Asia Pacific Medical Plastic Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type and Application

Advantage of using medical plastic is projected to escalate the medical plastic market growth at CAGR of 8.4 % during 2020-2027

By Type (Standard plastic, Engineering plastic, High Performance Plastic (HPP), Silicone, and Others); Application (Medical Disposables, Prosthetics, Medical Instruments and Tools, Drug Delivery, and Others), and Country,” the market was valued at US$ 4,745.4million in 2019 and is projected to reach US$ 9,023.3 million by 2027; it is expected to grow at a CAGR of 8.4% during the forecast period. The report highlights key factors driving the market growth and prominent players, along with their developments in the market.

Medical plastics are made from a huge number of macromolecules, which are utilized to produce consistent and safe instruments in the healthcare industry. They are remarkably long-lasting, supple, and economical. The performance, sterility, and quality of these tools is a major factor for market expansion. Medical plastics find a broad range of applications in diagnostic instruments, implants, disposables, drug delivery devices, surgical instruments, syringes, and catheters. The global population is projected to increase in the coming years. With the increasing population, diseases and infections are rampantly overspreading through several mediums. The rising geriatric population further enhances the development of the healthcare sector. Moreover, medical plastics are also exploited in prosthetics, and it offers a life-changing solution for physically disabled people.

The injuries are growing at a rapid rate which demands more prosthetics products, further enhancing the growth of medical plastics market. Growing application scope of standard plastics in manufacturing diagnostic devices, pans, trays, containers, syringes, implant trials, and medical cover sheets is propelling the growth of the segment.

The Asia Pacific Medical Plastic market is concentrated with a few well-established players such as Celanese Corporation, Eastman chemical company, GW Plastics, Orthoplastics Limited, Aran Biomedical, Rochling, SABIC, Saint-Gobain, Solvay, and Dow.

Impact of COVID-19 Pandemic on Medical Plastic Market

The COVID-19 is anticipated to cause a loss of more than 3 Billion in the Asia Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The Airports Council International (ACI) Asia-Pacific warned that the prolonged duration of the COVID-19 (COVID-19) outbreak would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to negatively impact market growth in the coming period. Until now, China has the highest number of COVID -19 confirmed cases.

By Region, 2018

The report includes the segmentation of the Asia Pacific medical plastic market as follows:

By Type

• Standard Plastic
• Engineering Plastic
• High Performance Plastic (HPP)
• Silicone
• Others

By Application

• Medical Disposables
• Prosthetics
• Medical Instruments and Tools
• Drug Delivery
• Others

By Country

• China
• India
• Australia
• Japan
• South Korea
• Rest of Asia Pacific

Reasons to Buy

• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific medical plastic market, thereby allowing players to develop effective long term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.