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North America and Europe to Remain at the Top of the Ladder in Medical Plastic Market
Fact.MR's latest report on the medical plastics market investigates key growth variables influencing sales. The report continues by describing key market aspects such as growth drivers, challenges, and opportunities. To present the information in a vivid way, the report is segmented into type, application, and region.
NEW YORK , Sept. 7, 2022 /PRNewswire/ -- The global medical plastics market is expected to reach US$ 22 billion in 2022 and expand at a CAGR of 5% between 2022 and 2026. Demand for high performance plastics and engineering plastics is predicted to surge for medical device packaging, boosting the market.
Further, increased use of plastics in medical equipment such as catheters, syringes, surgical instruments, and disposables will also propel the sales. As medical plastics are considered as affordable and reliable, adoption in healthcare sector is expected to burgeon over the forecast period.
Hence, medical practitioners are using plastic-made, easily-disposed-of medical equipment to ensure the safety and reduce the risk of contamination. Also, with growing sustainability concerns, healthcare professionals are using high performance and engineering plastics. This is propelling the sales of engineering plastics in the medical plastics market.
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Additionally, adoption of medical plastics in Europe among leading international organizations is the key factor favoring the growth in the market. However, with growing presence of manufacturers in the U.S., sales of medical plastics are expected to reach US$ 6 billion in 2022.
Fact.MR opines, due to stringent regulations pertaining to the use of plastics coupled with rising awareness towards plastic waste, the demand in the market is likely to be hampered over the upcoming decade. However, as engineering plastics are considered as cost-effective and are safe to use, it is increasingly used in the production of medical equipment.
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The medical plastics industry is expected to be fragmented and competitive. Key players in the market are focusing on collaboration with end users and product launches to gain competitive edge.
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More Valuable Insights on Medical Plastics Market
In the latest study, Fact.MR offers a detailed study on the global medical plastics market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of medical plastics through detailed segmentation as follows:
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Key Questions Covered in the Medical Plastics Market Report
Explore Fact.MR's Coverage on the Healthcare Domain
Medical Case Management Service Market: The global medical case management service market is likely to exhibit to grow at a CAGR of 3.2 % in next ten years. As the benefits of medical case management services are understood by the general public throughout the world, it is projected that the market for medical case management solutions would experience a constant increase in demand.
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Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
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