Medical Plastics Market by Type, Application, Region - Global Forecast to 2024

The increasing demand for healthcare solutions owing to an increase in disposable income, changing lifestyles, and growing population in emerging economies are the major drivers for the medical plastics market. 

Other driving factors include the increasing healthcare investments and the use of advanced medical technology such as customized prosthetics, AI-driven surgeries, and the use of microdevices for procedural applications. However, the fluctuations in the regulations across different countries and time-taking regulatory approval process can hinder the growth of the market. 

The medical instruments & tools segment accounts for the largest market share, in terms of value, in the medical plastics market. Suitability and biocompatibility of medical plastics for the manufacturing of various medical devices, such as surgical and procedural instruments, diagnostic instruments, and dental tools, are driving the demand. Plastic materials are being increasingly used in the manufacturing of these equipment owing to their properties, such as toughness, rigidity, easy workability, and availability. Plastics can be machined, molded, or formed into almost any shape as per requirements. 

The engineering plastics segment is projected to lead the market during the forecast period. These plastics are used in diagnostic instruments, drug delivery systems, orthopedic devices, and dental tools. Engineering plastics provide many advantages over standard plastics, such as good malleability, faster production time, low weight, resistance to high impact, flame, shock, and chemical, and better friction reduction.

APAC is projected to be the largest, as well as the fastest-growing medical plastics market during the forecast period owing to the continuously increasing population, rising disposable income, rise in lifestyle diseases, and the increasing aging population.