The report titled “Medical Plastics Market by Type (Engineering Plastics, Standard Plastics, Others) and by Application (Medical Disposables, Prosthetics, Medical Instruments & Tools, Drug Delivery, Others) — Global Forecast to 2030” estimates the market size to be USD 26.0 billion in 2023, with a projected growth to USD 43.2 billion by 2030, showcasing a robust CAGR of 8.6% during the forecast period.
Innovations in medical plastics have undergone thorough research, offering a broad range of benefits to the medical device industry. Advancements in antimicrobial coatings and additive manufacturing have made medical plastics more efficient and cost-effective. With the help of 3D printing, it is now possible to create inexpensive and comfortable prosthetics and implants. Additionally, researchers worldwide are exploring the use of injectable medical grade plastic to control internal bleeding, showcasing the versatility and potential of medical plastics in various applications.
The medical plastics market is segmented based on applications, including medical disposables, prosthetics, medical instruments & tools, drug delivery, and others such as medical trays, sterilization trays, and lab wares. The medical disposables segment is expected to witness the highest growth throughout the forecast period, attributed to its versatility and widespread use in both procedural and surgical applications. The outbreak of COVID-19 has further accelerated the demand for medical disposables, such as gloves, masks, and other protective equipment, leading to a surge in market growth. Healthcare regulatory agencies like the Food and Drug Administration (FDA) and European FDA have released stringent guidelines on the use of medical disposables to contain the spread of infections among healthcare practitioners, further propelling the demand for medical plastics during this pandemic.
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