Global medical plastics market will maintain 7% annual growth into 2020: report
Fueled by the aging population, the global medical plastics market is projected to reach a value of US$6.9 billion by 2020, achieving a compound annual growth rate slightly above 7% between 2015 and 2020, according to a new report from research firm MarketsandMarkets.
Polyvinyl chloride (PVC) has the largest share in the medical plastics market, accounting for almost one-third of all plastic-based medical devices, the study said. “Medical devices that are manufactured using PVC can be easily sterilized using such methods as steam, radiation, or ethylene oxide,” the MarketsandMarkets study noted. “The two main applications for medical-grade PVC compounds are flexible containers and tubing.”
The report also covers the use of silicone hydrogel, polyethylene, polystyrene, epoxy resins and polypropylene materials in the manufacture of disposable medical devices. In that category, disposables used in dialysis are experiencing the fastest growth rate globally, the study reported.
“The demand for disposable medical devices is more in the emerging economies as the health care sector in these economies has expanded and modernized,” the study said. “Abbott Laboratories (U.S.), Access Closure (U.S.), Advanced Medical Solutions Group plc (U.K.), Lohmann & Rauscher GmbH & Company KG (Germany), Medline Industries Incorporated (U.S.), and Medtronic Incorporated (Ireland) are some of the notable companies that are operating in the disposable medical devices market.”
In addition to growing demand in emerging economies, the study reported, Europe also will continue to be an attractive market for this product segment, given the generally positive outlook for the medtech industry and a regulatory structure that is more favorable to companies launching products.