Global sales of medical plastics stood at USD 16,462.6 million in 2023. The industry is further projected to exhibit a y-o-y growth of 6.4% in 2024 and reach USD 17,561.6 million in the same year surging at a CAGR of 7.1% between 2024 and 2034. The demand for medical plastics is estimated to reach USD 34,553.9 million by 2034.
Polyvinyl chloride, accounting for a 27.9% share of the total market, is the most widely used plastic in the medicare industry. This is due to the flexible, resistant, and cheap characteristics it possesses. It is often used in the manufacture of medical tubes, blood collection bags, and intravenous fluid bottles. The flexible yet firm structure of these plastics makes them dependable and safe even for the most critical medical uses which explains the reason for its popularity in the medical field.
The medical parts and components segment dominates the medical plastic sector, holding a 42.5% share. It leads the field due to its critical role in ensuring the functionality and safety of medical devices. This category also includes essential items like dropper bulbs, drip chambers, and gaskets, which are vital for accurate medication delivery and secure containment. The reliability and precision of these components are crucial for effective medical care.
The pharmaceutical industry is one of the largest in the world in terms of production volume and is valued at several billion dollars. This sector alone consumes a significant amount of medical plastics. The medical industry, including medical devices and equipment, on the other hand, while significant, utilizes very less medical plastics, compared to the pharmaceutical sector.
| Attributes | Key Insights |
|---|---|
| Estimated Size, 2024 | USD 17,561.6 million |
| Projected Size, 2034 | USD 34,553.9 million |
| Value-based CAGR (2024 to 2034) | 7.1% |
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The figures provided show the growth of the sector for each half-year between 2023 and 2024. The sector was projected to increase at a CAGR of 6.8% in the first half (H1) of 2023. However, in the second half (H2), there is a noticeable increase in the growth rate.
| Particular | Value CAGR |
|---|---|
| H1 2023 | 6.8% (2023 to 2033) |
| H2 2023 | 7.4% (2023 to 2033) |
| H1 2024 | 6.3% (2024 to 2034) |
| H2 2024 | 7.5% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2024, the CAGR is projected to slightly decrease to 7.4% in the first half and relatively increase to 7.5% in the second half.
Advances in Medical Technology to Enhance Market Growth
The advent of smart medical technology and advanced medical plastics has brought about a dramatic transformation in the delivery of healthcare services across the board- patient care, diagnosis, and treatment. This transformation has resulted in an increasing demand for quality, strong, and multipurpose materials.
Polymers possess some of the important features which make them suitable for application in medicine. They are lightweight, economical, and easily shaped into different dimensions which allows the production of sophisticated medical appliances, prosthetic devices, and packing.
Advancements in material production processes such as the use of injection molding and three-dimensional printing have facilitated the custom manufacture of components and devices for health use.
Shift towards Minimally Invasive Procedure to Boost Market Expansion
The growing need and appreciation for medical plastics in the market has largely been a result of the increased preference towards less invasive treatments. Lasers do source cause which perform surgery in open way instead of great cuts and surgery interventions.
This has several merits, for instance, reasons less trauma to the patients, speedy recovery, reduced time spent in hospitals, and reduced scars. The use of these medical interventions would not be possible without the appropriate medical instruments so, medical plastics are extremely important in these techniques.
They also produce very large medical supplies and devices like catheters and surgical instruments, implants and drug delivery devices, and diagnostic imaging devices. These devices have to be made of materials which are sterile, bio-compatible, light in weight and posses very good mechanical properties. Medical plastics can be utilized to create the instruments and devices needed for minimally invasive procedures because they satisfy these requirements.
Fluctuating Raw Material Prices to Hamper Market for Medical Plastics
Manufacturing of medical plastics is significantly dependent on the availability and prices of a variety of raw materials, such as polyvinyl chloride (PVC), polyethylene (PE), polypropylene (PP), and polystyrene (PS). These basic materials are necessary for the production of healthcare-related equipment, packaging, and medical devices.
In instances where there is an unforeseen escalation in the prices of the raw materials, it becomes difficult for the firms to keep the prices of the outputs at a constant level. The effect is a rise in the cost of production which is either borne by the producers or transferred to the end customers.
Medical plastic suppliers face an even more difficult business space owing to the unpredictable nature of raw material pricing. It becomes even more difficult to predict the expenses and manage the processes of production and storage of goods as planned. Such poorly coordinated processes negatively affect the entire supply chain results in late deliveries and unhappy customers.
Utilization of 3d Printing Technology in the Medical Industry to Create Ample Space
The growth of 3D printing technology has helped in the improvement of many sectors because it makes it possible to come up with and construct customized medical devices including implants and prosthetics. Also, it is very possible to come up with medical plastics for certain patients because of the intricate and precise designs that can be manufactured.
In addition, a designer skilled in 3D printing can expect that the process will allow them to create physical objects from their digital designs in a matter of days. Prototyping in the medical plastic industry means that new products such as medical apparatus, drug administration systems, or even surgical devices can be designed and manufactured more quickly.
The use of 3D printing technology in medicine has also significantly boosted the development of materials for medical-grade plastics. Engineers and scientists working with polymers are currently creating materials of biological origin that can be used for 3D printing. These comprise materials with higher mechanical performance, biocompatibility, sterilization efficiency, and therefore can be multifunctional across various medical usages.
Principal Consultant
The global medical plastics industry recorded a CAGR of 6.5% during the historical period between 2019 and 2023. The growth of the medical plastics industry was positive as it reached a value of USD 16,462.6 million in 2023 from USD 12,863.7 million in 2019.
From 2019 to 2023, the medical plastics market presented optimum growth globally in terms of demand for disposable medical equipment, innovation in medical technology, and more stringent concerns over healthcare hygiene.
The sales of medical-grade plastics like PVC, PP, and PE increased in demand for the applications, starting from tubings to packaging. There was also a higher demand for personal protective equipment, ventilators, and diagnostic tools.
Some key drivers for the strong sales of medical plastics were an increasingly elderly population with greater medical needs. Continued innovations in the field of minimally invasive surgical instruments also revved up the sales.
The prospects for medical plastics are going to stay in a growth phase through 2024 to 2034. According to the projected outlook, there will be around 6-7% CAGR in this period, mainly due to continuous breakthroughs in medical technology, growth of new healthcare infrastructure in developing economies, and an increase in the number of patients suffering from chronic diseases.
Tier 1 companies include industry leaders with annual revenues exceeding USD 10,000-35,000 million. These companies are currently capturing a significant share of 45-50% globally. These frontrunners are characterized by high production capacity and a wide product portfolio.
They are distinguished by extensive expertise in manufacturing and a broad geographical reach, underpinned by a robust consumer base. The firms provide a wide range of products and utilize the latest technology to meet regulatory standards.
Prominent companies within Tier 1 include BASF SE, Solvay SA, Evonik Industries, Celanese Corporation, The Dow Chemical Company, Covestro AG, The Lubrizol Corporation, and others.
Tier 2 companies encompass mid-sized participants with revenues ranging from USD 1,000-10,000 million, holding a presence in specific regions and exerting significant influence in local economies. These firms are distinguished by their robust presence overseas and in-depth industry expertise.
They possess strong technology capabilities and adhere strictly to regulatory requirements. However, the firms may not wield cutting-edge technology or maintain an extensive global reach.
Noteworthy entities in Tier 2 include Röchling SE & Co. KG, Mitsubishi Engineering-Plastics Corporation, China Petrochemical Corporation, Asahi Kasei Plastics, Formosa Plastics Corporation, and many others.
Tier 3 encompasses most of the small-scale enterprises operating within the regional sphere and catering to specialized needs with revenues below USD 500-1,000 million. These businesses are notably focused on meeting local demand and are hence categorized within the Tier 3 segment.
They are small-scale participants with limited geographical presence. In this context, Tier 3 is acknowledged as an informal sector, indicating a segment distinguished by a lack of extensive organization and formal structure in comparison to the structured one.
Tier 3 includes Blackwell Plastics, Ensinger Inc., LCY CHEMICAL CORP., Zylog ElastoComp LLP., Putnam Plastics, Modern Plastics, Inc., and many others.
