Medical Plastics Market – Dynamics
Increasing usage of medical
devices in hospitals is driving growth of the Medical
Plastics Market. Medical devices such as MRI plays a vital role in lab
tests and clinical diagnostics for inner body insights. Increasing use of
imaging techniques such as MRI is likely to boost growth of the medical
plastics market. For instance, according to a report published in the National
Health Services 2017, around 41 million medical imaging tests were performed in
England in 2017, of which 3.49 million imaging tests took place in January
2017, where MRI was performed 0.28 million times.
Moreover, increasing investments
by government bodies and private organizations for health and medical
researches and development is expected to propel growth of medical plastics
market. For instance, according U.S. Investments in Medical and Health Research
and Development report 2017published by Research America, investment in medical
and health research and development (R&D) in the U.S. grew by 20.6% between
2013 and 2016. Also, private industries invested around US$ 115.9 billion in
medical and health R&D whereas, federal agencies invested a total of US$
37.6 billion, with the National Institutes of Health (NIH) accounting for
nearly US$ 30.5 billion.
However, environmental risks
associated with the use of medical plastics and the regulatory bodies that
impose strict standards on the introduction of new medical devices are major
factors restraining growth of the global medical plastics market.
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Medical plastics are extensively
used in thin tubes, disposable syringes, intravenous blood bags, or in huge
casing of an open MRI system. The use of plastics for the manufacturing of
various disposable medical devices have made health care simpler and less
painful. Over the past few decades, plastics have assumed a dramatically
important role in modern medicine. Plastics have superior design flexibility,
as compared to metals, ceramics, and glass, therefore plastic can be processed
into innumerable sizes, shapes, thicknesses, and colors. Also, their properties
can be tailored to meet a wide spectrum of physical, mechanical, chemical, and
biochemical requirements.
Various developments in
high-performance polymers and the related advantages of plastics over other
materials have widened the opportunities of plastics in the healthcare sector.
Polyvinyl chloride (PVC) is commonly used in the development of class I medical
devices. Medical devices manufactured using polyvinyl chloride can be easily
sterilized using methods such as ethylene oxide, steam, or radiation. Different
types of medical plastics present in the market include polyethylene (PE),
polyvinyl chloride (PVC), polystyrene (PS), polypropylene (PP), silicones, and
others.
Medical Plastics Market – Regional
Insights
On the basis of region, the
global medical plastics market is segmented into North America, Europe, Latin
America, Asia Pacific, Middle East, and Africa. North America holds the
dominant position in the medical plastics market, owing to the revenue
generated by medical devices. For instance, according to the Government
Accountability Office's (GAO) 2014 report, the U.S. medical device market was
valued at over US$ 140 billion in 2015, which accounts for around 45 percent of
the global market.
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Asia Pacific is expected to
exhibit significant growth over the forecast period, followed by Europe, owing
to increasing demand for plastics among medical device and healthcare product
manufacturers that has resulted in remarkable technology, enhanced delivery of
medical care, and better reimbursement policies in the region. For instance, in
2017, the China Food and Drug Administration (CFDA) replaced pilot medical
device recall system with a permanent process, Order No. 29. The new order
keeps in place a three-level recall process featured in the pilot program.
Medical Plastics Market –
Competitive Landscape
Key players operating in the
global medical plastics market include Ensinger, Trinseo, Lubrizol Corporation,
Celanese Corporation, BASF SE, and Arkema. Key players are adopting various
strategies such as mergers, acquisitions, partnership, and new product launches
to retain their dominant position in the medical plastics market. For instance,
in 2017, Trinseo completed the acquisition of API Applicazioni Plastiche
Industriali S.p.A., which includes API’s manufacturing and research facility at
Mussolente, Italy, and all of API’s business, employees, and assets.
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