Biodegradable Medical Plastics Market Size To Hit USD 4.5 Billion By 2032, Driven By Rising Environmental Concerns And Stringent Regulations

(MENAFN- GlobeNewsWire - Nasdaq) Growing Awareness of Plastic Pollution and Regulatory Pressure Fuel Adoption of Biodegradable Plastics in Healthcare, with Market Expected to Grow at a CAGR of 11.5% from 2024 to 2032, According to SNS Insider

Pune, Sept. 02, 2024 (GLOBE NEWSWIRE) -- Biodegradable Medical Plastics Market Size Analysis:

“According to SNS Insider, The Biodegradable Medical Plastics Market Size was valued at USD 1.7 billion in 2023 and is expected to reach USD 4.5 billion by 2032 and grow at a CAGR of 11.5% over the forecast period 2024-2032.”

Biodegradable medical plastics is a high-growth market owing to growing environmental awareness and the eventual placing of stringent regulations on conventional plastics. Considering the growing need of health-care systems to have a reduced ecological footprint, biodegradable medical plastics would certainly facilitate natural decomposition and result in lesser landfills of waste products. In the last few years, significant strides have been achieved in this field. An example is the innovation announced in March 2023 when scientists produced a bio-based plastic completely biodegradable and without harmful microplastics (ABC News). This will alter medical packaging and disposable medical devices because this product offers an environmentally friendly substitute to conventional plastics.

The main companies involved in the biodegradable medical plastics market are BASF, NatureWorks LLC, and Total Corbion PLA. In particular, during August 2022, BASF signed a memorandum of understanding with one of the largest healthcare providers for the development of innovative medical packaging made of biodegradable plastics that further ensures sustainability for the healthcare industry. In January 2024, Total Corbion PLA announces an expansion in PLA manufacturing capacity owing to swelling demand featuring an eco-friendly nature for medical devices and packaging. These strategic moves reflect the direction of the industry in terms of sustainability, as the companies are indeed investing much in research and development to enhance performance and ecological services associated with biodegradable materials.

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Increasing investments are also being portrayed by both government and private sectors in the market. For example, in September 2023, the Australian government announced a significant grant toward researching medical biodegradable plastics-a sign of underpinning commitment to sustainable health solutions. This financial backing is likely to accelerate the development and adoption of biodegradable plastics in the medical area.

Major Players Analysis Listed in this Report are:

• Arkema S.A.
• BASF SE
• Biome Bioplastics
• Biomerics
• Cardia Bioplastics
• Cortec Corporation
• Danimer Scientific
• Dow Inc.
• Eastman Chemical Company
• Evonik Industries AG
• Green Dot Bioplastics
• Medline Industries Inc.
• NatureWorks LLC
• Novamont S.p.A
• TechnoCompound GmbH
• Total Corbion PLA
• TotalEnergies

Biodegradable Medical Plastics Market Report Scope:

Report Attributes	Details
Market Size in 2023	US$ 1.7 Billion
Market Size by 2032	US$ 4.5 Billion
CAGR	CAGR of 11.5% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Segment Analysis

In 2023, the Polylactic Acid (PLA) segment dominated in the biodegradable medical plastics market, holding a share of around 45% . Such high dominance is mainly due to the fact that it finds very extensive usage because of the desirable properties of high strength and biocompatibility, quite ideal in medical applications such as surgical implants and drug delivery systems. For instance, NatureWorks LLC, one of the major PLA producers, announced a considerable increase in PLA production to satisfy the growing demand for PLA-based medical products, thus underlining the paramount place of the segment in the market. Besides, PLA has greater cost efficiency and processability compared to other types of biodegradable plastics, such as PHA and PCL, which enables it to be considered the leading force in the market.

Biodegradable Medical Plastics Market Key Segmentation:

By Type

• Polylactic Acid (PLA)
• Polyhydroxyalkanoates (PHA)
• Polycaprolactone (PCL)
• Others

By Technology

• Extrusion
• Injection Molding
• Blow Molding

By Application

• Medical Devices
• Packaging
• Drug Delivery Systems
• Wound Care
• Others

By End-user

• Hospitals
• Clinics
• Research Institutions
• Others

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Trends Analysis: Biodegradable Medical Plastics Market

The trend in the biodegradable medical plastics market is for even more advanced technologies in materials to be integrated along with friendlier ecological practices. Companies are now interested in developing high-performance, biodegradable plastics with superior mechanical properties and speedy degradation rates so that tight healthcare requirements could be satisfied. Such innovations in composite materials provide durability and functionality improvements in medical devices and packaging. Also, the push toward a circular economy is pressuring plastics that are biodegradable and can easily enter recycle streams or compost heaps to align with global sustainability goals. The trend is consistent with broader movement across the healthcare industry to be more sustainable and environmentally accountable.

SNS View: Biodegradable Medical Plastics Market

The biodegradable medical plastics market is witnessing strong growth due to regulatory pressures and material science development. Greater awareness of environmental issues and much closer control of traditional plastics will be the driver for replacement with sustainable solutions. This new development has considerably enhanced the performance and suitability of biodegradable plastics for a wide range of medical applications, making them a very viable alternative to conventional materials. Sustainability being the key issue to healthcare providers and manufacturers, continuous development of new applications and high-performance products will lead to growth in this market. Biodegradable plastics are assured of great prospects with increasing environmental friendliness in health care.

Regional Analysis

In 2023, the North American region dominated the market for biodegradable medical plastics, with a huge market share of about 40% . This is majorly because of the massive advanced healthcare infrastructure in the region and their strict environmental regulations. For example, in March 2024, several new biodegradable plastic products for medical use were approved by the U.S. Food and Drug Administration, indicating the region's effort to practice sustainable healthcare solutions to serve its citizens. Moreover, companies like NatureWorks LLC have moderately sized manufacturing plants located within North America that work toward strengthening the great status the region holds in the market.

Key Takeaways:

• Due to increasing awareness of the environment and resultant pressures from regulations, the medical biodegradable plastics market has become one of the fastest-growing markets.
• Recent inventions, fully biodegradable plastic, have already started creating a revolution in medical packaging and disposable medical devices.
• Dominated by North America, it holds the maximum share in the market owing to its well-established healthcare infrastructure and a robust regulatory framework.
• Ongoing investments and research are likely to further grow the growth and adoption of biodegradable plastics in the medical field.

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Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Macroeconomic Trends, (2023), by Region

5.2 Volume of Medical Waste Generated, By Region

5.3 Waste Disposal Policy, By Region

6. Competitive Landscape

7. Biodegradable Medical Plastics Market Segmentation, by Type

8. Biodegradable Medical Plastics Market Segmentation, by Technology

9. Biodegradable Medical Plastics Market Segmentation, by Application

10. Biodegradable Medical Plastics Market Segmentation, by End-user

11. Regional Analysis

12. Company Profiles

13. Use Cases and Best Practices

14. Conclusion

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