High Performance Medical Plastics Market

High performance medical plastics market was valued at USD 788 million in 2020 and expected to grow at 7.5% CAGR during the forecast period.

Introduction of the High Performance Medical Plastics Market Report
High performance plastics are generally defined by their strength to maintain their physical properties under thermal, chemical, or electrical pressure while operating at a high temperature of more than 300⁰ F. This substance typically features high strength and stiffness and rare chemical durability electrical properties. The utilization of polymer in medical devices is often challenging. Besides coinciding with the highest quality measures, materials need to confront aggressive disinfectants, pharmaceuticals and resist different sterilization procedures without sacrificing mechanical performance.

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Market Dynamic
Key Drivers and Emerging Trends
The factors driving the global high performance medical plastics market include increasing growth in the medical industry due to rising healthcare expenditure across the world. According to Committee for a Responsible Federal Budget, by 2028, the U.S. healthcare expenditure will grow to USD 2.9 trillion, or 9.7% of the economy. Plastics are gaining more uses in medical and dental applications by replacing metal and glass because plastics offer robust, lightweight performance, design versatility, the ability to distinguish products and brands by using color, and most importantly, stability and cost-effectiveness to traditional substances. The increasing case of chronic disease in the senior population will boost the demand for portable, lightweight, and compact medical devices, which will drive market growth. According to the Centers for Disease Control and Prevention, 6 out of 10 adults in the U.S. are suffering from chronic disease.

Restraint in the High Performance Medical Plastics Market
However, the stringent government regulation over waste management can hamper the growth of high performance medial plastic market.

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Material Type – Segment Analysis
Based on the material type, FP is expected to grow at a higher CAGR in the global high performance medical plastics market during the forecast period. Fluoropolymer components are widely used in various medical applications, such as retractable coils, custom tubing assemblies, and sensor cover. The increasing demand for fluoropolymers in the medical industry is due to their exceptional medical properties such as inert, non-stick, pure, non-toxic, bio-compatible, and can be sterilized. These characteristics make them fit for usage in medical devices, pharmaceuticals, and cryogenic purposes. Various components of FP like PTFE, PVDF, and FEP are widely used in various medical applications such as medical supplies, equipment & tools, surgical instruments and among others.

Application – Segment Analysis
Based on the application, surgical instruments & supplies are estimated to grow at higher CAGR over the forecast period. For instance, PEEK is used as reusable medical components including dental syringes and keyhole surgery devices, and disposable surgery instruments. The minimally invasive surgical procedure is boosting the market. The minimally invasive surgery is a procedure that is performed through tiny incisions instead of the large opening, as the person will likely have a quicker recovery time and less pain than regular open surgery. The increasing adoption of minimally invasive surgery boosts the demand for high-performance medical plastics used in catheters and medical tubing. For instance, according to the Röchling SE & Co. KG, the demand for the instrument to conduct minimally invasive surgery has witnessed growth.

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Regional – Segment Analysis:
Based on the region, the North America region is anticipated to grow at a higher CAGR over the forecast period. The high performance medical plastics are majorly used in manufacturing of medical devices and equipment used in surgical procedures. This region has a highly diversified medical devices market and offers a variety of products to diagnose and treat patients. The manufacturer in the region majorly focuses on developing high-quality products using advanced technology, which will lead to high investment in research and development. This factor will drive the market in the region. According to the International Trade Association and the U.S. Department of Commerce, by 2023, U.S. medical device market is estimated to grow to USD 208 billion.

Top Market Players
Various notable players operating in the market, include, Solvay, Röchling SE & Co. KG, DuPont, Saint-Gobain Performance Plastics, Evonik Industries AG, Tekni-Plex, Mitsubishi Chemical Corporation, RAUMEDIC AG, Celanese Corporation, Arkema, among others.

Key Developments:

• • In 2021, DuPont announced a continued investment in DuPont Liveo healthcare solution capabilities and manufacturing units. The investment includes several Liveo product lines and an expanded geographical manufacturing footprint.
  • In 2021, Tekni-Plex acquired Johnson plastic group to expand the Tekni-Plex healthcare medical devices and broaden the division’s global footprint by adding presence in Mexico.

Segments covered in the Report:
The global high performance medical plastics market has been segmented on the basis of material type, application and region. Based on material type, the market is segmented into FP, PEEK, PPSU, PEI, HPPA and Others. Based on application, the market is segmented into surgical instruments & supplies, diagnostic, therapeutic system, dental, pharmaceuticals packaging and others.

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Key questions answered in this research report:

• • At what pace is global high performance medical plastics market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in high performance medical plastics market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global high performance medical plastics market?
  • Which material type generated maximum revenues in 2020 and identify the most promising material type during the forecast period?
  • What are the various application areas of global high performance medical plastics market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global High Performance Medical Plastics Market by Material Type

• • FP
  • PEEK
  • PPSU
  • PEI
  • HPPA
  • Others

Global High Performance Medical Plastics Market by Application

• • Surgical Instruments & Supplies
  • Diagnostic
  • Therapeutic System
  • Dental
  • Pharmaceuticals Packaging
  • Others

Global High Performance Medical Plastics Market by Region

• • North America High Performance Medical Plastics Market (Option 1: As a part of the free 25% customization)
    • North America High Performance Medical Plastics Market by Material Type
    • North America High Performance Medical Plastics Market by Application
    • US High Performance Medical Plastics Market All-Up
    • Canada High Performance Medical Plastics Market All-Up
  • Europe High Performance Medical Plastics Market (Option 2: As a part of the free 25% customization)
    • Europe High Performance Medical Plastics Market by Material Type
    • Europe High Performance Medical Plastics Market by Application
    • UK High Performance Medical Plastics Market All-Up
    • Germany High Performance Medical Plastics Market All-Up
    • France High Performance Medical Plastics Market All-Up
    • Spain High Performance Medical Plastics Market All-Up
    • Rest of Europe High Performance Medical Plastics Market All-Up
  • Asia-Pacific High Performance Medical Plastics Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific High Performance Medical Plastics Market by Material Type
    • Asia-Pacific High Performance Medical Plastics Market by Application
    • China High Performance Medical Plastics Market All-Up
    • India High Performance Medical Plastics Market All-Up
    • Japan High Performance Medical Plastics Market All-Up
    • Rest of APAC High Performance Medical Plastics Market All-Up
  • RoW High Performance Medical Plastics Market (Option 4: As a part of the free 25% customization)
    • RoW High Performance Medical Plastics Market by Material Type
    • RoW High Performance Medical Plastics Market by Application
    • Brazil High Performance Medical Plastics Market All-Up
    • South Africa High Performance Medical Plastics Market All-Up
    • Saudi Arabia High Performance Medical Plastics Market All-Up
    • UAE High Performance Medical Plastics Market All-Up
    • Rest of world (remaining countries of the LAMEA region) High Performance Medical Plastics Market All-Up

Major Players Operating in the High Performance Medical Plastics (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Solvay
  • Röchling SE & Co. KG
  • DuPont
  • Saint-Gobain Performance Plastics
  • Evonik Industries AG
  • Tekni-Plex
  • Mitsubishi Chemical Corporation
  • RAUMEDIC AG
  • Celanese Corporation
  • Arkema