The report “Medical Plastics Market by Type (Engineering Plastics, HPP, Standard Plastics, Silicone, and Others), Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery, and Others), Region — Global Forecast to 2024” The medical plastics market size is projected to grow from USD 22.8 billion in 2019 to USD 31.7 billion by 2024, at a CAGR of 6.8%.
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Browse 88 Market Data Tables and 36 Figures spread through 161 Pages and in-depth TOC on “Medical Plastics Market by Type (Engineering Plastics, HPP, Standard Plastics, Silicone, and Others), Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery, and Others), Region — Global Forecast to 2024”
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APAC is projected to register the highest CAGR between 2019 and 2024.
The medical plastics market in APAC has immense growth potential driven by the increasing demand for a better healthcare system. APAC consists of some vast and rapidly growing economies, such as China, India, Indonesia, Malaysia, Vietnam, and Thailand. Across these economies, local governments are reforming regulations in fields such as IT integration, advanced materials, and others in the healthcare industry to increase the efficiency and efficacy of medical devices and related healthcare services. The major drivers for the medical device sector in APAC are changing reforms regarding value-based care in existing systems, ecosystem partnership across value-chain, increasing R&D, and digitalization of the healthcare system.
Increasing demand for a better healthcare system in emerging economies, growth in the aging population, and rising cases of lifestyle diseases are propelling the global medical plastics market. Additionally, increasing use of medical plastics in advanced medical technology in implants, precision medicines, smart inhalers, artificial organs, customized minimally invasive devices, and robotic assistance in surgical operations are also propelling the demand.
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BASF (Germany) is another major player operating in the market. The company has a strong global presence and offers medical plastics for various applications, ranging from drug delivery to diagnostics. The company is focusing on organic growth strategies of investment & expansion for increasing its geographical reach and strengthen product portfolio, widening its presence in various regions, such as South America and the Middle East & Africa through increased product reach. In June 2017, BASF started its new compounding plant for engineering plastics at its Schwarzheide site in Germany. This has helped the company in manufacturing customized medical plastics. This expansion has increased up to 70,000 tons of Ultramid (PA) and Ultradur (PBT) production each year, which is expected to help in catering to the rising global demand for engineering plastics.
SABIC (Saudi Arabia), BASF (Germany), Celanese (US), Evonik (Germany), Solvay (Belgium), and Covestro (Germany) are some of the leading players with a substantial market share. New product launch, agreement & collaboration, investment & expansion, and merger & acquisition were the major growth strategies adopted by the market players between 2017 and 2019 to enhance their regional presence and meet the growing demand for medical plastics in the emerging economies.
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