Medical Plastic Compound Market Is Expected To Reach A Revenue Of USD 119.4 Bn By 2033, At 7.8 % CAGR: Dimension Market Research

(MENAFN- GlobeNewsWire - Nasdaq) Advancements and Projections in the Medical Plastic Compound Market: Insights, Trends, Opportunities, and Recent Developments

New York, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Market Overview

The Medical Plastic Compound Market size is expected to reach USD 60.8 billion by 2024 and is further anticipated to reach USD 119.4 billion by 2033 a CAGR of 7.8% according to Dimension Market Research.

A medical plastic compound is a specially formulated blend of plastic materials intended for medical applications. These compounds are meticulously designed to meet rigorous standards, including biocompatibility, chemical resistance, and durability. They are widely used in creating various medical devices, equipment, and packaging within the healthcare industry. To ensure safety and effectiveness, these compounds must adhere to regulatory standards established by relevant authorities. The market share for medical plastic compounds is anticipated to grow significantly due to the increasing demand for healthcare and evolving regulations that promote the use of sustainable plastic materials, fostering market expansion.

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Important Insights

• Market Growth: The global medical plastic compound market is expected to grow by USD 119.4 billion by 2033 from 2025 with a CAGR of 7.8 %.
• Product Analysis: Polyvinylchloride is projected to hold its dominance in this market, accounting for a high revenue share with a revenue share of 36.0% in 2024 . This segment is witnessing growth driven by rising demand for surgical gloves, disposable items, feeding tubes, pressure monitoring devices, and dialysis tubing.
• Application Segment Analysis: The disposables segment is anticipated to lead in the market, holding a large revenue share of 27.0% in 2024 , due to the extensive use of safe and disposable syringes and gloves in the healthcare sectors of developed nations.
• Regional Analysis: North America is expected to lead this market with a 41.3% share in 2024 , anticipating sustained growth due to growth in R&D investments, a large volume of procedures, & advanced healthcare infrastructure.

Latest Trends

• Advancement in the medical field leads to the development of more complex and sophisticated medical devices and equipment that require specialized plastic compounds with specific properties.
• Plastic compounds that provide antimicrobial properties or can withstand frequent sterilization procedures are in high demand for use in medical devices and equipment.
• Large investments in research and development are made to innovate new plastic compounds tailored for medical applications.

Competitive Landscape

• Companies are teaming up with the government in the creation of this reimbursement market the governments have been forming regulations and policies to improve healthcare quality and affordability.
• Key Players in the medical plastic compound market offer a diverse range of products catering to many applications such as medical devices, surgical instruments, drug delivery systems, and diagnostic equipment.
• Major companies operating in the market include GW Plastics, Baxter International, Cyro Industries, Becton & Dickinson, and Dow Chemical.

Some of the prominent market players:

• Nolato AB
• Freudenberg Medical LLC
• Rochling Group
• GW Plastics Inc.
• MedPlast Inc.
• Phillips Medisisze Corporation
• C&J Industries Inc.
• Tekni-Plex, Inc.
• Pexco LLC
• Medical Plastic Devices Inc
• Others

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Medical Plastic Compound Market Scope

Report Highlights	Details
Market Size (2024)	USD 60.8 Bn
Forecast Value (2033)	USD 119.4 Bn
CAGR (2024-2033)	7.8%
Leading Region in terms of Revenue Share	North America
Percentage of Revenue Share by Leading Region	41.3%
Historical Data	2018 - 2023
Forecast Data	2024 – 2033
Base Year	2023
Estimate Year	2024
Segments Covered	By Product, By Application
Regional Coverage	North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Regional Analysis

North America is predicted to dominate the medical plastic compound market with a revenue share of 41.3% in 2024 . The lifestyle changes and the government programs aiming at the improvement of the healthcare sector are the main reasons this market is growing so rapidly. Higher R&D investments, an advanced healthcare infrastructure, & growing interest in adopting plastic compounds in the medical sector are other factors driving the market's growth.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Market Analysis

Disposables as applications are forecasted to lead the medical plastic compound market reaching a revenue share of 27.0% in 2024 because of its ease of use, cleanliness, & cost-effectiveness. This segment is growing due to the increased use of disinfectant & disposable gloves and syringes in the health sectors of developed nations. Moreover, the catheters segment is expected to expand at a steady CAGR, used more often in the medical industry as these are thin, flexible, tubes inserted into the body for many conditions like draining fluids, administering medication, or monitoring bodily functions.

Medical Plastic Compound Market Segmentation

By Product

• Polyvinylchloride
• Polyethylene
• Polypropylene
• Others

By Application

• Disposables
• Catheters
• Medical Bags
• Implants
• Drug Delivery System
• Other

Drivers

• The growing need for durable medical instruments and the increased use of disposable and disinfected equipment are key factors anticipated to drive market growth. In-depth analysis suggests that the adoption of lightweight, cost-effective plastics and the rising importance of prostheses will boost market demand.
• Market dynamics are driven by the expanding use of polymers in various applications, including drug delivery systems, medical bags, implants, and surgical tools. Medical plastic compounds offer advantages such as flexibility, surface control, light weight, strength, ease of manufacturing, rigidity, and the ability to withstand prolonged contact with the human body, propelling the market growth.

Restraints

• The medical plastic compound market faces constraints due to the substantial generation of medical waste, which accelerates environmental pollution. Medical plastics and associated tools and instruments are generally non-recyclable and are not adequately treated to reduce or prevent the spread of infectious diseases.
• Toxic components in medical plastics pose significant risks to infants, presenting a major barrier to market growth. High crude oil prices contribute to market instability, impeding the growth of the medical plastic compound market.
• The rising cost of petroleum-based raw materials significantly increases production costs for medical plastics, further hindering market expansion.

Opportunities

• The medical plastic compound market presents significant opportunities with advanced properties such as controlled drug delivery, self-disinfecting surfaces, and enhanced strength and flexibility for minimally invasive procedures.
• Innovations in biocompatible materials ensure safe implantation or contact with human tissue, crucial for many medical devices. These compounds are cost-effective, providing economic advantages over traditional materials like metals or glass while maintaining essential functionalities. Their cost efficiency makes them appealing to manufacturers, particularly in a budget-conscious healthcare environment.
• Stricter regulations for medical device safety and quality create opportunities for high-performance medical plastic compounds that meet these standards, further boosting market adoption.

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Recent Developments

• February 2024: the PVCMed Alliance, formed within the European Council of Vinyl Manufacturers (ECVM), acted as a platform promoting the adoption of polyvinyl chloride (PVC) in healthcare settings, focusing on its safety, versatility, and growing sustainability and also aims to optimize the use of PVC-based products in healthcare, prioritizing both patient care and environmental stewardship.
• November 2023: Americhem, Inc. announced a new collaboration with Nexeo Plastics for the distribution of engineered compounds across North America which help in delivering premium engineered compounds, polymer solutions, and customer service throughout the region.
• October 2023: TekniPlex Healthcare revealed antimicrobial medical compounds suitable for manufacturing various patient-contact items such as catheters, connectors, gas hoses, syringes, and needle-free injectors.
• September 2023: INEOS Styrolution introduced a product ASA "MED" material aimed at healthcare applications, particularly designed for small medical device housings and casings.

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