21-Jun-17 The global medical plastics market is expected to reach a value of US$33.6 bln by 2025, according to a new report from Grand View Research. A rising middle class in emerging markets that expect quality healthcare comparable to Western markets and a continuing trend favoring single-use, polymer-based disposable devices are contributing to this growth. The medical device industry is driven by global population growth, increased access for consumers to healthcare services—especially in developing economies—and growing replacement of metal parts in surgical components, according to the report. In addition, the development of advanced materials with improved strength and performance will push the market forward.
For example, polythether-ether-ketone (PEEK), a high-performance biocompatible material, has made great strides in numerous medical applications. Evonik recently announced that its Vestakeep-branded PEEK polymer is present in more than 80 medical devices cleared by FDA. Polypropylene is expected to emerge as the fastest growing plastic for medical packaging, according to Grand View Reports, which forecasts a 9.2% compound annual growth rate (CAGR) for the material between 2017 and 2025. The report noted that the production of premium quality plastic composites for specialized applications in order to achieve a high degree of product differentiation is a growing trend.
Demand for plastics in medical products such as syringes, surgical device components, gloves and catheter tubing is likely to drive segment growth at a CAGR of 6.9% by revenue from 2017 to 2025. Geographically, Asia Pacific accounted for approximately 24.5% of global revenue in 2016 driven by growth in consumer healthcare spending coupled with high levels of medical tourism, primarily in China and India, according to the report. Challenges (some of which may be seen as opportunities) facing industry include burdensome regulatory requirements, pressure to replace PVC in medical applications because of perceived health risks and volatility in oil pricing.
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