Medical Plastics Market: Top trends driving the industry to reach US$ 106.23 Billion by 2032
During the forecast period ranging from 2022-2032, the medical plastics market is expected to grow at a value of 7.8%. In 2021, this market was predicted to have a global valuation of US$ 46.5 Billion, and is expected to reach a sum of US$ 106.23 Billion by 2032, according to a recent report published by Future Market Insights. The market is going to face increasing demand owing to the increase in growing geriatric population and various advancements in the field of medical science.
From 2017 to 2021, the Medical plastics industry grew at a CAGR of 6.3%. Since medical plastic does not permeate and is shatter-proof, it is an excellent choice for transporting biohazardous materials. Dangerous pathogens can be kept at bay by properly disposing of medical waste. Furthermore, these plastics have higher levels of safety and antimicrobial properties than other raw materials. Because medical plastics aid in decontaminating samples and securely containing them, the medical plastic market is gaining significant traction in the healthcare sector.
The growing elderly population in the United States, as well as the growing demand for home healthcare services, are driving medical plastics demand in North America. Furthermore, the pharmaceutical sector in Mexico and Canada is expected to expand rapidly, fueling product demand in the pharmaceutical packaging market. At the same time, APAC is estimated to be the leading market for medical plastics during the forecast period, owing to strong investments in R&D and digitization in the healthcare ecosystem.
Competitive Landscape
The global medical plastics market is fragmented due to strong distribution networks and a wide range of products offered by large and small companies in emerging and developing economies. The major growth strategies employed by market players to expand their regional presence and meet the growing demand for medical plastics in emerging economies between 2017 and 2022 were new product launches, agreements & collaborations, expansions & investments, and mergers & acquisitions. Establishment players are creating new medical products through research and development.
Medical Plastics Marketfuturemarketinsights.com
[299 Pages Report] Medical Plastics Market forecasted to registering 7.8% CAGR during the forecast period (2022-2032), projected to reach US$ 106.23 Bn by 2032...