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The section below covers assessments of medical plastics sales across key countries. Countries from East Asia, and North America, are anticipated to exhibit promising double-digit growth over the forecast period. All the below-listed countries are collectively set to reflect a CAGR of around 6% through the forecast period.
| Countries | Value CAGR (2024 to 2034) |
|---|---|
| India | 7.7% |
| China | 7.1% |
| USA | 5.7% |
| Germany | 5.3% |
| Japan | 5.5% |
The medical plastics sector in India has started to realize the need for environmental sustainability and is taking steps to mitigate its effects on the environment. This tilt is propelled by a number of policies and measures issued by the government which apportions duties among plastic manufacturers, recyclers, and waste handlers.
These guidelines contain provisions on Extended Producer Responsibility (EPR) that compel manufacturers to manage the outflow of plastic materials after their primary usage, hence inducing products effective Design For Recycle and initiatives on Clean up.
The sector is actively looking into different ways of recycling medical plastics. Companies have either initiated recycling campaigns for their respective products or begun collaborating with reconfirms on recycling their products after use.
As an example, efforts are being made to cut back on healthcare single-use plastic consumption by using less packaging and sterilizing techniques, as well as looking for non-disposables.
As an example, some stakeholders are also interested in bio-resin technology and the bio-plastics to replace traditional resins and petrochemical plastics that are unsustainable in the long run.
Germany is famous for modern medical technology and the quality of healthcare facilities, which creates a high need for medical plastics especially in devices and components. The emphasis on innovation based on concrete investments in research and development propels the need for advanced medical technologies that demand unique plastic materials.
One of the major factors that aid in this expansion is the high level of medical devices regulation that exists in Germany; medical devices can be manufactured only with the use of advanced plastics that meet high operational and safety standards. The demand for high-quality medical plastics is also propelled by the increasing number of minimally invasive procedures and the innovations in diagnostic machines.
For example, in January 2024, B. Braun announced that it was planning to launch a new high-tech production facility for the manufacture of advanced medical plastic materials.
The section explains the growth trajectories of the leading segments in the industry. In terms of end use, the medical parts and components category will likely dominate and generate a share of around 42.5% in 2024. Based on plastic type, the polyvinyl chloride segment is projected to hold a share of 27.9% in 2024.
| Segment | Medical Parts and Components (Application) |
|---|---|
| Value Share (2024) | 42.5% |
Medical parts and components are a dominant end-use segment in the medical plastics market. This particular section has items, that are important for example, dropper bulbs, drip chambers, gaskets, and stoppers, which enable certain use of medical devices and systems. The use of better plastics conforms these components to high safety and performance standards, ensuring the durability and reliability of medical applications.
The need for these parts arises from the high need for good and accurate components, which can withstand harsh conditions and remain in a sterile state. As medicine becomes more sophisticated, the invention and development of new and better medical devices are bound to increase, therefore increasing the market for medical plastics.
| Segment | Polyvinyl Chloride (Plastic Type) |
|---|---|
| Value Share (2024) | 27.9% |
Polyvinyl Chloride (PVC) is one of the most dominant plastics in the medical industry due to its versatility and cost-effectiveness. Its flexibility and durability make it an ideal choice for a wide range of medical applications, including tubing, blood bags, and IV containers. PVC's resistance to chemicals and biological contamination ensures its reliability in critical medical environments.
PVC can be easily sterilized, which is crucial for maintaining hygiene standards in medical procedures. Its transparency allows for easy monitoring of fluids and substances, making it particularly valuable in diagnostic and infusion applications.
Some key players in the medical plastics industry are actively enhancing capabilities and resources to cater to the growing demand for the compound across diverse applications. Major companies participate in partnership and joint venture strategies to co-develop innovative products and bolster resource base.
Significant players are further introducing new products to address the increasing need for cutting-edge solutions in various end-use sectors. Geographic expansion is another important strategy that is being embraced by reputed companies. Start-ups are likely to emerge in the sector through 2034, thereby making it more competitive.
