The Outbreak of COVID-19 has Propelled the Growth of Global Medical Plastics market

The global medical plastic market is growing astronomical rate on account rising expenditure on healthcare industry, burgeoning demand for innovative medical devices and increasing prevalence of disease related to changing lifestyle. Moreover, the outbreak of COVID-19 has accelerated the critical demand for medical equipment such as ventilators, thermal scanners, respirators which further infused the demand for medical plastics such as polypropylene (PP), polyolefin (PE), and polycarbonate (PC) amongst OEM and medical equipment company.

 

Based on Material, engineering plastics segment acquired the considerable market share in the global medical plastic market. Engineering plastic find their application in robotic assistance, AI-driven procedures, 3D printing of medical models as these are chemical & water resistance and have machinability and dimensional stability. However, standard plastic witnessed rapid growth in 2020 on account of COVID-19 pandemic which accelerated the demand for polypropylene (PP) and polyolefin (PE) for the production various critical care system such as ventilators.

 

Based on Application, Medical Disposable segment dominated the global medical plastic market in 2019. The growth is attributed to COVID-19 pandemic which has surged the demand for medical disposable such as medical bags, syringes, catheters, mask in procedural applications. However, the demand for medical disposables such as masks, gloves have also augment among the general public which is strongly contributing towards the growth of medical plastic market in the near future.

 

Asia-Pacific captured the largest market share in the Global medical plastic market. China and Japan accounted the largest market share owing to boost in the healthcare spending by the government, availability of the minimal expense of medical procedures and outbreak of COVID-19 in countries such as China, India, Japan. The upsurge in the demand for medical disposables and medical devices such as testing equipment, medical bags, gloves, masks, ventilators, and personal protective equipment (PPE) is placing an optimistic impact on the growth of the market in forthcoming timeline.

 

The key players with a considerable market share in the Global Medical Plastics market are SABIC, BASF, Eastman, Covestro, Saint-Gobain, Celanese, Tekni-Plex, Solvay, Arkema, Trinseo, DuPont, Lubrizol, Ensinger, GW Plastics, DSM etc.