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 Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period. The major drivers for the medical plastics market include the rise in disposable income & changing lifestyle and the demand for affordable and efficient healthcare system from China, India, and other emerging economies. The growing use of advanced medical technologies, such as 3D printed implants and customized devices, is also driving the market.
Medical plastics are used in medical disposables, prosthetics, medical instruments & tools, drug delivery, and other applications. Companies, such as SABIC (Saudi Arabia), BASF (Germany), Celanese (US), Evonik (Germany), Solvay (Belgium), and Covestro (Germany) operating in the medical plastics market have adopted both organic and inorganic growth strategies such as new product launch, agreement & collaboration, joint venture, merger & acquisition, and investment & expansion to serve their customers efficiently and increase their market shares.
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SABIC (Saudi Arabia) has a strong position in the medical plastics market. The company has a strong product portfolio of medical plastics, which find application in medical disposables, drug delivery, and diagnostics, among others. It operates through its 64 manufacturing and compounding sites located in the Americas, APAC, the Middle East & Africa, and Europe and has extensive sales & distribution infrastructure, which helps in attaining economies of scale. It focuses on offering solutions to diverse applications in the healthcare industry. For example, SABIC collaborated with its client eNeura Inc. (Baltimore, US) to develop a non-drug solution named sTMS mini, to prevent migraine headaches. This home healthcare device was manufactured by using SABIC’s biocompatible LEXAN polycarbonate copolymer. This collaboration portrays SABIC’s customer-centric portfolio, offering optimized portability, comfort, and other specialized requirements.
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.
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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