Modern medical management would not be possible without the use of medical plastics. Unlike other plastics, medical plastics are specifically designed for applications in the healthcare industry. Professionals demand personal hygiene to avoid the spreading of infections. Further, growing applications of modern medicine have boosted growth in the field, positively impacting this emerging industry. These plastics are made to be used once and then disposed of as they cannot be reused.
The global medical plastics market size is expected to hit USD 54.29 billion by 2027, recording a steady 7.1% CAGR over 2020 – 2027. At the same time, technological advancement in medical applications is leading to their high consumption. The growing attraction of professionals for personal safety will also influence the market growth. Medical plastic is a thriving industry. The product development has helped increase the quality of health services across the globe. The future looks very positive for medical plastics as the industry will continue to be driven by the growing demand for healthcare.
Below are a few key trends the industry is poised to witness over the forthcoming years.
People’s Awareness Regarding Personal Hygiene is Growing
The primary usage of medical-grade plastics is cleaning and sanitation. When dealing with wound care, human health, and other applications related to the human body, it’s crucial to keep these personnel areas pure and sterile while keeping patients happy. Further, to reduce the chance of infection and maintenance of personal hygiene, healthcare industries massively demand and support medical plastics.
Is Medical Plastics Treatment Cost-Effective?
As we tend to all recognize, medical applications and treatments are primarily expensive. However, medical plastics are cost-effective and provide longevity. These plastics are made of antimicrobial surfaces. These surfaces are highly effective at repelling and killing dangerous bacteria. Further, glass and metal equipment are not ideal for medical operation. But, plastics are recyclable and are designed to handle repeated sterilizations. Its low-cost raw materials, superior quality, and environment-friendly nature fulfill the demand from medical operations.
Rising Technological Advancement is Making Efficient Treatments
Technological advancement is helping to elevate the efficacy of treatment of patients. These technologies lead to the high consumption of medical plastics, miniaturization, Point-of-Care (POC), and multi-purpose diagnostic instruments primarily used in medical operations. One example of a technological advancement that aids in creating thinner medicine bottles is Custom Blow Forming, which also improves the performance on the moisture transmission rate and strengthens the packaging of the bottles.
High Investment in R&D and Growing Competition among Key Players are Propelling the Market
Medical plastics are overtaking the retail business due to changing dynamics such as regulations, technology, and raw materials. The plastic producers are working on increasing their capacity and product innovation to meet customers’ demands and protect themselves against the competition. Also, many key players are investing significantly in R&D for the development of innovative products like 3D printed medical devices. The outbreak of the COVID-19 pandemic is fueling the demand for medical equipment such as medical masks, gloves, ventilators, and testing equipment.
How will Medical Plastics Industry Fare amid Rapid Change in the Healthcare Industry
The outbreak of the COVID-19 pandemic had no significant impact on the market. The shifting preference toward disposable masks, gloves, and exam gowns as a part of safety protocol largely accelerates the product demand. In addition, growing awareness of proper hygiene is supporting the market growth.
However, social distancing norms and global lockdown slow down the sales of medical devices and equipment. Large pharmaceutical companies have closed borders to certain types of medicine and have found it more difficult to transport and deliver medicine. It has led to situations where small-scale manufacturers have entered the market without any challenge from overseas competitors. These domestic players are now rising and contributing to national growth in the sectors they operate at the domestic level.