The global Medical Plastics Market size is projected to reach USD 54.29 billion by 2027, exhibiting a CAGR of 7.1% during the forecast period. Meteoric rise in the demand for personal protective equipment (PPE) across countries will inevitably fuel the uptake of medical plastics, PPE is made from plastics and other polymers and the on-going COVID-19 pandemic has escalated the demand for such equipment among frontline health workers worldwide. In Texas, for instance, the request for PPE from healthcare facilities surged from less than 2,000 in the third week of June to more than 22,000 in the last week of the same month. In India, the Apparel Export Promotion Council (AEPC) estimates that the domestic demand for PPE will be worth INR 10,000crore in the upcoming year and worldwide, the business will stand at an estimated value of USD 60 billion. Thus, the outbreak of the COVID-19 pandemic is expected to prove beneficial for this market in the immediate future.
Deferment of EU MDR to Support Medical Plastics Market Growth
The European Medical Device Regulation (EU MDR) is an updated batch of regulations framed to monitor and govern the production and distribution of medical devices sold in Europe. The new regulations are focused on adopting a life-cycle approach to medical devices owing to the rapidly aging population in the continent. The regulations are based on the rationale that the probability of malfunctions and accidents associated with medical devices used to treat aging people is higher than normal. The EU MDR was expected to create a major turmoil in the medical plastics industry in Europe. However, with the coronavirus raging across the globe, the European Parliament has decided to postpone the enactment and implement of this regulation to May 2021 so that companies can focus on prioritizing the production of medical devices to battle the pandemic. This decision, therefore, augurs well for this market.
List of Companies Profiled in the Medical Plastics Market Report:
Eastman Chemical Company (the U.S.)
GW Plastics (the US)
Celanese Corporation (the U.S.)
Nolato AB (Sweden)
Covestro AG (Germany)
BASF SE (Germany)
SABIC (Saudi Arabia)
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Changing Dynamics of Health Industry in Asia Pacific to Fuel Market Growth
Asia Pacific is expected to lead the medical plastics market share in the coming years owing to evolving dynamics and preferences in the healthcare industry in the region. For example, there is growing awareness about sanitation and hygiene in healthcare facilities in India and China, which is spiking the adoption of advanced medical plastics in the region.
In North America, where the market size was at USD 5.36 billion in 2019, the market is anticipated to be characterized by high healthcare spending and excellent R&D infrastructure for medical research. The market in Europe is also expected to register considerable growth owing to favorable government policies promoting the adoption of medical plastics, especially during the current coronavirus pandemic.
Prioritization of Response to COVID-19 to be Central Focus for Key Players
As the coronavirus continues to wreak havoc around the world, key players in the market for medical plastics are focused on prioritizing their response of this unprecedented health crisis. Many companies have boosted their production to produce essential equipment for frontline health workers, while some others are ramping up their R&D spending to launch innovative solutions for the health industry.