Industry Updates
Plastic types included in the study are Polyvinyl Chloride (PVC), Thermoplastic Elastomer (TPE), Polyethylene (PE), Polycarbonate (PC), Polypropylene (PP), Polyethylene Terephthalate (PET), Polyamides, Thermoplastic Polyurethane (TPU), Polymethyl Methacrylate, Acrylonitrile Butadiene Styrene (ABS), and Silicone Rubber.
Thermoplastic Elastomer (TPE) is further segmented into Thermoplastic Elastomer Vulcanizates (TPE-V) and Thermoplastic Elastomer Styrenics (TPE-S). Silicone Rubber is categorized into Liquid Silicone Rubber, High Consistency Rubber, Room Temperature Vulcanizing (RTV) Silicone, Silicone Adhesives, and others.
End-use segments included in the study are medical parts and components, tubing, film and bags, surgical tools, and medical cables and connectors. Medical parts & components encompass dropper bulbs, drip chambers, gaskets and stoppers, orthopedics, blood collection chambers, medical containers, and others.
Tubing covers catheter tubing, drug delivery, gas supply, peristaltic pump, oxygen tubing, blood transport & delivery, and others. Film and Bags include biopharmaceutical storage, saline bags, waste bags, and others. Surgical Tools consist of scalpels, forceps, scissors, and others. Medical cables and connectors are segmented into diagnostic equipment, prosthetics, and others.
Key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, the Middle East, and Africa (MEA), have been covered in the report.
The global market was valued at USD 16,462.6 million in 2023.
The global market is set to reach USD 17,561.6 million in 2024.
Global demand is anticipated to rise at 7.1% CAGR.
The industry is projected to reach USD 34,553.9 million by 2034.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Plastic Type 6.2. End Use 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Plastic Type 7.1. Polyvinyl Chloride (PVC) 7.2. Thermoplastic Elastomer (TPE) 7.2.1. Thermoplastic Elastomer Vulcanizates (TPE-V) 7.2.2. Thermoplastic Elastomer Styrenics (TPE-S) 7.3. Polyethylene (PE) 7.4. Polycarbonate (PC) 7.5. Polypropylene (PP) 7.6. Polyethylene Terephthalate (PET) 7.7. Polyamides 7.8. Silicone Rubber 7.8.1. Liquid Silicone Rubber 7.8.2. High Consistency Rubber 7.8.3. Room Temperature Vulcanizing (RTV) Silicone 7.8.4. Silicone Adhesives 7.8.5. Others 7.9. Thermoplastic Polyurethane (TPU) 7.10. Polymethyl Methacrylate (PMMA) 7.11. Acrylonitrile Butadiene Styrene (ABS) 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use 8.1. Medical Parts & Components 8.1.1. Dropper Bulbs 8.1.2. Drip Chambers 8.1.3. Gaskets & Stoppers 8.1.4. Orthopedics 8.1.5. Blood Collection Chambers 8.1.6. Medical Containers 8.1.7. Others 8.2. Tubing 8.2.1. Catheter Tubing 8.2.2. Drug Delivery 8.2.3. Gas Supply 8.2.4. Peristaltic Pump 8.2.5. Oxygen Tubing 8.2.6. Blood Transport & Delivery 8.2.7. Others 8.3. Film and Bags 8.3.1. Biopharmaceutical Storage 8.3.2. Saline Bags 8.3.3. Waste Bags 8.3.4. Others 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. South Asia 9.5. East Asia 9.6. Eastern Europe 9.7. Middle East & Africa 10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Sales Forecast 2024 to 2034 by Plastic Type and End Use for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Celanese Corporation 19.2. Trinseo PLC 19.3. Ensinger Group 19.4. BASF SE 19.5. The Dow Chemical Company 19.6. Saudi Basic Industries Corp (SABIC) 19.7. DuPont de Nemours, Inc. 19.8. Arkema Group 19.9. Evonik Industries 19.10. Eastman Chemical Company 19.11. LyondellBasell Industries N.V. 19.12. Hanwha Group 19.13. Covestro AG 19.14. Solvay SA 19.15. EMCO Industrial Plastic Inc. 19.16. The Lubrizol Corporation 19.17. Trelleborg Group 19.18. Teknor Apex 19.19. Spartech LLC 19.20. Raumedic AG
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Medical Plastics Market
