The size of the global medical plastics market is projected to reach a value of $6.9 billion by 2020, achieving a compound annual growth rate slightly above 7% between 2015 and 2020, according to a new report from MarketsandMarkets.
Polyvinyl chloride (PVC) has the largest share in the medical plastics market, accounting for almost one-third of all plastic-based medical devices, according to PVC.org. The two main applications for medical-grade PVC compounds are flexible containers and tubing.
The report also covers the use of silicone hydrogel, polyethylene, polystyrene, epoxy resins and polypropylene materials in the manufacture of disposable medical devices. In that category, disposables used in dialysis are experiencing the fastest growth rate globally, according to MarketsandMarkets.
The global market for disposable medical products has experienced robust growth over the past two decades, averaging 12.5% per year, according to a market report published last year by Trimark Publications. It is on track to maintain this level of growth into the next decade, according to analysts.
Demand for disposable devices will increase in emerging economies, as these countries modernize their healthcare infrastructure, according to MarketsandMarkets. Europe also will continue to be an attractive market for this product segment, given the generally positive outlook for the medtech industry and a regulatory structure that is more favorable to companies launching products, says the market research firm.