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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:
List
of the Leading Companies Profiled in the Medical Plastics Market Research
Report are:
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:
TOC
Continued…!!!
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Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/medical-plastics-market-102136