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The global medical plastics marketsize is projected to reach USD 54.29 billion by 2027, exhibiting a CAGR of 7.1% during the forecast period. The meteoric rise in the demand for personal protective equipment (PPE) across countries will inevitably fuel the uptake of these plastics, finds Fortune Business Insights™ in its report, titled “Medical Plastics Market Size, Share & COVID-19 Impact Analysis, By Application (Medical Disposables, Medical Instruments, Prosthetics & Implants, Drugs Packaging, and Others), and Regional Forecast, 2020-2027”. PPE is made from plastics and other polymers and the on-going COVID-19 pandemic has escalated the demand for such equipment among frontline health workers worldwide.

In Texas, for instance, the request for PPE from healthcare facilities surged from less than 2,000 in the third week of June to more than 22,000 in the last week of the same month. In India, the Apparel Export Promotion Council (AEPC) estimates that the domestic demand for PPE will be worth INR 10,000crore in the upcoming year and worldwide, the business will stand at an estimated value of USD 60 billion. Thus, the outbreak of the COVID-19 pandemic is expected to prove beneficial for this market in the immediate future.

The report states that the global market value stood at USD 29.93 billion in 2019 and answers the following questions:

  • What are the primary growth drivers for this market?
  • What challenges does the market face?
  • Which are the top market trends and upcoming opportunities?
  • Who are the major players and what are their key strategies?
  • Which are the most promising regions for the market?

 

List of the Leading Companies Profiled in the Medical Plastics Market Research Report are:

  • Eastman Chemical Company (United States)
  • GW Plastics (United States)
  • Solvay (Belgium)
  • Evonik (Germany)
  • Celanese Corporation (United States)
  • Nolato AB (Sweden)
  • Röchling (Germany)
  • Covestro AG (Germany)
  • BASF SE (Germany)
  • SABIC (Saudi Arabia)



Market Driver

Deferment of EU MDR to Support Medical Plastics Market Growth

The European Medical Device Regulation (EU MDR) is an updated batch of regulations framed to monitor and govern the production and distribution of medical devices sold in Europe. The new regulations are focused on adopting a life-cycle approach to medical devices owing to the rapidly aging population in the continent. The regulations are based on the rationale that the probability of malfunctions and accidents associated with medical devices used to treat aging people is higher than normal. The EU MDR was expected to create a major turmoil in the medical plastics industry in Europe. However, with the coronavirus raging across the globe, the European Parliament has decided to postpone the enactment and implement of this regulation to May 2021 so that companies can focus on prioritizing the production of medical devices to battle the pandemic. This decision, therefore, augurs well for this market.

 

Regional Insights

Changing Dynamics of Health Industry in Asia Pacific to Fuel Market Growth

Asia Pacific is expected to lead the medical plastics market share in the coming years owing to evolving dynamics and preferences in the healthcare industry in the region. For example, there is growing awareness about sanitation and hygiene in healthcare facilities in India and China, which is spiking the adoption of advanced medical plastics in the region.

In North America, where the market size was at USD 5.36 billion in 2019, the market is anticipated to be characterized by high healthcare spending and excellent R&D infrastructure for medical research. The market in Europe is also expected to register considerable growth owing to favorable government policies promoting the adoption of these plastics, especially during the current coronavirus pandemic.

 

Competitive Landscape

Prioritization of Response to COVID-19 to be Central Focus for Key Players

As the coronavirus continues to wreak havoc around the world, key players in the market for medical plastics are focused on prioritizing their response of this unprecedented health crisis. Many companies have boosted their production to produce essential equipment for frontline health workers, while some others are ramping up their R&D spending to launch innovative solutions for the health industry.


Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
    • Emerging Trends
  • Key Insights
    • Overview of the Parent/Related Markets
    • Industry SWOT Analysis
    • Regulatory Analysis
    • Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
  • Global Medical Plastics Market Analysis, Insights and Forecast, 2016-2027
    • Key Findings / Summary
    • Market Size Estimates and Forecast 
      • By Application (Volume/Value)
        • Medical Disposables
        • Medical Instruments
        • Prosthetics & Implants
        • Drugs Packaging
        • Others
      • By Region (Volume/Value)
        • North America
        • Europe
        • Asia Pacific
        • Latin America
        • Middle East & Africa

TOC Continued…!!!


