Weather , , 0°C

COVID-19 Impact On Medical Plastics Market worth $29.4 billion by 2021, at a CAGR of 17.2%

 Breaking News
  • No posts were found

COVID-19 Impact On Medical Plastics Market worth $29.4 billion by 2021, at a CAGR of 17.2%

October 30
01:38 2020
COVID-19 Impact On Medical Plastics Market worth $29.4 billion by 2021, at a CAGR of 17.2%

Browse 25 market data Tables and 6 Figures spread through 57 Pages and in-depth TOC on “COVID-19 Impact On Medical Plastics Market”
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

The global 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. 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.

Download PDF Brochure:

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.

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.

Request for Sample Report:

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States

Related Articles


August 2021