Europe 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 7.9 % 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$ 6,434.3 million in 2019 and is projected to reach US$ 11,792.8 million by 2027; it is expected to grow at a CAGR of 7.9% 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.

According to a report by the Germany Department of Health and Human Services, nearly 8.7 million sports and recreation injuries were reported in the U.S in 2018. Out of these, 72% were injuries associated with upper and lower extremities. 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 Europe 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

In Europe, Italy is the hardest-hit country by the COVID-19 outbreak. It is expected to suffer an economic hit due to a lack of revenue from various industries, as Italy recorded the highest number of COVID-19 cases. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact market growth in Europe.

By Region, 2018

The report includes the segmentation of the Europe 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

• Germany
• Italy
• Russia
• UK
• France
• Rest of Europe

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 Europe 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.