Industry Developments:

  • April 2020: US-based Celanese Corporation is supporting healthcare workers by enhancing its production of specialty materials for applications such as PPE, ventilators, and other medical devices. 
  • February 2020: Pirouette Medical designed and developed a novel auto-injector, featuring improved portability and affordability, along with lower costs, for the delivery of epinephrine and other medications in patients. The unique device has been injection-molded with Covestro’s Makrolon® 2458 polycarbonate.

 

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/medical-plastics-market-102136

The gaming market is fragmented by major companies that are focusing on maintaining their presence. They are doing so by proactively investing in R&D activities to develop engaging online video games. Additionally, other key players are adopting organic and inorganic strategies to maintain a stronghold that will contribute to the growth of the market during the forecast period. The global gaming market size is expected to gain momentum by reaching USD 545.98 billion by 2028 while exhibiting a CAGR of 13.20% between 2021 and 2028. In its report titled "Gaming Market Size, Share & COVID-19 Impact Analysis, By Game Type (Shooter, Action, Sports, Role-Playing, and Others), By Device Type (PC/MMO, Tablet, Mobile Phone, and TV/Console), By End-User (Male and Female), and Regional Forecast, 2021-2028", Fortune Business Insights mentions that the market stood at USD 203.12 billion in 2020.

Online video games have become more prevalent in recent years. Most people find online games attractive and a modest way to find free time from their hectic schedules. Moreover, during the pandemic, the inclination toward gaming increased dramatically.  Many companies such as Nintendo and Tencent witnessed an increase in their sales during the first quarter. The former showcased a profit of 41%, as it sold many of its games digitally. The demand for online games will be persistent in upcoming years, and this market is anticipated to boom during the forecast period.

 

List of the Companies Profiled in the Global Gaming Market:

  • Microsoft Corporation (Redmond, Washington, United States)
  • Nintendo Co., Ltd (Kyoto, Japan)
  • Rovio Entertainment Corporation (Espoo, Finland)
  • Nvidia Corporation (California, United States)
  • Valve Corporation (Washington, United States)
  • PlayJam Ltd (London, United Kingdom)
  • Electronic Arts Inc (California, United States)
  • Sony Group Corporation (Tokyo, Japan)
  • Bandai Namco Holdings Inc (Tokyo, Japan)
  • Activision Blizzard, Inc (California, United States)

 

What does the Report Provide?

The market report for gaming provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth.
Moreover, the research analyst has adopted several research methodologies such as PORTER's Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.

 

Driving Factor:

Rising Youth Employment to Spur Demand for Video Games

The rising millennial youth population is expected to drive the gaming market growth. For instance, a report from the American Association of Advertising Agencies.Org, published in February 2019, mentioned that the generation z population plays games daily. Their number is higher than that of millennials by 84%.  Moreover, rising disposable income is resulting in a higher consumption rate of video games. For instance, the data released by the World Bank.Org, states that the global youth unemployment in 2018 is 15.19% which is a decline from 15.37 % from its prior year.

 

Market Segmentation:

Based on game type, the market is divided into shooter, action, sports, role-playing, and others.

Based on game type, the shooter segment held a gaming market share of about 23.35% in 2020. The segment is expected to experience considerable growth since it provides 3D realistic graphics. It makes players experience a whole new experience of the virtual world. This fascinating atmosphere provided by battle games is driving the segment market.  

By device, it is segmented into PC/MMO, tablet, mobile phone, TV/console. On the basis of end-user, it is bifurcated into male and female. Finally, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa based on region.

 

Regional Insights

Asia Pacific to Remain at Forefront Backed by Rising Urban Population

Asia Pacific – The region is expected to hold the highest position in the market during the forecast period. This is ascribable to the rapid growth in the urban population. The rising awareness about trending video games is helping the market to thrive in the region.  The report from World Bank.Org data suggests that in 2019 the urban population of the East Asia Pacific was 59.887 % which rose from 59.053 % from the previous year. The regional market stood at USD 86.96 billion in 2020.

North America – The rising number of children with their smart devices is surging the market. For instance, the data released by the National Public Radio.Org in October 2019 stated that more than half of the children in America possess their smartphones.

 

Key Industry Development

November 2020: Microsoft launched the next-generation Xbox video game console. The cheaper counterpart Series S will also be launched with the flagship console.

 

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/gaming-market-105730

 

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