The North America Medical plastic market was valued at US$ 7,893.8 million in 2019 and is projected to reach US$ 14,249.6 million by 2027; it is expected to grow at a CAGR of 7.7% during the forecast period.

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North America Medical plastic market Introduction

Medical plastics are a diverse group of macromolecules crucial for producing consistent, safe, and effective instruments within the healthcare industry. Renowned for their exceptional durability, flexibility, and cost-effectiveness, these materials are instrumental in ensuring the performance, sterility, and overall quality of medical tools. Their widespread applications encompass diagnostic instruments, implants, disposables, drug delivery devices, surgical instruments, syringes, and catheters.

The ongoing rise in the global population, coupled with the increasing prevalence of diseases and infections, significantly fuels the demand for medical plastics. Furthermore, the growing geriatric population, which often requires more extensive medical care, contributes substantially to the development of the healthcare sector and, consequently, the North America Medical plastic market. Beyond conventional medical applications, these plastics also play a transformative role in prosthetics, offering life-changing solutions for individuals with physical disabilities.

Factors Driving Market Growth

Several key factors are propelling the growth of the North America Medical plastic market:

• Inherent Material Advantages: Medical plastics offer a compelling combination of properties including lightweight, high strength, biocompatibility, chemical resistance, and ease of sterilization. These attributes make them superior alternatives to traditional materials like glass and metal in many medical applications.
• Cost-Effectiveness: Compared to many conventional materials, plastics are generally more economical to produce and process, leading to lower manufacturing costs for medical devices and disposables. This cost efficiency is crucial for healthcare providers aiming to optimize expenses.
• Sterility and Infection Control: The ability of plastics to be easily sterilized, coupled with the widespread adoption of single-use disposable medical devices made from plastic, is vital in preventing hospital-acquired infections (HAIs) and ensuring patient safety.
• Growing Demand from the Packaged and Processed Food Industry: While not directly medical, the increasing demand for plastics in the packaged and processed food industry influences the broader plastics market. This robust demand supports innovation and production capacities within the polymer industry, which can indirectly benefit the medical plastics sector through shared material science advancements and manufacturing efficiencies.
• Technological Advancements: Continuous innovation in polymer science and manufacturing techniques is leading to the development of advanced medical-grade plastics with enhanced properties, opening up new application areas and improving existing ones.
• Rising Healthcare Expenditure and Infrastructure Development: Increasing investments in healthcare infrastructure globally, particularly in emerging economies, are driving the demand for a wide range of medical devices and supplies, heavily relying on medical plastics.
• Aging Population and Chronic Disease Prevalence: The growing elderly population and the rising incidence of chronic diseases necessitate more frequent medical interventions and long-term care, leading to a sustained demand for medical devices and disposables made from plastics.

Impact of COVID-19 Pandemic on Medical Plastic Market

The COVID-19 pandemic had a multifaceted impact on the medical plastics market. While it initially led to significant disruptions in global supply chains due to lockdowns and restrictions, it also created an unprecedented surge in demand for various plastic-based medical products. The urgent need for Personal Protective Equipment (PPE) such as masks, gloves, and face shields, as well as components for ventilators, testing kits, and disposable syringes, significantly boosted the consumption of medical plastics.

Reasons to buy the report

• To understand the North America Medical plastic market landscape and identify market segments that are most likely to guarantee a strong return
• To stay ahead by comprehending the ever-changing competitive landscape for the North America Medical plastic market
• To efficiently plan M&A and partnership deals in the North America Medical plastic market by identifying market segments with most promising probable sales
• To take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segments in the North America Medical plastic market
• To obtain market revenue forecast for market by various segments from 2018 to 2027

North America Medical Plastic Market Segmentation

North America Medical plastic market By Type

• Standard Plastic
• Engineering Plastic
• High Performance Plastic (HPP)
• Silicone
• Others

North America Medical plastic market By Application

• Medical Disposables
• Prosthetics
• Medical Instruments and Tools
• Drug Delivery
• Others

North America Medical plastic market By Country

• US
• Canada
• Mexico

North America Medical plastic market Company Profiles

• Celanese Corporation
• Eastman chemical company
• GW Plastics
• Orthoplastics Limited
• Aran Biomedical
• Rochling
• SABIC
• Saint-Gobain
• Solvay
• Dow.  

North America Medical plastic market Strategic Insights

Strategic insights for the North America Medical Plastic provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Medical plastic market Regional Insights

The geographic scope of the North America Medical Plastic refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights