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The global medical plastics market size is projected to reach USD 54.29 billion by 2027 on account of growing demand for efficient drug packaging materials, states Fortune Business Insights™ in its report, titled “Medical Plastics Market Size, Share & COVID-19 Impact Analysis, By Application (Medical Disposables, Medical Instruments, Prosthetics & Implants, Drugs Packaging, and Others), and Regional Forecast, 2020-2027”. The report further reveals that the value of the market stood at USD 29.93 billion in 2019 and is expected to register a CAGR of 7.1% from 2020 to 2027.
The impact of the COVID-19 pandemic on the medical plastics market growth is expected be mixed, with certain segments getting more affected than the others. For example, the demand for medical disposables such as masks and PPE is skyrocketing, while the uptake of engineered plastics is lower than expected.
Evonik Releases First-of-Their-Kind Bioresorbable Copolymers
The German specialty chemicals innovator, Evonik AG, introduced the novel PLA-PEG series of bioresorbable copolymers, the world’s first such innovation in the domain of medical plastics. Engineered to serve implantable medical device applications, the new portfolio aims at enhancing the performance, biocompatibility, and safety of implantable devices. The strength of these polymers is derived by fusing the hydrophilic (water attractant) properties of polyethylene glycol with the hydrophobic (water repelling) properties of polylactide polymers. Moreover, this combination also speeds up degradation of the polymers six-fold. Evonik is focusing on broadening its customer base and expanding its market presence through the launch of this unique product line.
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Unhindered Rise in Plastic Pollution amid COVID-19 Pandemic May Stall Market Growth
The utilization of medical plastics and related products has surged as the spread of COVID-19 gained momentum since its outbreak. According to the Chinese Ministry of Ecology and Environment, hospitals in Wuhan, the epicenter of the pandemic, generated 240 tons of medical plastic waste daily when the epidemic had peaked in the region. The Countryside Alliance, a British organization working towards promoting rural issues in the country, reported in April that fly-tipping (illegal disposal of plastic waste) soared by 300% amid the coronavirus crisis. While companies are developing recyclable polymers for medical purposes, the adoption of single-use plastics in the healthcare industry remains dominant, fueling concerns about environmental pollution and affecting the growth of this market.
Key Players to Focus on Diversifying Their Offerings
The scope for innovation in the medical plastics market is wide and broad and core competitors in the market are exploring avenues to capitalize of these opportunities. Heavy investment in R&D operations has emerged as the top strategy implemented by market players to diversify their offerings and strengthen their product portfolio. Moreover, with increasing levels of plastic pollution worldwide, companies are looking to design and develop sustainable solutions for the medical devices industry to accelerate the movement towards circular economy.
List of Players Covered in this market report:
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Table of Segmentation:
Value (USD Billion), Volume (Kilo Tons)
Application and Geography