growth at decent pace in the years to come.
Medical plastics are recyclable. This is one of the key factors encouraging medical device manufacturers to use medical plastics in their production activities. As a result, the companies engaged in the medical plastics market are experiencing promising sales opportunities.
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Medical Plastics Market: Growth Boosters
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Medical Plastics Market: Well-Established Participants
The medical plastics market experiences presence of many well-entrenched players. As a result, the competitive landscape of this market seems to be highly intense. Some of the key players in this market are:
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