Demand for medical plastics in Europe will experience solid, if unspectacular, growth into the next decade, according to a report from Grand View Research (San Francisco, CA). The market research firm projects that it will reach $4.84 billion by 2024, driven by a continued push to replace metals and glass and growing demand for disposable devices, implantables, diagnostic products, surgical instruments and orthopedic devices.
In Germany, in particular, but also in other European markets, manufacturers are focused on developing innovative technologies that will reduce the total cost of care while improving product quality and durability.
Germany is a key market for the medical plastic industry in Europe, notes the report, and that sector is expected to post a compound annual growth rate of more than 5% from 2016 to 2024. An emphasis on research and development (R&D)—manufacturers typically invest more than 9% of their total income in R&D and product innovation—will open new avenues for industry growth during the forecast period, according to Grand View Research.
Challenges facing the industry include feedstock price volatility and heightened regulatory oversight under the new medical device regulation.
The report also includes the following observations:
- Polyethylene, the largest product segment for Europe’s medical plastics industry in terms of volume in 2015, is expected to grow at more than 5% CAGR from 2016 to 2024. The material is used to fabricate devices such as surgical cables, tubing and orthopedic sutures.
- Disposable devices account for one-quarter of medical plastics demand. This trend is expected to continue over the forecast period, driving demand for PVC, silicone and polyethylene.
- Silicone demand in the United Kingdom is expected to grow at more than 5% during the forecast period. The material’s biocompatibility and physical properties are prized for multiple medical device applications.
- In France, demand for engineering plastics for implantable applications was valued at more than $6 million in 2015 and is expected to grow at more than 7% CAGR through 2024. Because of its biocompatibility, strength and inertness, polyetheretherketone is expected to open new avenues of market growth during the forecast period, according to Grand View Research.
The report—Europe Medical Plastic Market Analysis By Product (Polyvinylchloride, Polypropylene, Polyethylene, Polystyrene, Silicone, Engineering Plastic), By Application (Disposables, Containers, Catheters, Surgical Instruments, Medical Bags, Implants, Drug Testing Equipment) And Segment Forecasts To 2024—is available for purchase on the Grand View Research website.