The market for Medical Plastic globally is expected to grow at a CAGR of over 5 % during the forecast period. Major factors driving the market studied are the increase in the demand for medical devices from the Asia-Pacific region and the growing usage of prosthetics. On the flip side, the environmental concerns regarding the disposal of medical plastics and the unfavorable conditions arising due to the COVID-19 outbreak are hindering the market growth.
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– The surgical instruments application is expected to dominate the global medical plastics market over the forecast period.
– Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Surgical Instruments Application to Dominate the Market
– Engineering plastics have replaced wood in its application as a handle for surgical instruments. Being a non-hygroscopic material, these plastics can be used in place of wood or any other metal as a handle for surgical instruments.
– Another advantage of plastics is the ease of cleaning. Moreover, it has a dimensional accuracy and can be molded into any shape.
– Plastics can be used as a material for handles of surgical instruments, due to its high impact resistance and thermal stability. Further, this material needs low maintenance and less frequent sterilization.
Asia-Pacific Region to Dominate the Market
– The Asia-Pacific region is expected to dominate the market due to the increase in medical devices manufacturing in China, India, Japan, and ASEAN Countries.
– The steady increase in the economy of India and the mission to reach USD 5 trillion economies combined with a substantial increase in Foreign Direct Investment will result in an increased lifestyle of people. Thereby resulting in an increase in spending on healthcare. Double-digit growth in the medical devices industry can safely be estimated.
– Ayushman Bharat scheme whereby the Govt has planned to reach out to provide affordable healthcare to approx. 100 million families or 500 million individuals will greatly impact the medical plastic market.