U.S. Medical Plastic Market is anticipated to expand at a CAGR of 9% from 2020 to 2030
U.S. Medical Plastic Market: Introduction
The medical plastic market in the U.S. was valued at US$ 11 Bn in 2019 and is anticipated to expand at a CAGR of 9% from 2020 to 2030. Lightweight and cost-effectiveness of medical plastic are encouraging large numbers of medical device manufacturers to invest in medical plastic. The rise in demand for disposable medical devices such as inhalation masks and intravenous (IV) tubes is likely to propel the medical plastic market in the U.S. by the end of the forecast period.
Key Drivers of U.S. Medical Plastic Market
Medical plastic is gaining popularity in the U.S., owing to its high clarity, inherent good barrier properties, radiation resistance, low cost, high durability, chemical resistance, breathability, sterilization capability, and biocompatibility.
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Commonly used medical plastic include polyvinyl chloride, polyethylene, polypropylene, polystyrene, engineering plastics, and silicone. Polyvinyl chloride’s versatility, transparency, and anti-kinking characteristics are major factors driving its usage as a material of choice in the manufacture of blood bags/tubing, IV and dialysis fluids, dialysis bags, examination & surgical gloves, mouthpieces and masks, oxygen delivery equipment, medical packaging, etc. Governing bodies across the globe are focusing on enacting stringent regulations on the usage of plastics, owing to health concerns. Medical plastic is recyclable and does not pose much threat to the environment. These factors are propelling the medical plastic market in the U.S.
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The demand for plastics has been rising in the manufacturing of medical devices such as catheters, tubes, masks, and bags. Properties of medical plastic such as transparency, toughness, strength, rigidity, and high heat resistance are expected to propel the medical plastic market in the U.S. in the near future. The rise in adoption of advanced technologies, such as 3D printing, is a prominent driver of the medical plastic market in the U.S. 3D printing is employed to create tissues & organoids, surgical tools, patient-specific surgical models, and customized prosthetics. These technologies help professionals in the medical field to understand patients and improve the level of comfort among patients.
The increase in demand for personal protective equipment (PPE) due to the surge in the number of COVID-19 cases has led to supply shortage. 3D printing is proving a valuable technology in the production of face shields, thereby helping decrease the demand-supply gap for personal protective equipment in the U.S.
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Disposables to Dominate U.S. Medical Plastic Market
Based on volume and value, the disposables application segment dominated the medical plastic market in the U.S. with more than 50% share in 2019. Its share is expected to increase by the end of the forecast period. Disposable products include gloves, needles, bandages, wraps, facemasks, catheters & syringes, and medical bags. Rise in aging population and increase in public and private investment in the healthcare sector are estimated to drive the demand for medical devices such as surgical instruments in the U.S. in the near future. Furthermore, the COVID-19 pandemic is anticipated to boost the production as well as consumption of various medical disposable products such as gowns, surgical gloves, masks, and catheters & syringes. The U.S. is one of the top three COVID-19 affected countries. This is estimated to propel the consumption of disposables in the U.S. in the near future.
Prominent Players in U.S. Medical Plastic Market
Key players operating in the medical plastic market in the U.S. are DuPont de Nemours, Inc., Exxon Mobil Corporation, Eastman Chemical Company, Celanese Corporation, Arkema S.A, Trinseo S.A., REPSOL S.A., Covestro AG, Lotte Chemical Corporation, and Tekni-Plex, Inc. Suppliers of medical plastic in the U.S. are focusing on forward integration in order to achieve product differentiation. Companies operating in the medical plastic market in the U.S. are engaged in mergers, acquisitions, and strategic partnerships with regional/local companies in order to increase their share in the domestic and global medical plastic market.
