Medical Plastics Market Scenario – The Competition Is Rising: SABIC, BASF, Evonik
Published Via 11Press : The latest market research study released by HTF MI on Global Medical Plastics Market analyzes risks, identifies opportunities, and uses tactical and strategic decision-making support. The analysis offers details on industry trends and developments, growth catalysts, technologies, and the evolving Medical Plastics industry investment structure.
What is Medical Plastics?
Medical plastics are made up of a number of components, including Polymeric materials called plastics that can be molded into a wide range of shapes. Thermoplastic materials are commonly used to create medical polymers. Thermoplastics can be easily molded after being heated. Chemical and temperature resistance are among the qualities of medical-grade polymers. The most often-used medical polymers are polypropylene, polyethylene, and polycarbonate. It can be used to make medical tools and supplies, including surgical and medical tubing.
| Attributes | Details |
| Study Period | 2018-2029 |
| Base Year | 2022 |
| Unit | Value (USD Million) |
| Key Companies Profiled | SABIC (Saudi Arabia) BASF (Germany) Celanese (US) Evonik (Germany) Solvay (Belgium) Covestro (Germany) Evonik Industries AG (Germany) Solvay S.A. (Belgium) Dow (United States) Eastman Chemical Company (United States) |
| Dominating Segment | Materials |
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Major Developments Activities in the Market:
Alleima and Endosmart reach a purchase agreement on November 23, 2022. In addition to offering goods and services to medical device firms in the fields of urology, cancer, and cardiology, Endosmart primarily offers devices for orthopedic and vascular applications. Thanks to similar material technology and Endosmart’s expertise and know-how in processing nitinol, the acquisition enables forward-looking integration into the value chain of the medical industry.
The market Alleima can currently target is expanded by Endosmart’s certifications, clientele, and product and service offerings. The worldwide medical plastics market is extremely competitive, and many businesses engage in R&D to stay one step ahead of their competition. Rapid technological breakthroughs, product innovation, pricing, and the availability of raw materials are some of the main drivers of the medical plastics market’s competitive environment. The medical plastics business is extremely competitive, and several major manufacturers engage in R&D to stay one step ahead of their competitors.
Medical Plastics Market Key Players
- e SABIC (Saudi Arabia)
- BASF (Germany)
- Celanese (US)
- Evonik (Germany)
- Solvay (Belgium)
- Covestro (Germany)
- Evonik Industries AG (Germany)
- Solvay S.A. (Belgium)
- Dow (United States)
- Eastman Chemical Company (United States)
Medical Plastics Market Key Business Segments
By Type
- Polypropylene Engineering
- Plastics Polyethylene
- Polystyrene
- Silicones
- Others
By Application
- Medical Disposables
- Prosthetics
- Medical Instruments & Tools
- Drug Delivery
- Others
Market Growth Drivers:
- Aging populations and increasing healthcare investment are anticipated to fuel market expansion. Living tissue is not harmed by biocompatible materials, such as those found in medical equipment. This is an important factor to take into account for materials used in medical devices that contact the human body.
- Stopping the spread of infections and diseases depends on being able to swiftly and easily disinfect medical plastics. This is essential for medical equipment like surgical tools that are frequently used. For usage in portable medical equipment or equipment that must be handled often, lightweight medical polymers are ideal.
- Medical plastics are commonly used in the production of surgical instruments, IV tubing, and catheters. Medical polymers are also used to create implants, such as joint replacements and dental implants. To keep medical equipment and devices safe during transportation and storage, medical plastics are employed in the packaging of those items.
Restraints:
- As single-use goods, medical plastics can contribute to pollution and plastic waste because they are regularly used. Due to the potential requirement for specialized processing and recycling methods, medical plastics might be challenging to dispose of.
- Medical polymers could degrade over time, which could alter their mechanical and physical properties. If implants or other medical devices are utilized over extended periods of time, this could be a concern.
- Certain medical plastics may cause patients to feel pain or itching, especially if they are in close contact with their skin for a lengthy period of time. Medical plastics could be difficult to recycle because of their intricate makeup and the presence of potentially hazardous compounds.
Opportunities:
- The field of medical plastics requires more research and development than ever before because new materials and technologies are constantly being developed. Materials scientists, chemical engineers, and other experts have the chance to work on the development of innovative medical plastics and cutting-edge manufacturing methods.
- In the medical industry, there are several job opportunities for specialists with plastic manufacturing experience. These professions include, but are not limited to, process architects, tool and die, manufacturers, and production managers. Medical plastics companies must adhere to strict safety and effectiveness standards.
- The opportunity exists for regulatory affairs professionals to ensure that products comply with rules and get the necessary market authorizations. The medical business is placing more and more emphasis on sustainability, and there are chances for specialists to work on the creation of sustainable materials and manufacturing methods.
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Transformation and Important Triggers
The convergence of a number of significant triggers, such as:
- Substantial changes in the technology and cost structure of the medical plastics industry
- Globalization is reaching a turning point
- Regulatory compliance problems in the market for medical plastics
- The medical plastics sector is facing new types of competition.
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